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un»cinu Bond Proiect Summary <br />Applicant: <br />Weaver Community Housing Corporation <br />Project Title: <br />Cedar Rock Cooperative <br />Request for Bond Funds: <br />Subsi~~ PPr Dwelling Unit: $22,500 <br />$270,000 <br />Total Project Costs: <br />$682,253 <br />Bond Fund Leverage: <br />39% bond funds; 61% other funding sources <br />Project Description: <br />The Weaver Community Housing Association (W reensborosStreetg n narrboro~rThis <br />purchase of the Cedar Rock Apartments at 703 and 705 N. G <br />property contains six (6) three-bedroom apartments thot at He esidential tclommun ty fporr lol~'- <br />model by converting these six apartments into a co p <br />income families and individuals. For clarification, a "coope inin bath,lkit henland comamunhty <br />includes private sleeping space and shared access to living, d g, <br />facilities. Specifically, WCHA will provide 12 cooperative units (bedrooms): eight for <br />individuals and four for families and one apartment will be commumtiesp counsel ng,e and gUet <br />care, co-op meetings, skill development workshops, soda <br />accommodations. <br />Target Population/Projected Outcome: <br />Renters with incomes at or below 60% of median income <br />Project Schedule <br />Property acquisition - March 2003 <br />Begin membership selection - Apri12003 <br />Lease-up - May -November 2003 <br />Long Term Affordability Vehicle <br />Weaver Community Housing Corporation wfor at least 99 yearslthrough he se of deed <br />County Commissioners and guarantee affordability <br />restrictions. <br />