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21 <br />Housing Bond Project SummarX <br />Applicant: <br />Pines Community Center, Inc. <br />Project Title: <br />Land Acquisition — Park Road <br />Request for Bond Funds: <br />Scenario 1: $ 55,000 <br />Scenario 2: $ 84,400 <br />Scenario 3: $355,000 <br />Total Project Costs: <br />No Total Project Budget <br />Bond Fund Leverage: <br />Scenario 1: 15% bond funds; 85 % other funding sources <br />Scenario 2: 24% bond funds; 76% other funding sources <br />Scenario 3: 90% bond funds; 10% other funding sources <br />Project Description: <br />Pines Community Center, Inc. proposes to use Orange County Housing Bond funds to <br />retire the current indebtedness for land it presently owns on Park Road in Chapel Hill and <br />develop condominiums to serve up to twelve low to moderate income families. <br />Target Population/Projected Outcome: <br />12 first time homebuyers with incomes at or below 70% of median income <br />Project Schedule <br />Project Completion - December 2001 <br />Long Term Affordability Vehicle <br />If a family sells their home within the first five (5) years, 90% of the equity would be <br />retained by Pines Community Center; after five years, 60% of the equity would be retained by <br />Pines Community Center. Further, the non - profit organization would have the right for first <br />refusal. <br />Bond Committee Recommendation <br />The Bond Committee does not recommend this project for funding at this time for the <br />following reasons. <br />1. Applicant submitted three different funding scenarios instead of one funding proposal. <br />2. Key components of the application submission were missing, thus, hindering review. <br />These included the lack of clear site development information regarding housing design, <br />site improvement and construction budgets, clear development plans, a construction <br />schedule, and a full description of the applicant including the development team or <br />potential team. <br />