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a <br /> Thus,530,000 of subsidy will allow us to convert an existing house m a <br /> pivotal neighborhood into a permanently affordable homeowncrsNp <br /> opportunity. This three bedroom,two-bath Manic is ideally suited for <br /> a fondly with children. <br /> 2118 Magnolia Lane'. <br /> Our purchase price $128,000 <br /> Less existing second mortgage 412,500 <br /> Base price of home to new buyer 5115,500 <br /> Plus dosing&soft costs 51,500 <br /> Total project costs 5111.000 <br /> mss: <br /> Grant from Orange County $10A00 <br /> Net price to new buyer !dw'Ilfp <br /> thus,for an investment of$10,000(in addition to the$12,500 of <br /> subsidy already in place),we can retain this home as a permanently <br /> affordablehome. Furthermore,we may be able to replicate this <br /> approach as other homes come onto the market in Magnolle Place. <br /> I believe these are both wonderful opportunities to capture homes into <br /> the land oust that are in danger of becoming unaffordable. H the <br /> Com usaioners are willing to treat the subsidies as a grant,it greatly <br /> imphfies the transaction for the new homeowners. Naturally,we <br /> would execute a grant agreement as we did with Legion Road and <br /> Meadowmont to guarantee permanent affordability. <br /> Again,we are asking that the$40,M be reallocated from our <br /> Meadowmont Iowrdmmes,which received funding from both the <br /> 19W County Band($350,000)and from the Housing Trust Fund <br /> (M,000). <br /> 1'hstdc you for your consideration of this request. Nyou need <br /> additional infomwtion,l will be happy to provide it. <br /> Sincerely, . <br /> Rabat Dowling <br /> Executive Director <br />