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serious shortage of homeownership opportunities for low- and <br />moderate - income families in Orange County has prompted the Town <br />of Chapel Hill and Orange County to participate in two projects <br />intended for first -time homebuyers. These two projects did provide <br />homeownership opportunities to first -time homebuyers; however, <br />even with special financing these projects did not reach far below <br />80% of the area median family income. All participating jurisdictions <br />are interested in the creation of affordable homeownership <br />opportunities, and are looking to Orange Community Housing <br />Corporation, Habitat for Humanity and other nonprofit developers to <br />propose projects that will offer these opportunities. <br />(1) The Town of Chapel Hill has committed to provide 30 second <br />mortgages of $14,000 each for homebuyers in Culbreth Park, <br />a project which has combined CDBG construction loan funds <br />through the County, Town second mortgages, N.C. Housing <br />Trust Fund third mortgages, and N.C. Housing Finance Agency <br />Mortgage Credit Certificates, to create 30 units priced at <br />$92,000, with subsidies to reduce the first mortgage to $72,000. <br />(2) Orange County Habitat for Humanity, with a $200,000 site <br />development grant from the CDBG small cities program <br />through Orange County Housing and Community Development <br />Department, is developing Chestnut Oaks, a 34 -unit <br />homeownership project under the national Habitat for Humanity <br />model. The Town of Chapel Hill purchased 8 lots in Culbreth <br />Park and is working now with Orange County Habitat for <br />Humanity, Inc. to develop the lots for very low income <br />homeownership. <br />(3) The Town of Carrboro, which initiated the Habitat for Humanity <br />program in Orange County also contributed 6 single family lots <br />to Orange County Habitat which have been developed and <br />sold to very low income families. <br />(4) Orange Community Housing Corporation will initiate and <br />operate a homeownership education and counseling program, <br />including general information about homeownership and <br />specific credit counseling information and prequalification for <br />potential buyers. <br />(5) Orange Community Housing Corporation is working now to <br />locate a site for a homeownership development. to begin <br />construction in 1992. <br />(6) The Town of Chapel Hill will consider establishing a fund for <br />land acquisition and pre - development costs. <br />GOAL: To create a county -wide homeowner rehabilitation <br />program for very low income homeowners (incomes below 60% <br />31 <br />