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CULBRETH_ PARK _STATUS _REPORT <br />BACKGROUND <br />IJ <br />Orange County was awarded a Community Development Block <br />Grant (CDBG) Interim Assistance Grant Award of $2.25 million <br />dollars from the N.C. Department of Economic and Community <br />Development for the proposed Culbreth Park Affordable Housing <br />Development project in April 1990. Culbreth Park is an <br />approved fifty lot subdivision south of Culbreth Road <br />adjacent to Culbreth Junior High School. (See attached map) <br />The subdivision will have a mixture of moderate income <br />and market rate homes: 30 low /moderate income homes; 12 <br />market rate homes and 8 lots which the Town of Chapel Hill <br />intends to purchase and make available to Habitat for <br />Humanity to construct additional low /moderate income housing. <br />"Low /moderate income refers to those persons at or below 801; <br />of the median family income for the Raleigh - Durham MSA of <br />$41,900 for a family of four. The subdivision is a venture of <br />the Culbreth Park Community Development Corporation who is <br />responsible for building and selling the homes. <br />Additionally, a complex array of funding sources have <br />been assembled to enable 30 of the homes to be sold to <br />low /moderate income families. These include: <br />1. North Carolina Department of Economic and Community <br />Development construction loan at 2% interest. <br />2. Town of Chapel Hill Housing Loan Trust Fund: 17 <br />second mortgages of $14,000 each. <br />3. N.C. Housing Finance Agency permanent mortgage <br />financing; 15 mortgage loans at 8.25k interest, 30 <br />year term. <br />4. N.C. Housing Finance Agency mortgage credit <br />certificates: 15 certificates. <br />S. N.C. Housing Finance Agency Energy Conservation <br />Program; 15 grants of $7,500._each. <br />The Culbreth Park Interim Assistance Grant Program <br />is 18 months in duration and officially began May 1, 1990 and <br />is scheduled to end October 31, 1991 at which time the entire <br />2.25 million dollar loan must be repaid to the State at two <br />(2) percent interest. Much construction progress has been <br />made since May and the following is a brief update of <br />activities in Culbreth Park to date. <br />l <br />, <br />