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25 <br />IlL ^.~F11~ ~ ~ LQ~~ <br />~~ .. ,.... ~ 2DOa <br />H bran e <br />g Communi <br />~y Hou in <br />s g <br />Corporation <br />P. O. $og 807 104-C Jones Ferry Road Carrboro, NC 2751D 919-967-1545 • <br />Fag: 919~sss-4oso <br />Board of <br />Directors March 16, 2000 <br />Keith D. Cask <br />Chairman Ms. Tara Fikes <br />Wayne T. Kuncl Orange County Housing and Community Development <br />Vice-Chairman PO BOx $181 <br />Josh Gurlitr Hillsborough, NC 27278 <br />Secretary <br />Robin Lackey <br />Dear Tara: <br />1Yeasurer <br /> Please find enclosed the HOME Program application for the Meadowmont Townhomes <br />Jim Earnhardt that unll be developed by Orange Community Housing Corporation (OCHC). We are <br /> requesting $160,000 of HOME funds in fiscal year 2000-2001 to help subsidize the <br />Joe Herzenberg development of thirty two townhomes at Meadowmont. 'This represents $5,000 per unit. <br />Carry Sconce <br /> The Meadowmont Townhomes will offer a unique opportunity for low and <br />Keenya Toney moderate-income individuals and families to own homes in a mixed-use, <br />John Tyrrell upscale neighborhood. The larger Meadowmant development is comprised of <br />Bob Ward more than 1200 dwelling units, office space, retail space, and parks and <br /> recreation areas. The master developer of Meadowmont, East West Partners, is <br />Alison Weiner required by the Chapel Hill Town Council to include thirty-two units of <br /> affordable housing within the development East West Partners is willing ta. <br />E:ecutive donate the land to C-CHC to develop the thirty-two units. <br />Director <br />Roberd Dowling OCHC has been working with architects and engineers since early 1999 to <br /> develop a site plan and obtain municipal approvals from. the Town of Chapel <br /> Hill. We received a special use permit (SUP) for the Meadowmont Townhomes <br />Past Chg~r*^+an ~ January 2000 <br />We antici <br />ate receivin <br />our zonin <br />co <br />li <br />i <br />ZCP <br /> . <br />p <br />g <br />g <br />mp <br />ance perm <br />t ( <br />) <br />Keith E. Aldridge 'within six months- Site work will not commence until financing is in place, <br /> units am pre-sold and a contractor is selected. We expect to break ground early <br /> in 2001. <br /> As you can see from the attached budget, we are seeking $900,000 in total <br /> subsidy (an amount that may be reduced if we are successful in negotiating <br /> concessions from the private sector developers), or about $28,000 per unit, This <br /> $28,000 will allow a family of four earning less than $40,000 to own athree- <br /> bedroomhome in a very desirable location. <br /> If you have any questions about this material, please call me at 967-1545. <br /> Sincer/ely, <br />.~~~ <br />~ <br />'t <br />l <br />~ <br /> ~ <br />! <br />~r <br />i <br /> Robert Dowling <br /> Executive Directo <br />