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2 <br /> CULBRETH PARK SUMMARY <br /> BACKGROUND <br /> Orange County was awarded a Community Development Block Grant (CDBG) <br /> Interim Assistance Grant Award of $225 million dollars from the N.C. Department of <br /> Economic and Community Development (now the N.C. Department of Commerce) for the <br /> proposed Culbreth Park Affordable Housing subdivision in April 1990. Culbreth Park is <br /> located south of Culbreth Road adjacent to Culbreth Middle School. <br /> The subdivision was designed to have a mixture of moderate income and market <br /> rate homes: 30 low/moderate income homes; 12 market rate homes and eight (8) lots <br /> which the Town of Chapel Hill intend to purchase and make available to Habitat for <br /> Humanity to construct additional low/moderate income housing. The subdivision is a <br /> venture of the Culbreth Park Community Development Corporation who has responsibility <br /> for developing and selling the homes, and thus acted as a subrecipient of CDBG funds. <br /> A complex array of funding sources were assembled to enable 30 of the homes <br /> to be sold to low/moderate income families. These included: <br /> 1. NC Department of Commerce $2,250,000 (2% Construction Loan) <br /> 2. Town of Chapel Hill <br /> Housing Loan Trust Fund : $ 238,000 (17 second mortgages <br /> @ $14,000 each) <br /> 3. NC Housing Finance Agency <br /> Energy Conservation Program 112,500 (15 grants of $15,000 <br /> each) <br /> 4. NC Housing Finance Agency: 15 Mortgage Credit Certificates. <br /> The Culbreth Park Interim Assistance Grant Program was 18 months in duration <br /> beginning May 1, 1990 and ending October 31, 1991. <br /> LOAN EXPENDITURES <br /> The Culbreth Park Community Development Corporation expended approximately <br /> $2,226,795.19 of the $2,250,000 loan. On November 5, 1991, $2,295,528.82 was repaid <br /> for the following items. <br /> Loan Payments $2,226,795.19 <br /> Interest 55,415.85 <br /> Administration 12,563.04 <br /> Additional Interest 754.44 <br /> ($125.74 x 6 days) <br /> TOTAL $2,295,528.52 <br />