Agenda - 05-01-2001-8k - Laserfiche WebLink

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Em ment IINVw Reclaiming the POWER of our Communities BOARD OF DIRECTORS Vivian 5. Poushee, President Nvrebside CmmraasityAasaciaciors Stepney Edwards, Vice Presidmt Midevuy aarber shop Matthew Featringeon, Secxaary Lloyd Street NeigbborboodAsxoriation Jane Stein,' Treasurer Chair, Common SenseForasdation Barbara Brown Carr Court Neighborhood Association Jane Parris . Nortbside Corrern:aiicyAsroeiation Susan Fieadea Mm;.;lcme Lloyd Sercet NeigbFiorbovd Assocration Rabic Rankin Nortbside CammsenityAssoratiore STAFF Mark Chilton: Director Maxexiae Mitchell Consmseniry Qrgsnizer Terry Carver ProjereMa~ger Jd# Caiola Business Manager Fabian L Farrington Aecier~nr t0 the Dirermr ADDRESS 109 N. Graham Suret Suiu 200 Chapel Frill,, NC 77516 Phone: (919) 967$779 Fax: (919) 967-0710 empowermentizc(~jmindspring. com To: Tara Fikes ~~ M14R 2 $ 200 From: Mark Chilton Re: 1999 HOME Allocation Date: March 19, 2001 EmPOWERment proposes to use its 1999 HOME allogtion to purchase two Houses on North Graham Street in Chapel Hill. The two houses need modest renovations and will be held and used as affordable rental housing for low to moderate income households. -The two houses are currently for sale for $89,900 each and EmPOWERment is under contract to close April 13, 2001. The houses wen= built after 1978 and therefore there are no lead hazard issues. We believe this is a goad project and a copy of the proposed development budget is enclosed along with an opinion on title, appraisal, letter from first mortgagee, draft HUD 1 and HQS checklist. We are currently seeking the waiver of acquisition form from the seller. I realize that we will need to sign a development agreement after the Commissioners have adapted a resolution an•the matter. Because the closing is slated for a date shartiy after April 4"', it is fairly important to get the matter before the commissioners on the 4~. If further information is required an this matter, please let me know at 967-8779.