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New double wide units with 3 bedrooms and two baths at 1,600 sq ft are priced at $60,000 with <br />$5,000 installation costs and $3,000 transaction costs. Assuming an 8°/a interest mortgage at 20 year <br />term, taxes, insurance and lot rent of $230 -housing costs would be an estimated $753 a month. <br />This is affordable to a family earning less than 65% of the 2004 area median income of Orange <br />County. New singlewide units are affordable to households at 49% or area median income. In this <br />example, long term affordable housing is provided with a unit subsidy of $12,500. With a relatively <br />small subsidy, the County achieves very affordable housing and an improved neighborhood. <br />This is a concept proposal for further consideration. Due diligence is needed on the financial <br />assumptions, the property condition, and the capacity of the OCHLT before any commitments are <br />made. The Community Reinvestment Association of North Carolina is willing to provide technical <br />assistance and the use of its loan fund for assistance in the acquisition and redevelopment of an <br />initiative in Orange County. <br />