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16 <br /> 2) Affordable Rentals, Inc. <br /> Affordable Rentals, Inc. also requests $70,000 to purchase and rehabilitate seven <br /> condominium units in Abbey Court in Carrboro. Units would be rented to households <br /> earning between 30% and 50% of the area median income. <br /> Comment: The HOME Program Review Committee does not propose funding for this <br /> activity at this time. Because this is a new organization, we recommend funding one <br /> project with the group at this time and evaluating its progress before allocating additional <br /> funds to this agency. <br /> 3) Chapel Hill Department of Housing <br /> The Chapel Hill Department of Housing requests $90,000 of HOME Program funds to <br /> develop a transitional rental housing program for public housing residents. The program <br /> would be a stepping-stone for families between public housing and the private housing <br /> market. Funds would be used to purchase a house in Chapel Hill. <br /> Comment: The Review Committee recommends allocating $28,117 to the Chapel Hill <br /> Housing Department. Funds could be used in conjunction with $75,000 of 1997 Orange <br /> County Affordable Housing Bond funds allocated to the Town to acquire a house for the <br /> Transitional Housing Program. <br /> 4) EmPOWERment, Inc. <br /> EmPOWERment requests $150,000 to provide subordinate mortgages on properties in <br /> Orange County. EmPOWERment requests that the program have flexibility with respect <br /> to lien position (i.e. it should be allowable for the funds to be used as third or lower position <br /> mortgages). EmPOWERment intends to assist ten to fifteen first time homebuyers with <br /> this fund. <br /> Comment: The Committee recommends allocating $100,000 to EmPOWERment for this <br /> activity. <br /> 5) EmPOWERment, Inc. <br /> EmPOWERment also requests $100,000 for community revitalization funds to assist <br /> EmPOWERment with acquisition and rehabilitation of existing properties in Orange County. <br /> Properties would be resold to households earning less than 80% of the area median <br /> income, and the funds would be converted into deferred second mortgages to the buyers. <br /> Comment: The Committee recommends allocating $100,000 for this activity. Funds could <br /> be used by a qualified 501(c) (3) non-profit organization. <br />