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Housing Bond Project Summary <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Sykes Street Revitalization Program <br />Request for Bond Funds: <br />$90,000 <br />Total Project Costs: <br />$380,000 <br />Bond Fund Leverage: <br />24% bond funds; 76% other funding sources <br />Project Description: <br />EmPOWERment, Inc. proposes to utilize $90,000 of the Orange County Affordable <br />Housing Bond money to assist low-income first-time homebuyers to purchase three newly <br />constructed single-family homes in the Northside neighborhood of Chapel Hill. To implement <br />this project as designed, EmPOWERment must be successful in a rezoning request for one of the <br />identified building lots. <br />Target Population/Projected Outcome: <br />Three (3) families with incomes at or below 80% of median income <br />Project Schedule <br />Project Completion forecasted for six (6) months after funding commitment. <br />Long Term Affordability Vehicle <br />EmPOWERment, Inc. will certify that the property will remain. affordable for 99 years <br />through the use of deed restrictions. <br />