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Housing Bond Project Summary <br />Applicant: <br />Town of Chapel Hill Department of Housing <br />Project Title: <br />Transitional Housing Program <br />Request for Bond Funds: <br />$300,000 <br />Total Project Costs: <br />$300,000 <br />Bond Fund Leverage: <br />100% bond funds <br />Project Description: <br />The Town of Chapel Hill Department of Housing is developing a Transitional Housing <br />Program that would help public housing families make the transition from public housing to the <br />private housing market. Specifically, the Department plans to purchase or construct homes that <br />would be rented to public housing families at a monthly rent of at least $450 for no more than <br />five years. The rent will not increase during that time and up to 20% of the monthly rent will be <br />deposited in an escrow account which may be used for a downpayment on a home or rental <br />security deposits when the participant leaves the program. Further, families will be required to <br />participate in budgeting and financial management sessions during the program. The Town <br />plans to work with EmPOWERment, Inc. to identify properties for the program as well as <br />coordinate repairs as necessary. <br />Target Population/Projected Outcome: <br />3 current public housing families with incomes at or below 60% of median income <br />Project Schedule <br />Finalize house purchases - September 2001 <br />Determine family eligibility - October 2001 <br />Complete house repairs - November 2001 <br />Lease Homes - December 2001 <br />Long Term Affordability Vehicle <br />The Town of Chapel Hill will own the property and will insure affordability for 9.9 years <br />by the use of Deed Restrictions. <br />