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zQ <br />Habitat for Humanity <br />Orange County, NC, Inc. <br />P.O. Box 9S9 • Fiillsbo=ough, NC 27278 • (919) 732~7b7, Fi-x: (919) 732-2337 • ochabitat®aol.com <br />~~~ ocr o 4 zooo <br />October 2, 2000 <br />TO: Tara Fikes, Director, Housing and Community Development, Orange <br />County <br />FROM: Susan Levy, Executive Director, Habitat for Humanity, Orange <br />County <br />RE: Request for $50,000 in HOME funds for purchase of property <br />Habitat for Humanity, Orange Co., NC, Inc. (HHOC) proposes to use $50,000 <br />from our 1999-2000 allocation of HOME funds to purchase a 2.5 acre tract on Rusch <br />Road in the Chapel Hill planning area, near New Homestead Place, the eleven home <br />subdivision off of Rogers Road which we recently completed. Upon completion of the <br />first five homes in the subdivision, the $50,000 will convert to second mortgages to the <br />five homebuyers in the amount of $10,000 each. <br />HHOC has a contract to purchase the property from the curreat owner, David <br />Caldwell Sr., which is attached. We have done the initial investigative work <br />(environmental review and title search) aad expect to close on the property in mid- <br />November. <br />The estimated project cost to purchase the land, construct the roads, water and <br />sewer, and build the first five homes is approximately $772,500. Funding for the <br />proposed project will come from a number of sources. Application and approval for <br />funding fronx sources such as the Town of Chapel Hill Community Development <br />Program, the newly established Orange County Housing Trust Fund, and Habitat For <br />Humanity's SHOP will follow the fixnding cycles established by those agencies. Based <br />on HHOC's past track record, we feel confident that we will be able to obtain the <br />necessary funding to complete the project. <br />