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25 <br />~, ~.~ ^' ~ '~ ~ 1• Ind IJ~ <br />h ~ ~,..... ... J ~QO~ <br />grange Community Housing Corporation <br />P. O. $ox 307 • 104-C Jones Ferry Road • Carrboro, NC 27510 919-967-1545 • Fax: 919/96$-4080 <br />Board of <br />Directors March 16, 2000 <br />Keith D. Cook <br />Chairman Ms. Tara Fikes <br />Wayne T. Kuncl Orange County Housing and Community Development <br />Vire-Chairman PO Box 8181 <br />Josh Gwrlitx Hillsborough, NC 2727$ <br />Secretary <br />Robin Lackey Dear Tara: <br />Treasurer <br /> Please find enclosed the HOME Program application for the Meadowmont Townhomes <br />Jim Earnhardt that will 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 Herxenberg development of thirty-two townhomes at Meadowmont. This represents $5,000 per unit. <br />Garry Sronce <br /> The Meadowmont Townhomes will offer a unique opportunity for low and <br />Keenya Toney moderate-income individuals and fa:nvlies to own homes in a mixed-use, <br />John Tyrrell upscale neighborhood. The larger Meadawmont development is comprised of <br />Bob Ward more than 7200 dwelling units, office space, retail space, and parks and <br /> recreation areas. The master developer of Meadowmont, East West Partners <br />is <br />Alison Weiner , <br />required by the Chapel Hill Town Council to include thirty-two units of <br /> affordable housing within the development East West Partners is willing to <br />Executive donate the land to OCHC to develop the thirty-two units. <br />Director <br />Robert 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 Chairman ~ Januar <br />2000 <br />We antici <br />ate <br />i <br />i <br />i <br /> y <br />. <br />p <br />rece <br />v <br />ng our zon <br />ng compliance permit (ZCP) <br />Keith E. Aldridge within six months. Site work will not commence until financing is in place, <br /> units are 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,Op0 per unit This <br /> $28,000 will allow a family of four earning less than $40,000 to awn athree- <br /> bedroomhome in a very desirable location. <br /> I# you have any questions about this material, please call me at 967-1545. <br /> Sincerely, <br />~ <br /> )~ <br />~.~ <br />ii'~.~t <br />~ l~~`-t~~~ <br /> . <br /> Robert Dowling <br />