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3 <br />Em ~ • meat <br />INC. <br />Reclaiming the POWER of our Communities <br />Vivian S. Foushee, President <br />Northsrde Community Association <br />Stepney Edwards, Vice President <br />Madway Barber Shop <br />Matthew Fearrington, Secretary <br />Lloyd Street Neighborhood Association <br />Jane Stein, Treasurer <br />Chair, Common Sense Foxndation <br />SAM Brooks <br />REALTOR <br />Barbara Brown <br />Carr Court Neighborhood Association <br />Alvater Barnette <br />Lloyd Street Neighborhood Associatio; <br />Rev. Roben Campbell <br />Roge>s Road Neighborhood Associatio <br />Hubie Mercado <br />Susan Mmirikwe <br />Lloyd Street Neighborhood Association <br />Robin Rankin <br />Norihside Community Association <br />STAFF <br />Myles Presler <br />Director <br />Mark Chilton <br />Associate Director <br />Maxecine Mitchell <br />Director of Community Bxilding <br />Terry Carver <br />Project Manager <br />jeff Caiola <br />Business Manager <br />ADDRESS <br />705-A West Rosemary Street <br />Carrboro, NC 27510 <br />Phone: (919) 967-8779 <br />Fax: (919) 967-0710 <br />Mr. Jahn Link <br />County Manager <br />Orange County Offices <br />PO 8181 <br />Hillsborough, NC 27278 <br />Deaz Mr. Link: <br />June 17, 2000 <br />I am writing to request County support for the acquisition of eleven houses in <br />Carrboro. The properties aze located on Dillazd Street and Hillsborough Road and <br />were constructed between 1952 and 1963 by the Wright family, which still owns <br />and rents the homes. There aze a total of 13 homes owned by several heirs; and our <br />contract is to purchase all thirteen homes and resell two to family members who <br />live in or adjacent to the properties. The properties aze located on Dillard Street <br />and Hillsborough Road between Main Street and Greensboro Street. <br />Background <br />The Wrights originally built these homes to provide affordable housing for local <br />families, and the heirs have maintained this commitment by renting out the homes <br />at faz below mazket value. All homes aze occupied and some tenants have lived in <br />the properties far up to ten years. Last spring the heirs decided to sell the <br />properties and began soliciting offers. We know of several competing offers, and <br />believe that our offer was accepted in part because of our commitment to <br />preserving the homes in the affordable housing stock and to helping current tenants <br />buy their homes, if possible. If the County is interested in supporting this project, <br />we must have a commitment of financing by August 30, 2000 and must close the <br />transaction by October 1, 2000. <br />Of the thirteen homes, two would be re-sold to family members and eleven would <br />be sold to first-time homebuyers that earn less than 80% of AMI, currently $45,200 <br />for a family of three. The total acquisition cost for thirteen properties is <br />$1,232,000. The two homes would be sold back to family members for a total of <br />$260,000, leaving a balance of $972,000 for the purchase of eleven 2-bedroom <br />