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4 <br /> June 7, 2017 <br /> 1p /a0000 i,t <br /> i Ms. Annette Moore <br /> /001; 9/////%%/////O% 1 <br /> Interim Housing Human Rights <br /> and Community Development Director <br /> Dear Annette: <br /> 0111.0711011 <br /> FiriM <br /> Thank you for your assistance with our potential acquisition of the Landings in Winmore. <br /> TRUST As we have discussed, Community Home Trust (CHT) has a right of first refusal to <br /> BOARD OF purchase the Landings, which consists of 58 affordable apartments. The Landings is <br /> DIRECTORS located within the Winmore development north of Homestead Road. <br /> Jennifer Ferris The Landings was supposed to be a Low-Income Housing Tax Credit development, but <br /> President due to the financial crisis, tax credits were unavailable. In response, the federal <br /> Emily Hinkle government allowed replacement of tax credits with forgivable debt. The Landings was <br /> Vice President financed with six layers of debt, the largest portion of which was a $5 million interest- <br /> free, payment-free loan from the NC Housing Finance Agency. <br /> Gordon Merklein <br /> Secretary Another portion of the financing package was a $300,000 HOME loan administered by <br /> Ken Reiter Orange County. The 30-year HOME loan pays 2%annual interest and matures in May <br /> Treasurer 2041. The outstanding balance of that loan is currently about $255,000. Monthly loan <br /> payments are $1109 each month. <br /> George Barrett <br /> David Brehmer The current owners of the Landings cannot sell the property without approval of Orange <br /> County. Although the CHT board has not yet approved acquisition of the Landings, we <br /> Bethany Chaney would like to ask the County to approve CHT as the purchaser, prior to your summer <br /> break. We expect to be negotiating acquisition terms during the summer. <br /> Mark Dorosin <br /> Kathleen Ferguson I should inform you that the Landings is not doing well financially, but cash flow will be <br /> improved significantly if CHT becomes the owner. As a nonprofit organization, we will be <br /> Sally Greene eligible for exemption from property taxes, which will amount to about $27,000 in 2017. <br /> Kelley Gregory <br /> Our intention will be to maintain these 58 apartments as affordable in perpetuity. We <br /> Debra Ives recognize we will face challenges if we assume ownership of the Landings, but with your <br /> Jim Merritt support, we fully expect to be successful. <br /> Ava Miles Thank you for your consideration of this request. Please let me know if you have any <br /> Charles Mills questions. <br /> Executive Director Sincerely, <br /> Robert Dowling <br /> Robert Dowling <br /> Executive Director <br /> P.O. Box 2315,Chapel Hill, NC 27515 1 919-9674545 IIIIIN�Nlllullll➢ l liul u '�..I o N rrr <br /> a <br />