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Housin Bo Project S mar <br />Applicant: <br />Orange Community Housing Corporation <br />Project Title: <br />Meadowmont <br />Request for Bond Funds: <br />$400,000 <br />Total Praject Casts: <br />$3,535,740 <br />Bond Fund Leverage: <br />11 % bond funds; 89% other funding sources <br />Project Description: <br />Orange Community Housing Corporation proposes construction of a 32 unit townhouse <br />development in the Meadowmont development in Chapel Hill. Meadowmont is a mixed-use <br />development located off Highway 54 in Chapel Hill. In the approval process, the Town of <br />Chapel Hill required the developer, East West Partners to provide land for 32 affordable <br />townhouses. The developer has agreed to donated the land to develop the townhouses. OCHC is <br />proposing that bond funds be granted to OCHC for construction and converted to second <br />mortgages at $12,500 per unit in order to lower the cost of the frst mortgage of the first time <br />homebuyers. <br />Target Population/Projected Outcome: <br />32 first time homebuyers with incomes at or below 80% of median income <br />Project Schedule <br />Zoning Compliance Permit <br />Groundbreaking <br />Begin home sales <br />Project Completion <br />- August 2001 <br />- Fa112001 <br />- Fa112001 <br />- Late Summer 2002 <br />Long Term Affordability Vehicle <br />The Land Trust with deed restrictions will be used to insure affordability for at least 99 <br />years with a renewal option. <br />