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i2 <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 EmPOWEltment 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 />Project Completion - 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 21% appreciation on their home. <br /> <br /> <br />