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r <br /> May 21,2002 <br /> Ms,Tara Fikes <br /> Director <br /> Orange County Housing and Community Development <br /> PO 0ox 8131 <br /> Hillsborough,NC 27298 <br /> Dear Tara: <br /> Please accept this letter as a formal request to reallocate$90,000 of <br /> funds from our Meadowmont Townlemmes to assist in the purchase <br /> and rehab of two single-family homes that may become part of the <br /> land trust. As discussed in my letter to the Commissionees on April <br /> 11,2002,we expect to complete the Meadowmont Townhontes well <br /> underbudget. <br /> We are requesting this reallocation because two homeowners have <br /> recently approached us about buying their homes in order to keep <br /> theat affordable, One home is a renal property,currently vacant, <br /> located at 300 Broad Street in Carrboro. It is located in a section of <br /> Carriacou,near the Chapel PBB border,that would benefit B this house <br /> were w <br /> nvertcd into a homeownership opportunity. We have <br /> presented an Offer to Pr¢cbase to the owner and are awaiting a <br /> response. <br /> The served home is located in Magnolia Place,which(XHC <br /> developealmA996. Thehomeownwis willing to workwithus(and <br /> has verbally agreed to the selling price)to retain the home as <br /> permanently affordable. However,to do so will require a small <br /> amount of subsidy. <br /> B both acquisitions are success",the$90,W0 will be used as follows: <br /> 300 Broad Street: <br /> Oar purchase price $17),000 <br /> Required renovations $8,000 (includes new roof and HVAC) <br /> Closing k soft costs $3,000 (legil,inspectlon,apprabel,mr) <br /> Total Project Costs $138,000 <br /> Adman fee to OCHLT $2,000 <br /> Total Investment $19Q000 <br /> Less: <br /> Grant brain Orange County $30.000 <br /> Net price to new buyer $110,p10 <br />