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recommended the allocation of up to $632,300 in housing bond funds for the acquisition of the <br />Pritchard Avenue Apartments in Chapel Hill with the following condition. Because all acquisition. <br />costs are being provided by housing bond funds, CASA will be required to provide the .County <br />with an annual accounting of project income and expenses and may be required to repay to the <br />County any excess program income beyond normal maintenance reserves. <br />FINANCIAL IMPACT: There is currently approximately $2.22 million available from the FY <br />2001 Affordable Housing Bond Program. This expenditure will leave a balance of $1.59 million <br />dollars. <br />RECOMMENDATION (S): The Manager recommends that the Board award affordable housing <br />bond funds in the amount of $632,300 to Community Alternatives for Supportive Abodes <br />(CASA) to purchase five (5) duplexes in Chapel Hill known as Pritchard Avenue Apartments for <br />future .renovation and lease to low income/disabled individuals and authorize the Manager in <br />consultation with the County Attorney to enter into a Development Agreement detailing the <br />conditions of award. <br />