Orange County NC Website
20 <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Community Revitalization Program <br />Request for Bond Funds: <br />$270,000 <br />Total Project Costs: <br />$1,012,680 <br />Bond Fund Leverage: <br />27% bond funds; 73% other funding sources <br />Project Description: <br />EmPOWERment proposes to use $270,000 in Orange County Housing Bond funds to <br />purchase and rehabilitate at least 12 single family houses in Orange County for resale to low - <br />income families. <br />Target Population/Projected Outcome: <br />12 first time homebuyers with incomes at or below 60% of median income <br />Project Schedule <br />Project Completion - June 2001 <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 21% appreciation on their home. <br />Bond Committee Recommendation <br />The Bond Committee does not recommend this project for funding at this time for the <br />following reason. <br />This program is designed to operate in accordance with the existing Community <br />Revitalization Loan Program currently operated by Orange County on behalf of the Orange <br />County HOME Consortium. At this time, all program activities have been suspended in order to <br />re- examine the guidelines for this program to assure compliance with all federal regulations, to <br />ensure that the Program operates smoothly, and to incorporate "lessons learned ". Specifically, <br />the following issues are under review: a) rehabilitation costs; b) property appraisals; c) property <br />inspections; d) rehabilitation financing; and e) environmental requirements. This review should <br />be completed by the end of the 1999 calendar year. <br />Thus, the Bond Committee decided to postpone a funding recommendation until the <br />review is completed so that the applicant is fully aware of the program guidelines prior to any <br />potential bond award. <br />