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3 <br /> BUDGET SUMMARY <br /> ACTIVITY BUDGET EXPENDITURES <br /> Acquisition 588,869 588,869 <br /> Water 49,915 42,710 <br /> Sewer 263,829 263,829 <br /> Construction 557,923 557,923 <br /> Financing 254,761 254,761 <br /> Roads/Landscaping 270,463 197,927 <br /> Services 85,420 85,420 <br /> Permits, Fees 7,191 7,191 <br /> Planning/Surveying/ <br /> Engineering 155,629 155,629 <br /> Administration 16,000 12,563 <br /> Loan Interest 55,416 <br /> 754 1 <br /> TOTAL $2,295,528 <br /> BENEFICIARY SUMMARY <br /> Culbreth Park Community Development Corporation (CPCDC) agreed to build 50 units <br /> in the original application. Thirty of these homes or 60% of these homes would serve <br /> those at 80% and below of area median. The other twenty were designed as market rate <br /> homes. During the course of the grant, CPCDC sold eight of the 50 lots to the Town of <br /> Chapel Hill for future development. The Town, in turn, is giving these lots to the local <br /> chapter of Habitat for Humanity for house construction. Thus, CPCDC had a remaining <br /> commitment of building 42 homes. In order to meet the 60% benefit originally proposed <br /> and assuming the Habitat will build eight houses, CPCDC must have sold twenty-two (22) <br /> of the Culbreth Park houses to low/moderate income families. <br /> To date, 35 homes have been built and sold. Of these, 19 of these families were <br /> low/moderate income according to CDBG regulations. The remaining houses were sold <br />