Orange County NC Website
Browse       Search
2 <br />Em ~ • ~ ment <br />INC. <br />Reclaiming the PQWER of our Communities <br />90ARb~F CIRECTQRS <br />June 6, 2000 <br />Vivian S. Faushee, Ptrsidenr <br />Nmthride ~ Atroegapoir Ms. Tara Fikes <br /> Orange County Housing and Community Development <br />Stepney Edwards, Viee Pn:sident PO $181 <br />`5~ Hillsborough, NC 27278 <br />Matthew Fearrington, Secretary <br />L1gd Stmt Nei~ibcneuad Armdmrimr <br />Jane Stan, Treas~uer <br />C7 <br />C RE: HOME Request 316 McMasters Street RECD J U N 0 6 z00p <br />nv, <br />.aiunron Seirrc Fmceda6oir <br />SAM Brooke <br />x~aL7 ox <br />Dear Tara: <br />~`~"` Br°`"" <br />Cmr Caat NdgGGa-baad A,tmiaarrdr I am wri ' to uest HOME fund' of $45,000 to urchase 316 A&B McMasters Street in <br />~ ~l ~ P <br /> Chapel Hill. We are under contract to purchase the units for $85,000 and we anticipate rehab <br />~~'~ B <br />Lord Stnmt Neig6barbaod A.rtoaanro~ costs of $60,000 to significantly improve the two units. <br />Rev. Robert Campbell The property consists of two houses connected by 4x4 posts. I have spoken with JB Culpepper <br />Rogers Rarer Nei~i6a~bioad A.eraeiaAdoa at the Chapel Hill Planning Department and she has assured me that the property comprises an <br />r3ubic Mere existing nonconformity. Rather than rehab the homes separately, we are proposing to combine <br /> the two homes, build a flrewall and convert the units to condominiums. We have checked the <br />sttsan Mmirikwc <br />Street Neiabhnrhoad.9ssa~apbn setback re ulrements and are confident that an rehab will lessen the existin non~onformi <br />q y $ ty <br /> I have met with BB&T and they are prepared to make a loan pending the County's support. <br />Robin Rattkirt <br />No>t~ ~~ Our rehab plan calls for building a new foundation between the two homes; creating a firewall <br />sraFF separation; upgrading electrical, HVAC, plumbing; rebuilding bathrooms and kitchens; <br /> installing a new roof system; and altering the layout of the homes to convert them from 2- <br />My~ p,Y,g~ bedroom units to 3-bedroom units. Renovations will take approximately 90 days. An opinion <br />p; on title, appraisals, development budget and operating pro forma are attached. Jeff Jones of <br />M~~ne MitrF+wll Beemer, Savery, Hadley and Jones will handle the closing. <br />Drreetar gfCaneaanriiy B,oorldara <br /> We will rent the homes to families earning less than $0% AMI and rent levels will be <br />T`~ ~"°~ <br />~M affordable under the Section 8 ro EmPOWERment, Inc. will <br />P l~• manage the properties. <br /> We feel that it might be beneficial to give ourselves the flexibility to sell one ar both of the <br />Jeff Caiola condo units we will be creating. We intend to hold them as rentals for a while, but the front <br />a'~,re.~l unit could potentially be very attractive as a homeownership project. To provide maximum <br /> flexibility in the long run,1 think it would be best to use part of the $100,000 in HOME funds <br /> allocated to rental projects to provide the $45,000 subsidy required. We could split the subsidy <br /> across both units as a $22,500 second mortgage. If we sell the front unit at a later date we <br />7os-A wit Rosemarq street could then transfer the second mortgage to a qualified family. Please let me know if you think <br />caalaoro, Nc z75to <br />Phone: (919) 967-8779 this is a workable solution. I look forward to hearin from ou. <br />g y <br />Fax: (919) 967-0710 <br />errq~oweanentinc(a]ttrirtdspring.com Since , <br /> Myle <br /> Direc r <br />