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H 'n B n ro'ect Summa <br />Applicant: <br />InterFaith Council far Social Service <br />Project Title: <br />Freedom Park Apartments <br />Request for Bond Funds: <br />$400,000 <br />Total Project Costs: <br />$1,260,000 <br />Bond Fund Leverage: <br />32% bond funds; 68% other funding sources <br />Project Description: <br />Inter-Faith Council for Social Services proposes construction of a 20-unit Single Room <br />Occupancy (SRO) apartment complex to be known as Freedom Park apartments. The complex <br />would be built in Chapel Hill on property owned by Freedom House, near transitional housing <br />operated by Freedom Hause Recovery Center. IFC is proposing that bond funds be used for <br />construction costs. <br />Target Population/Projected Outcome: <br />15 single, disabled individuals with incomes at or below 50% of median income <br />Project Schedule <br />Finalize Funding Commitments - September 30, 2001 <br />Special Use Permit - March 2002 <br />Groundbreaking - Apri12002 <br />Project Completion - May 2002 <br />Long Term Affordability Vehicle <br />Inter-Faith Council will certify that the property will remain affordable for 99 years <br />through the use of deed restrictions. <br />