Orange County NC Website
Browse       Search
15 <br />Housing Bond Project Summary <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Pine Hill Drive <br />Request for Bond Funds: <br />$90,000 <br />Total Project Costs: <br />$420,424 <br />Bond Fund Leverage: <br />21% bond funds; 79% other funding sources <br />Project Description: <br />EmPOWERment proposes to use $90,000 in Orange County Housing Bond funds to <br />purchase a tract of land on Pine Hill Drive in Carrboro that will be converted to second <br />mortgages for the potential homebuyers. There are four condemned mobile homes at this site <br />that will be demolished and EmPOWERment will build four (4) new condominium units to sale <br />to first time homebuyers. <br />Target Population/Projected Outcome: <br />4 first time homebuyers with incomes between 52% and 58% of median income <br />Project Schedule <br />Property Acquisition <br />Project Completion <br />- December 31, 1999 <br />- June 2000 <br />Long Term Affordability Vehicle <br />Bond funds will be secured by a 40 year Deed of Trust. If a family sells their home <br />within the 40 year period of affordability, they must repay both the entire principal balance of <br />the second mortgage, plus 2 1 % appreciation on their home. <br />