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2 <br />proposed application and reviewed the submitted applications. The Executive Director was then <br />notified of the committee's recommendation and offered the opportunity to discuss the <br />committee's funding recommendation. That offer was declined since there were no outstanding <br />questions from the committee or Habitat officials. Members of the Project Review and Selection <br />Committee include: County Staff Members: Willie Best, Paul Thames, Craig Benedict, Perdita <br />Holtz, and Tara Fikes; Commissioner Valerie Foushee; and Affordable Housing Advisory Board <br />Members Barbara Mull, Jabrina Robinson, and Gary Gaddy. The Committee also includes <br />representatives from the .Towns of Carrboro, Chapel Hill, and Hillsborough in the persons of <br />James Harris, Loryn Barnes, and Margaret Hauth respectively. <br />After review of the application, the Committee recommends the allocation of $362,000 in <br />housing bond funds to assist in the purchase of land in the Northern Fairview community in <br />Hillsborough and to provide nine deferred second mortgages to first-time homebuyers in this <br />community. <br />FINANCIAL IMPACT: There is currently approximately $1.59 million available from the FY <br />2001 Affordable Housing Bond Program. This expenditure will leave a balance of <br />approximately $1.2 million dollars. <br />RECOMMENDATION (S): The Manager recommends that the Board: <br />1. Award housing bond funds in the amount of $362,000 to Habitat for Humanity to <br />purchase land in the Northern Fairview community in Hillsborough and to provide nine <br />deferred second mortgages to first-time homebuyers in this community; and <br />2. Authorize the Manager in consultation with the County Attorney to enter into a <br />Development Agreement detailing the provisions of the award. <br />