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26 <br />HOME INVESTMENT PARTNERSHIP PROGRAM <br />July 1, 2004 through June 30, 2005 <br />Priority: Facilitate the construction of new or substantially rehabilitated <br />housing units that are affordable to families below 60% of the area <br />median. <br />I, Funds would be allocated to the Town of Chapel Hill to assist in the purchase of <br />one dwelling unit to provide transitional housing for a public housing family transitioning <br />to permanent housing. <br />Anticipated Beneficiaries: One (1) family earning less than 50% median income <br />Accomplishments; One (1) housing unit <br />Anticipated Completion Date: June 30, 2005 <br />Development Schedule: <br />Identify dwelling unit for purchase, 12/2004 <br />Rehabilitate the house if necessary, 03/2005 <br />Complete leasing. 06/2005 <br />$125,000 <br />II, Funds would be allocated to Habitat for Humanity to provide four (4) deferred <br />second mortgages to first-time homebuyers with incomes below 80% of median income <br />in the Richmond Hills subdivision, <br />Anticipated Beneficiaries,° Four (4) families earning less than 50% median <br />income <br />Accomplishments.° Four (4) housing units <br />Anticipated Completion Date: June 2005 <br />Development Schedule: <br />Begin house constrtaction (two homes) 04/2004 <br />Complete construction (two homes); Sale homes 09/2004 <br />Begin construction of remaining two homes 09/2004 <br />Complete construction; sale homes 04/2005 <br />$80,000 <br />III, Funds would he allocated to Habitat for Humanity to purchase five lots in the <br />Winmore subdivision in Carrbora, The funds will convert to second mortgages of <br />$25,000 each to five low-income first-time homebuyers when they purchase their <br />homes, <br />