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6 <br />preparing families fio buy homes, securing financing, and structuring deals that work for working families <br />and local builders. <br />The Peloquin Construction Company will build these four units. We are now completing our first <br />partnership, project wsth Peloquin, afour-bedroom home on Creel Street in Chapel Hill. Jeff Peloquin has <br />12 years of experience and has butit 80 homes in the Triangle area. He has an excellent reputation for <br />qualityr and has earned the respect of our primary lending partner, BB~T. <br />The Pine Hill project team will include: Myles Presser and Terry Carver of F1nPOWERmerrt, Inc., Jeff <br />Peloquin of Peloquin Construction, and Cynthia Shriner as our at6orney. Additional professional services <br />will be subcontracted by Jeff Peloquin. <br />Conclusion <br />An investment of $90,000 in Bond funds wiH leverage an additional $330,424 in construction and <br />permanent finanang m construct four three-bedroom condominiums in Carrboro. EmPOWERment, Inc. <br />will use these funds th purchase the land and will finance the balance through BB~T. Construction c~ <br />commence within 45 days of receipt of ,Bond funds.' Bond funds will serve as a $22,500 0~ .interest <br />second mortgage secured by a Deed of Trust for 40 years. Resale provisions will ensure that Bond funds <br />and a corresponding proportion of the appreciation wiA be n~umed to the County if the property is sold <br />within 40 years. <br />F~nPOWERment, Inc. is growing quickly ,and has established a strong track record of success. We hope <br />that the Board of County Commissioners win become a partner in the Pine Hdl Drive project <br />