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5 <br />Next Steps <br />We are excited at this opportunity to preserve a significant portion of our affordable housing stock in <br />Orange County. The chance to purchase eleven homes in Chapel Hi1UCarrboro from a single seller <br />will probably not occur again in the near future. County support is essential to the success of this <br />venture. <br />Our initial analysis of project feasibility is positive, and we feel confident that this is a tremendous <br />opportunity to expand homeownership and preserve the stock of affordable housing. However, we are <br />under a fairly tight timeline to pull this project together. While a final commitment of funding will not <br />be required until August 30, 2000, we will need a clear indication from the Board on June 29, 2000 as <br />to whether or not this is a project that the Board is interested in pursuing. If not, we will cancel our <br />contract and the properties will be sold to other buyers. If this is a project that the Board is inclined to <br />support, then we will work with County staff over the summer to resolve any outstanding issues before <br />the sale is completed by October 1, 2000. <br />We are open to any solution that can make this project work. We look forward to working with your <br />staff as we pursue this project. <br />Sincerely, <br />Myles Presler <br />Director <br />Enclosures <br />