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3 <br /> January 14, 1994 <br /> Page 2 <br /> We want to return to the Commissioners to request an additional $15,000 to match <br /> Chapel Hill's contribution and allow OCHC to continue its successful Homebuyer <br /> Education Program through the end of FY 93-94. Right now, our projected income is <br /> approximately $116,500, and our estimated budget is approximately $136,000. With <br /> $15,000 from the County, along with funds anticipated from the Dobbins Hill project, <br /> we can meet our annual budget without layoffs or service breaks. <br /> We will soon submit our FY 94-95 budget request, and that budget will show <br /> substantial income from sale of homes in Magnolia Place and from Dobbins Hill <br /> Apartments. In future years, we hope that increasing amounts of the County's <br /> continuing contributions to OCHC can be put toward project development rather than <br /> corporate operations. <br /> If you would consider our presentation and request, we will contact the Administration <br /> to get a place on the next available agenda. We appreciate the Commissioners' <br /> continuing support of affordable housing activities throughout the county and of <br /> OCHC as a catalyst for the development of new housing opportunities. <br /> Sincerely, <br /> Keith E. Aldridge <br /> Chair, Board of Directors <br />