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12 <br />Housing Bond Project Summara <br />Applicant: <br />Orange Community Housing Corporation <br />Project Title: <br />Meadowmont <br />Request for Bond Funds: <br />$450,000 <br />Total Project Costs: <br />$3,739,250 <br />Bond Fund Leverage: <br />12% bond funds; 88% other funding sources <br />Project Description: <br />Orange Community Housing Corporation proposes construction of a 32 unit townhouse <br />development in the Meadowmont development in Chapel Hill. Meadowmont is a mixed -use <br />development located off Highway 54 in Chapel Hill. In the approval process, the Town of <br />Chapel Hill required the developer, East West Partners to provide land for 32 affordable <br />townhouses. The developer has agreed to donated the land to develop the townhouses. OCHC is <br />proposing that bond funds be loaned to OCHC for construction and converted to second <br />mortgages at $14,000 per unit in order to lower the cost of the first mortgage of the first time <br />homebuyers. <br />Target Population/Projected Outcome: <br />32 first time homebuyers with incomes at or below 80% of median income <br />Project Schedule <br />Obtain building permits - Second Quarter 2000 <br />Groundbreaking - Third Quarter 2000 <br />Begin home sales - Early 2001 <br />Project Completion - Late 2001- Early 2002 <br />Long Term Affordability Vehicle <br />Second mortgages, deed restrictions and equity sharing arrangements will be used to <br />insure affordability for at least 40 years. <br />