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and Affordable Housing Advisory Board Members Barbara Mull, Jabrina Robinson, and Gary <br />Gaddy. The Committee also includes representatives from the Towns of Carrboro, Chapel Hill, <br />and Hillsborough in the person of James Harris, Loryn Barnes, and Margaret Hauth <br />respectively. <br />After review of the application as well as supplemental material submitted by Chrysalis, the <br />Committee recommends the allocation of up to $130,000 in housing bond funds to assist with <br />the construction costs for the Rusch Hollow Apartments. <br />FINANCIAL IMPACT: There is currently approximately $2.35 million available from the FY <br />2001 Affordable Housing Bond Program. This expenditure will leave a balance of $2.22 million <br />dollars. <br />2 <br />RECOMMENDATION (S): The Manager recommends that the Board award housing bond funds <br />in the amount of $130,000 to the Chrysalis Foundation to assist with construction costs for the <br />Rusch Hollow Apartments and authorize the Manager in consultation with the County Attorney <br />to enter into a Development Agreement. <br />