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2 <br /> PROJECT DESCRIPTION <br /> LAND ACQUISITION/SECOND MORTGAGE <br /> OCHC has offered purchase agreements to the owners of these two lots for <br /> $15,000 each. The additional $2,000 requested will pay closing costs. As soon as the lots <br /> are purchased, OCHC will work with Knolls Neighborhood Association to select qualified <br /> buyers for the properties, and they plan to work with modular builders to construct <br /> homes for the lots. The HOME funds will remain as a second mortgage on each lot, with <br /> the buyers financing the balance and providing a $1,000 downpayment. See Attached <br /> Project Budget. <br /> $32,000 <br /> COUNTYWIDE EXISTING TOWNHOME SECOND MORTGAGE PROGRAM <br /> OCHC proposes to administer a program that offers second mortgages up to <br /> $15,000 for qualified buyers under 80% of the area median to purchase townhomes in <br /> the existing market. The proposed funding level would result in four (4) or five (5) second <br /> mortgages for existing townhomes. If the program is a success, we will apply for <br /> additional funds. See Attached Proposed Guidelines for Existing Townhome Program. <br /> $68,000 <br /> SINGLE FAMILY NEW CONSTRUCTION - HOMEOWNERSHIP <br /> OCHC proposes to create opportunities for first-time homebuyers in the <br /> Hillsborough area. Homes will be affordable to families with incomes below 80% of the <br /> area median family income, with a special emphasis on families at 60% of the area <br /> median. Currently, two sites are being explored, with the potential at both sites for new <br /> homes with first mortgages between $60,000 and $70,000. The funds will be used during <br /> the development and construction phase, then remain as second mortgages to the <br /> homebuyers to promote long-term affordability. <br /> $200,000 <br /> PROJECT TOTAL $300,000 <br />