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The Honorable Moses Carey, Jr., Chairman <br />Page 2 <br />6. The request of administration funds must be modified such that <br />no more than $16,000 will be applied to Orange County project <br />administration costs. No more than $10,000 may be applied to <br />the neighborhood based non -- profit subrecipient for the <br />producing financial accounting reports to the county, and <br />for counseling to low- and moderate- income homebuyers. <br />7. Assurances must be provided by the county that the income and <br />residency requirements of the project will be implemented; <br />8. Assurances must be provided by the county and the developer <br />that the builder's profit in excess of 10 %, based on the <br />actual construction cost of each dwelling, shall be divided <br />evenly between the builder and the county's non - profit <br />subrecipient; <br />9. Non - construction "soft costs" accruing to the developer must <br />be shown on the financial projections as being paid from the <br />project's program income but no earlier than the time of the <br />ECD take out. <br />10. A final copy of the project financial projections must be <br />received by ECD which include the financial participation <br />of the town of Chapel Hill. <br />Additional Special Conditions <br />1. The County must maintain documentation that the project <br />activities are necessary or appropriate to achieve its <br />community development objectives (Reference: 570.200(e) <br />and 570.204(a)(2); <br />2. The County must maintain documentation that the project <br />activities meet the National Objective of the CDSG program <br />concerning benefit to low- and moderate - income persons. <br />Should you or your staff have nay questions regarding this letter, <br />please call John Downs at (919) 733 -2850. <br />Sincerely, <br />44,tf 4�n�� <br />Robert E. Chandler <br />REC /sc:pd <br />