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29 <br /> -FIRST CENTRUM, <br /> Southeast Region <br /> March 12., 1996 <br /> Ms . Tina Vaughn <br /> Executive Director <br /> Town of Chapel Hill <br /> Department of Housing <br /> 317 Caldwell Street Extension <br /> Chapel Hill', North Carolina 27516 <br /> RE : Carolina 'Spring <br /> Affordable Apartments for Senior Citizens <br /> 600 West Poplar Avenue <br /> Carrboro, North Carolina <br /> Local Housing Authority Cooperative Agreement <br /> Dear Ms . Vaughn: <br /> This is to follow up on our conversation last week, regarding the <br /> mutual benefit of establishing a cooperative agreement between <br /> the Department of Housing, which is the designated local housing <br /> authority for the Town of Carrboro and the Town of Chapel Hill, <br /> and First Centrum Corporation, the developer and general partner <br /> of the above-referenced apartment community for senior citizens . <br /> As indicated in the development plans presented to you, the <br /> proposed Carolina Spring community will provide 124 apartments <br /> for low-to-moderate income senior citizens (62 and older) , and <br /> will be financed in part through tax credits allocated by the <br /> North Carolina Housing Finance Agency. <br /> First Centrum Corporation commits to make forty percent (400) of <br /> these apartments available to seniors households with incomes <br /> less than 451; of the area median income adjusted for family size. <br /> This downward skewing of rents is intended to make .401r of the <br /> units affordable to some of your local housing authority <br /> households with tenant-based subsidies . <br /> It is further committed that the Carolina Spring management agent <br /> will give priority to age and income-qualified households on the <br /> local housing authority' s waiting list in selecting households <br /> for occupancy pf the 45t AMI apartments at Carolina Spring. <br /> In entering into this written agreement with First Centrum <br /> Corporation, the local housing authority commits to refer such <br /> qualified households with tenant-based subsidies on its waiting <br /> list to the Carolina Spring management agent . <br /> 7000 Penchlree-Dunwoody Raid,Building 11 ■ Atlanta,Georgia 30328-1615 ■ (404)69R4YZ50 - Modem(404)698-0510 <br />