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10 <br /> 1 1. $165,000 in second mortgages for the final 11 homes in Tinnin Woods. The <br /> 2 funds will be used as second mortgages for Habitat homebuyers, and will have a <br /> 3 long-term positive impact on the lives of the eleven families. Owning a home has <br /> 4 been shown in recent studies to be a predictor of future success, especially for <br /> 5 children. Children who live in homes like those that Habitat offers will have a <br /> 6 greater chance of graduating from high school, and acquiring post-secondary <br /> 7 education. Their early adult earnings will be higher, and they are more likely to <br /> 8 own their own home in 10 years. Those who apply to build and purchase a home <br /> 9 through Habitat live in overcrowded apartments, pay considerably more than <br /> 10 30% of their income for rent, and/or deal with high utility costs and lack of <br /> 11 repairs. This in spite of the fact that they are hardworking members of our <br /> 12 community, often working more than one full time job trying to make ends <br /> 13 meet. For those homeowners fortunate enough to purchase a home through <br /> 14 Habitat, they usually find themselves paying less for their mortgage than they did <br /> 15 for their rent, and are able to save considerable money on utilities as well, <br /> 16 leaving them more money to spend on other basic necessities and on education <br /> 17 for themselves and their children._ <br /> 18 <br /> 19 2. We will also be requesting approximately $120,000 in HOME funds for <br /> 20 engineering, design, and some of the infrastructure costs for a new project in <br /> 21 the Waterstone community in Hillsborough. We are in the process of planning <br /> 22 for 18 new attached homes for seniors on land originally deeded to the <br /> 23 Community Home Trust by the developer of Waterstone. The Home Trust will <br /> 24 transfer the property to Habitat in the next few weeks. Affordable senior housing <br /> 25 has been identified in the Consolidated Plan as one of the priority needs for the <br /> 26 county, with an estimated 450 units of affordable senior housing needed. Habitat <br /> 27 is excited to help address this need. We will be working with the Orange County <br /> 28 Department on Aging and other senior housing experts to design the <br /> 29 project. Infrastructure construction will begin in 2017 and the homes will be <br /> 30 constructed in 2018. <br /> 31 <br /> 32 Thank you for your consideration of our request, and for your support for affordable housing in <br /> 33 Orange County. <br /> 34 <br /> 35 In partnership, <br /> 36 <br /> 37 Susan Levy <br /> 38 Executive Director <br /> 39 Habitat for Humanity, Orange County, NC <br /> 40 88 Vilcom Center Dr., #L110 <br /> 41 Chapel Hill, NC 27514 <br /> 42 919-932-7077x211; 919-697-1905 (mobile) <br /> 43 <br /> 44 Commissioner Dorosin said the area median income according to 2015 HUD guidelines <br /> 45 for Orange County is $67,400. He said a family of four would be at 80% median incoming <br /> 46 earning $53,900; 50% median income earning $33,700; and 30% median income earning <br /> 47 $20,200. <br /> 48 <br /> 49 A motion was made by Commissioner Rich, seconded by Commissioner Pelissier to <br /> 50 close the Public Hearing. <br />