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10 " <br />Ho ing Bond Project Summary <br />Applicant: <br />EmPOWERment, Inc. <br />Project Title: <br />Sykes/Gomain Street Apartments <br />Request for Bond Funds: <br />$100,000 <br />Total Project. Costs: <br />$409,803 <br />Bond Fund Leverage: <br />24% bond funds; 76% other funding sources <br />Project Description: <br />EmPOWEltment proposes to use $100,000 in Orange County Housing Bond funds to <br />purchase two (2) existing apartment buildings on Sykes and Gomains Street in Chapel Hill, <br />renovate them and rent them to families earning less than 50% of median income. The buildings <br />have eight (8) one bedroom apartment units. <br />Target Population/Projected Outcome: <br />8 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 />