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Housing Bond Project Summary <br />Applicant: <br />Habitat for Humanity of Orange County, NC, Inc. <br />Project Title: <br />Rusch Road <br />Request for Bond Funds: <br />$170,000 <br />Total Project Costs: <br />$1,239,000 <br />Bond Fund Leverage: <br />Subsidy Per Dwelling Unit: $14,167 <br />19% bond funds; 81% other funding sources <br />Project Description: <br />Habitat for Humanity proposes to use $170,000 in Orange County Housing Bond funds to <br />assist in building twelve (12) single-family dwelling units on Rusch Road in Chapel Hill. This <br />property is in the Rogers Road community and is also near the recently completed Habitat <br />subdivision of New Covenant Place. <br />Target Population/Projected Outcome: <br />Twelve (12) families with incomes at or below 50% of median income <br />Project Schedule <br />Begin infrastructure construction - January 2004 <br />Begin house construction - September 2004 <br />Complete house construction - llecember 2005 <br />Long Term Affordability Vehicle <br />Habitat for Humanity will follow the guidelines adopted by the County Commissioners <br />and guarantee affordability for at least 99 years through the use of deed restrictions. <br />