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ousin~_Bond Project ~r~,mmarX <br />Applicant: <br />Habitat for Humanity of Orange County, NC, Tnc. <br />Project Title: <br />Rogers Road/Purefoy Road Land Acquisition Program <br />Request for Bond Funds: <br />$75,000 <br />Total Project Costs: <br />$585,000 <br />Bond Fund Leverage: <br />13% bond funds; 87% other funding sources <br />Project Description: <br />Habitat for Humanity proposes to use $75,000 in Orange County Housing Bond funds to <br />purchase property in the Rogers Road-Purefoy Road area in Chapel Hill. Habitat currently owns <br />property adjacent to the site on Rusch Road. The long-range goal is to develop a subdivision of <br />15-20 homes with a mix of detached housing and attached rental housing. This application is a <br />request for $75,000 to assist in the land acquisition activity. This bond investment would assist <br />in the development of five single family dwellings to be purchased by households earning SO% <br />or less of median income. <br />Target Population/Projected Outcome: <br />5 first-time homebuyers with incomes at or below SO% of median income <br />Project Schedule <br />Finalize contract with sellers - September 2001 <br />Obtain necessary planning approvals - November 2001- Sept. 2002 <br />Begin infrastructure construction - January 2003 <br />Begin house construction - May 2003 <br />Occupy rental housing - January 2004 <br />Long Term Affordability Vehicle <br />Habitat for Humanity will follow the guidelines adopted by the County Commissioners <br />and guarantee affordability for at least 99 years through the use of deed restrictions. <br />