Agenda - 05-17-2005-5o - Laserfiche WebLink

Browse Search

r~ r~ ~ 2 ' R~C'D FFB ~ /_- 2Q05 EmPOWERment -g the POWER of our Communities BOARD OF DIRECTORS Matthnv Feamny~ton, President FebIUary 9, 2005 1Joyd Slra1 NrighbarbooJAr.roria7ion Jane Farrar, ViccPresident Narl6nde GommuniryA.troriatian Tara Fikes, Director 2obin Rankin, Treasurer Nan'bnrfe Communiry.~l.rraaa7ion Orange County Housing and Community Development P.O. Box 8181 Phil Smith, Secwmry C6rrpel Hill Pa/ire Drparrmenl Hillsborough, NC 272'18 Donna Bcll Nmtbaidr Community IY~utrG ~~ Requested modification to EmPOWERment, Inc.'s 2002 Orange County Betsy fockmm ChaJbam Connry Hmrring Anlbmiry Affordable Housing Bond Requirements Barbara Fo+ygic Nmtbr/de Communiy AJ/arratian Vivian S Foushce, Aast President Dear Tara: Norl6ride Camnurniry Ar.raaalian Jacqueline E Overton, M Ed EmPOWERment, Inc, is formally requesting for a change to our 2002 Affordable CEO, fOI UnG'mitrd Housing Bond requirements to allow for homebuyers eazning up to 80% of the Area cesaa Steele Median Income to purchase homes that will have 2002 Affordable Housing Bond Norfbti& Cnmmrmrry lValrb funds included, According to our 2002 Affordable Housing Bond Application STAFF EmPOWERment, Inc, proposed to build three new construction affordable homes in Delores sailry the Sykes Street azea of Northside. The three homes would be sold to Orange Co-Dirzrlor Community Housing and Land Trust (OCHLT) with the $90,000 in Affordable Je(r C:dnln Housing Bond funds being applied as a grant to OCHLT in the purchase of the Co-Dmdor homes. OCHLT would then tum around and sell the homes to low-income MykhacJ Epps households, families earning up to 60% AMI. Program A9unager Beth Flnra Since, our application in 2002 there has been some significant increases in costs. For FinannalMarcagrr one, the predevelopment and site development costs have been much higher than Sharron Reid anticipated because of the rezoning and special use permit process for the 229 N. Hauaing Caurtnlor Graham Street property. In addition, construction costs have increased mazkedly Sam Goodstein over the last three years and we aze projecting an increase of 25-30% from what was Sarra! Ir/ark lntem initially budgeted, Given these costs we dD not anticipate being able to keep the ADDRESS housing price law enough to meet the previously intended goal of selling the homes Nidwny Business Center l09 N Graham st ° to families earning less than 60 /ti AMI. Suite 200 Chapel Hill, NC 27516 Phone: (919) 967-8779 We were fortunate to be able to sell the first home that utilized 2002 Band funds to a Far: (919) 967-0?~o household earning less than 60%AMI-503 Sykes Street was sold in November in fV>fr1lemRn~~'ermcnb nc orn wnvw LmnnwemtCnF nc ore 2004, The 503 Sykes Street lot did not need to be rezoned, and we received a very reasonable bid in mid 2003, a full two years prior to the projected beginning of construction at 229 & 231 N. Graham Street.