Orange County NC Website
Browse       Search
13 <br />Housing Bond Project Summary <br />Applicant: <br />Orange Community Housing Corporation <br />Project Title: <br />Scarlett Drive <br />Request for Bond Funds: <br />$140,000 <br />Total Project Costs: <br />$1,678,520 <br />Bond Fund Leverage: <br />8% bond funds; 82% other funding sources <br />Project Description: <br />Orange Community Housing Corporation (OCHC) proposes to develop fourteen <br />townhouses on land currently owned by the Town of Chapel Hill at the corner of Legion Road <br />and Scarlett Drive. The -homes will be developed in cooperation with the Community Land <br />Trust in Orange County and will be the first land trust project in Orange County. OCHC is <br />asking that bond funds be granted to the development to be used for project construction costs. <br />Target Population/Projected Outcome: <br />14 first time homebuyers with incomes below 80% of median income <br />Project Schedule <br />Groundbreaking - January 2000 <br />Project Completion - March 2001 <br />Long Term Affordability Vehicle <br />The townhouses will remain affordable because they will be in a land trust. The land <br />trust will own the land and lease it to the homeowners who purchase the townhouse for a <br />renewable 99 year term. Included in the land lease is a resale formula which determines how <br />much appreciation the homeowners will receive when they resell their homes. <br />