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Housing_Sond Project Summary <br />Applicant: <br />Residential Services, Inc. <br />Project Title: <br />Continuing Care Center <br />Request for Bond Funds: <br />$385,419 <br />Total Project Costs: <br />$1,895,419 <br />Band Fund Leverage: <br />20% bond funds; 80% other funding sources <br />Project Description: <br />Residential Services Inc. proposes to develop a Continuing Care Center for elderly <br />persons with developmental disabilities. The Center will be located on Mount Herman Church <br />Road and will contain 15 units for persons with developmental disabilities. All of the <br />individuals will be Medicaid eligible and have incomes well below 30% of Orange County's <br />median income level. Bond funds will assist with the site development and construction costs. <br />Target Population/Projected Outcome: <br />15 single individuals with incomes at or below 30% of median income <br />Project Schedule <br />Financing in Place - November 15, 2001 <br />Begin construction - January 2002 <br />Project Completion - March 2003 <br />Long Term Affordability Vehicle <br />Residential Services, Inc. foresees retaining ownership of the Center "well into the future <br />and therefore, see the center as being affordable for well over the next 99 years." Deed <br />restrictions will be the vehicle used to guarantee affordability. <br />