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DocuSign Envelope ID:CD9F8982-55C9-4553-9BE5-F346295164C5 <br /> EXHIBIT C <br /> PROJECT BUDGET <br /> Income <br /> First Mortgage $ 2,822,875 <br /> NCHFA $ 1,000,000 <br /> DHIC Loan $ 300,000 <br /> Orange County $ 154,500 <br /> Town of Chapel Hill $ 145,500 <br /> Federal LIHTC Equity $ 8,282,250 <br /> Deferred Developer Fee $25,962 <br /> Total $ 12,731,087 <br /> Expenses <br /> Total Project Cost of Construction and Development $12,731,087 <br /> Source of Funds <br /> Orange County HOME Funds $154,500 <br /> Owner may not request disbursement of funds under this Agreement until the funds are needed <br /> for payment of eligible costs. The amount of each request must be limited to eligible costs as <br /> determined by the County's Housing, Human Rights and Community Development Department <br /> ("HHRCD"). <br /> Orange County HOME Funds must be used for construction of Project only and may not be <br /> shifted between line items of the Project without prior approval of the County except for "Minor <br /> Adjustments." "Minor Adjustments" are defined as actions which do not result in a change in the <br /> Project and do not exceed ten percent(10%) of the line item total from which the funds are being <br /> removed or to which the funds are being added. <br />