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M <br />needs of our home buyers. As you all know, we have never had a foreclosure and we hope <br />never to allow a home to be foreclosed upon. However, the Home Trust cannot unilaterally <br />agree to provide the fee simple interest without approval from both the Town Council and the <br />Board' of County Commissioners. <br />By way of this memo, we are asking for your approval of this change. We are more than <br />happy to work out the details with your attorneys and staff. <br />On the matter of reduced federal subsidies, the Town Council, the County Commissioners and <br />the HOME Consortium could help us to better utilize CDBG funds, HOME funds and local funds <br />that are already invested in our homes by allowing us to sell to higher income households. <br />Currently, we are prohibited from doing so, because both the Town and the County impose 99 <br />year affordability restrictions that limit buyers to 80% of AMI. <br />If the Town, County and HOME Consortium will allow us to sell to households up to 115% of <br />AMI when permissible by HUD, you will assist us in two important ways: <br />1. Our window of eligible buyers will be widened (which will increase diversity in some of <br />our neighborhoods) <br />2. We will require less subsidy in the future to continue to make all of our homes <br />affordable to households at 80% AMI <br />Again, by way of this memo, I am requesting approval from the Town Council, the County <br />Commissioners and the HOME consortium to allow us to sell homes to higher income <br />households when permitted by HUD. <br />Both of these challenges, if left unaddressed, have the potential to truly disrupt the success of <br />our inclusionary housing programs. We had hoped that the Charter would address these <br />issues, Ibut it does not appear that the Char-ter will be executed prior to the summer break. <br />You all have been instrumental to our success over the years. Thanks to your support, there are <br />227 affordable homes integrated into market rate neighborhoods in Chapel Hill and Carrboro. <br />We estimate the market value of these community assets to be more than $40 million. <br />We very much appreciate your support. We are more than happy to answer any q',uestions you <br />might have. Thank you for your consideration. <br />Sincere <br />/w <br />Robert Dowling <br />Executive Director <br />I RUN a IN mr// <br />P.O. Box 307, Carrboro, NC 27518 1 919-967-1545 <br />=21111 I "I"' � �111111'1111 III <br />