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17 <br />Housing Bond Project Summary <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Hargraves Apartments <br />Request for Bond Funds: <br />$100,000 <br />Total Project Costs: <br />$658,250 <br />Bond Fund Leverage: <br />15% bond funds; 85% other funding sources <br />Project Description: <br />EmPOWERment proposes to use $100,000 in Orange County Housing Bond funds to <br />purchase two (2) existing apartment buildings at 103 Hargraves Street in Carrboro, renovate <br />them and rent them to families earning less than 50% of median income. The buildings have <br />eleven units: 10 two bedroom apartment units; and one (1) three bedroom unit. <br />Target Population/Projected Outcome: <br />11 rental households with incomes at or below 50% of median income <br />Project Schedule <br />Project Completion December 2000 <br />Long Term Affordability Vehicle <br />EmPOWERment, Inc. will own the property and will ensure that these units remain <br />affordable for at least 40 years. <br />