Agenda - 05-20-2003-9a - Laserfiche WebLink

Browse Search

Housing Bond Proiect Summary Applicant: Weaver Community Housing Corporation Project Title: Cedar Rock Cooperative Request for Bond Funds: $270,000 Total Project Costs: $682,253 Bond Fund Leverage: 39% bond funds; 61 % other funding sources Project Description: The Weaver Community Housing Association (WCHA) is seeking funding for the purchase of the Cedar Rock Apartments at 703 and 705 N. Greensboro Street in Carrboro. This property contains six (6) three-bedroom apartments that WCHA seeks to utilize the cooperative model by converting these six apartments into a cooperative residential community for low- income families and individuals. For clarification, a "cooperative unlit" is a habitable space that includes private sleeping space and shared access to living, dining, bath, kitchen and community facilities. Specifically, WCHA will provide 12 cooperative units (bedrooms): eight for individuals and four for families and one apartment will be community space to be used for child care, co-op meetings, skill development workshops, social activities, counseling, and guest accommodations. Target Population/Projected Outcome: Renters with incomes at or below 60% of median income Project Schedule Property acquisition - March 2003 Begin membership selection - Apri12003 Lease-up - May -November 2003 Long Term Affordability Vehicle Weaver Community Housing Corporation will follow the guidelines adopted by the County Commissioners and guarantee affordability for at least 99 years through the use of deed restrictions.