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z <br />After review of the application as well as supplemental material submitted by EmPOW ERment, <br />the Committee recommends the allocation of up to $129,930 in housing bond funds to assist in <br />the purchase of the Johnson Street properties. This amount is less than the original request of <br />$135,000 due to the calculation of appraised value for the lots. Attached to this abstract is the <br />detailed recommendation from the committee. Also included is a current status report of <br />projects underway by EmPOWERment, Incorporated as additional information. <br />FINANCIAL IMPACT: Funds are currently available in the approximate amount of $260,000 for <br />the Land Banking Program within the FY 2001 Affordable Housing Bond Program. <br />RECOMMENDATION(S): The Manager recommends that the Board award housing bond <br />funds in the amount of $129,930 to EmPOWERment, Incorporated to purchase land in the Pine <br />Knolls community in Chapel Hill and authorize the Manager in consultation with the County <br />Attorney to enter into a Development Agreement detailing the conditions of award.. <br />