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Housing Bond Project Summary <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Davie Road Homes <br />Request for Bond Funds: <br />$100,000 <br />Total Project Casts: <br />$217,000 <br />Bond Fund Leverage: <br />46% bond funds; S4% other funding sources <br />Project Description: <br />EmPOWERment proposes to use $100,000 in Orange County Housing Bond funds to <br />assist in the development of two (2) single family homes on Davie Road in Carrboro. These <br />homes would be rent-to-own homes for potential first-time homeowners who would lease the <br />property initially and purchase these homes from EmPOWERment within two to five years. <br />Target Population/Projected Outcome: <br />Two (2) households with incomes at or below 50% of median income <br />Bond Committee Recommendation <br />The Bond Committee does not recommend this project for funding at this time because <br />the proposed activity -lease to purchase - is not a clearly eligible activity under the current bond <br />policy and due to the incompleteness of the submitted funding proposal. <br />