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4 <br />HOUSE PRICES <br />Attached to this report is a, summary of the housing finance <br />methods to be used in the sale of the homes in Culbreth Park. <br />In summary, all low /moderate income homes will be sold for <br />$92,000. The appraised value of these homes is $114,000. <br />Specifically, the cost to the buyer breaks down as follows. <br />Sales Using 8.25% Sales Using 9.5t <br />_ Morgages /MCCs <br />Moijt ages......._._.._ _. t=. <br />Down Payment <br />Sales Price $ <br />Deferred Payment Loans <br />Town of Chabe1 Hill <br />Energy Related Grant <br />Mortgage Credit Certificate <br />First Mortgage <br />Monthly Payment (PITT) <br />MARKETING EFFORTS <br />-0- -p- <br />92,OOU $ 92,000 <br />14,000 <br />14,000 <br />7,500 <br />-0- <br />-0- <br />1,482 <br />'10,500 <br />78,000 <br />660 <br />758 <br />All homes sold at Culbreth Park are being marketed by the <br />Culbreth Park Community Development Corporation. These <br />efforts have been rather slow with none of the homes having <br />been presold. (The Corporation has identified eleven families <br />to date who may be eligible to purchase homes.) However, the <br />Corporation has assured the County that more aggressive <br />efforts are being made to sale and pre -sale the homes. This <br />is crucial to the development since funds from sales will be <br />needed to complete the house construction. <br />Culbreth Park Community Development Corporation has received <br />assistance from the Chapel Hill Board of Realtors who has <br />agreed to broker the twelve market rate houses at a 2.5 <br />percent commission. <br />Planned marketing efforts for the low /moderate income homes <br />included newspaper ads. brochures, and informal informational <br />meetings. A copy of an ad that ran in the Sunday, November <br />25, 1990 Chapel Hill Herald is attached. <br />CONCLUSION <br />The County received a monitoring visit from the N.C. <br />Department of Economic and Community Development on September <br />21, 1990 to review administration of the Interim Assistance <br />Grant. The state seemed pleased with the construction <br />progress. However, they did note the high level of <br />expenditures in the first months of the arant.period, as well <br />as the need for a detailed marketing plan /strategy to be in <br />place. The County is working with the Culbreth Park Community <br />Development Corporation to address these concerns. <br />