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14 <br />Dousing Bond Project Summary <br />Applicant: <br />Habitat for Humanity of Orange County, NC, Inc. <br />Project Title: <br />Efland - Cheeks Land Acquisition Program <br />Request for Bond Funds: <br />$465,000 <br />Total Project Costs: <br />$2,060,000 <br />Bond Fund Leverage: <br />18% bond funds; 82% other funding sources <br />Project Description: <br />Habitat for Humanity proposes to use $460,000 in Orange County Housing Bond funds <br />to purchase a 42 acre tract in the Efland - Cheeks area of Orange County. Bond funds would be <br />used for the acquisition of the property; engineering work necessary for approval of a 44 <br />affordable home subdivision to be built on the tract as well as for approximately 50% of the <br />infrastructure costs. The subdivision will be known as Richmond Hills. <br />Target Population/Projected Outcome: <br />44 first time homebuyers: 13 with incomes 51% - 80% of median income <br />31 with incomes at or below 50% of median income <br />Project Schedule <br />Property Acquisition Deadline - December 31, 1999 <br />Begin infrastructure improvements - July 2000 <br />Begin construction of seven (7) homes - March 2001 <br />Begin construction of eight (8) homes - September 2001 <br />Begin construction of fifteen (15) homes - June 2002 <br />Begin construction ten (10) homes - August 2002 <br />Project Completion - June 2003 <br />Long Term Affordability Vehicle <br />The two options under consideration by the Board of Directors of Habitat for Humanity <br />of Orange County are: <br />1) have the land owned and held in trust by the newly formed Community Land Trust for <br />Orange County, thus ensuring the permanent affordability of all homes; and <br />2) utilize deed restrictions to ensure affordability for homebuyers earning at or below 80% <br />of area median income for 41 -50 years on all homes. <br />