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5 <br />Ens <br />r~er~# <br />INC. <br />Reclaiming the POWER of our Communifies <br /> February 7, 2000 <br />~oneec o~_oi~crc~ <br />Y+v~m S Foushee, Presideae { ~ 000 <br />~~ ~~, ~~ r ~ V <br />Ms. Tara F'ki es F 1 <br />s~~y ~a~, v~ Praidanc Dkector of Housing and Comrmmity Developm~t <br />ye~s~p Orange County <br />Maethew Feaaington, Seereeuy ~ 81, g 1 <br />r~dsa~-ea~ I~llsborough, NC 27278 <br />~ane Sxin, Tneasueee <br />C,bc<.•, Cora/mwr Saiv Fmoidatioir <br />~'M Br°°~ Dear ]VIs. Fakes: <br />REA.LIl7H <br />s~ s~~ <br />~~~ <br />We appreciate your contimied support of our efforts to preserve local <br />'~°" B'm"`~` <br />Z.b~d St,.d Nag6lo,~oad Asroaufion neighborhoods and expand affordable housing for working famlies. In just two <br /> years we have helped 22 famn7ies to purchase theQ first homes, and we currently <br />x~ ~b~ <br />x~.sx~aa. have nine properties under development. We have buds a strong track record of <br />~~ ~ accountably, production and commmmity control <br />rya s~a~b~. <br />~,m >~ I am writing on behalf of the Board to express our complete dismay at the County's <br />~~ .gyp. ~ unfair and disproportionate equity sharing proposals. As members of the Board and <br />~~ staff explained, EmPOVVERment, Inc. works with low income, first-time buyers <br /> with incomes averaging about SO°l~o of area median. For these families <br />Mme, ~~ homeownership is not just a safe place to live, but also a chance to begin building <br />n~ wealth through the equity in their homes. Lake the rest of us, this equity is ava0able <br />M~~ ~;~n for home repairs, coIlege education or financial crises. la fact, studies have shown <br />~"""'°~' ~°"'~'~'` spar that over 70°yo of the assets held by people of color is in their homes. Severely <br />-rte. c~•« curtailing the ab'y to bufid wealth on the single largest investment in a famd<1y's life <br />~'°'"~ is both unfair and counter-productive. Ifthese e~ead to the HoME <br />Y_ F~s~ program, the Commissioners wfil be moving toward the unfommate goal of creating <br />~~ °~ two classes of homeowners ion Orange County. those rich enough to buy m. an . <br />J ~ mfiated market, and the rest of us who would have to sacrifice our farmilies' <br /> economic security for the right to hve in the community we work in. ,I trust this is <br />~~ not the County's interion. <br />~os-a vvesc tt~«~y s~eee ExnPOWERmeat, Inc. respects the County's com®otment to protecting pubfic <br />c~.~, rrc z~sio <br />Phanc l~i~! ~~-sr~n mv~~ and maintainin lon term affordab ' and we have ah~eady designed <br />g g- ~Y~ <br />F~ c~l~ ~~-0~io our program to promote these goals. We require that families grant us a right of <br />`~°""`~ fnrst refiisal, and we secure any subsidy with a deed of trust to ensure that these <br /> fiords are returned if the ~Y sells their home. Additionally, we require that they <br /> repay a percentage of the appreciation on their home based upon the amount of <br /> subsidy received to the total appraised value of the home. We believe that this <br />