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4 <br /> to persons with incomes above 80% of area median income. Thus, CPCDC has obtained <br /> a 54% low/moderate income benefit level. This is less than the original proposed benefit <br /> level of 60 percent. (See attached beneficiary summary.) <br /> CPCDC currently owns seven lots. House construction is underway on all seven lots. <br /> According to CPCDC officials they have contracts on four of the seven lots which are <br /> scheduled to close this fall. They do not anticipate any of the remaining sales to be to <br /> CDBG eligible buyers. <br /> 10/05/94 <br />