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I-7 <br /> Weaver Community Housing Association <br /> 621 Hillsborough Rd. <br /> Carrboro, NC 27510 <br /> 919.619.0842 <br /> www.wcha;c000; infoODwcha.coop <br /> To the Affordable Housing Advisory Board: <br /> A local group of affordable housing advocates has founded the Weaver Community Housing <br /> Association (WCHA)to create permanent affordable housing targeted at individuals earning less <br /> than 60% of area median income. We are using the cooperative model as a means to create <br /> affordable housing.Though there are some differences, the cooperative model bears great <br /> resemblance to rental housing, <br /> In a cooperative,member/residents make monthly payments(a rental equivalent)to the 501(c)(3) <br /> corporation (WCHA)that owns the title to the properly. Members pay the WCHA for their share of <br /> the actual operating cost, building mortgage,and real estate taxes, based on the non-profit <br /> operation of the WCHA. The move-in cost is a small member deposit, similar to a rental security <br /> deposit <br /> Unlike traditional rental housing,the resident members play a significant role in governing and <br /> maintaining the property. Residents meet regularly to determine co-op procedures and make <br /> decisions on property upkeep, and residents elect representatives to serve on the Board of <br /> Directors of the WCHA. Corp resident members also elect the Board of Directors,which decides <br /> all policy matters. The community control aspect of a cooperative provides a natural base for <br /> service and activity. <br /> In spite of the differences between rental and cooperative housing, this nonprofit cooperative <br /> model is definitely NOT owner-occupied.The nonprofit will retain the title to the property into <br /> perpetuity, and the bylaws of the nonprofit stipulate that the properties will always remain <br /> affordable as meets the terms defined for"affordable housing" in the bond policy. In addition, our <br /> organization's mission and bylaws meet all the terms the bond policy sets forth for rentals in <br /> "Attachment 1-Eligible Projects"and "Attachment 3-Long-Term Housing Affordability policy." <br /> Therefore, in order to be eligible for funding from the bond,we would like to request that <br /> cooperative housing is not excluded in the language of the revised bond policy. We request that <br /> cooperative housing be included in the 40%of bond money designated for the non-special needs <br /> rental housing pool. <br /> We suggest one of the following revisions: <br /> 1."...40%will be designated for the non-special needs rental <br /> /cooperative housing pool"or <br /> 2."...40%will be designated for the non-special needs rental <br /> non-owner occupied housing pool" <br /> The first revision will specifically include cooperative housing in the bond policy; the second <br /> defines the 40%portion to be designated for forms of housing other than owner-occupied. <br /> Thank you: Please email us at infoCOwcha.coop (after Tuesday 9/3)or <br /> christy(dweaverstreetmarket.c000 or call 619.0842 if you have any questions or need any <br /> additional information. <br /> Sincerely, <br /> Dawn Peebles, Executive Director <br /> Ruffin Slater, Chair <br /> Christy Raulli,Treasurer <br /> Weaver Community Housing Association <br />