Agenda - 08-25-2008 - c1 - Laserfiche WebLink

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l 3`'1 School House Road Partners, LLC 707 Rosemary St. Carrboro, NC 27501 Justification letter for the Efland Commons Development Orange County Commisioners Dear Commissioners, It is the intention of School House Road Partners to provide something unique to Orange County. That is affordably priced housing. We have seen that according to the Orange County Comprehensive Plan dated 9/19/07 page B3.8 "One newly constructed home was available that was at or below 110% of median income." Also quoting the Comprehensive Plan the price of homes rose over 84% between 1995 and 2005 in Orange County. While during the same period home prices rose just over 43% in Wake and Durham counties. Further we see a tremendous migration of people who live outside of Orange County but live in neighboring counties. A large number of staff workers at UNC Hospital and University just cannot afford to live here. Without the use of local or Federal funds we are building a new community of energy efficient homes which will range in size from 1400 to 1700 sq. ft. Each house will have at least 3 bedrooms, appliances, and a garage. They will range in price from $150,000 to $190,000. Our homes will qualify for USDA loans which provide 301ow interest mortgages for low income buyers. We will be donating $500 per home to Empowerment. They will work with us to create a Home Owners Association with low monthly dues ($10 per mo. projected). Empowerment will also work with us to provide special programs for our residents including financial literacy programs, neighborhood watch and home care and maintenance. There is a tremendous need in Orange County for affordable homes. We want to create a community which the residents will be proud to be a part of today and twenty years from now. Thank you for your kind consideration. Sincerely, Bob Barrett Secretary School House Road Partners, LLC.