Orange County NC Website
Browse       Search
<br />Housing Bond Project Summary <br />~ Applicant: <br />Habitat for Humanity. of Orange County, NC, Inc. <br />~ Project Title:. <br />Efland-Cheeks Land Acquisition Program <br />~ Request for Bond Funds: <br />$465,000 <br />~ Total Project Costs: <br />$2,060,000 <br />-Bond Fund Leverage: <br />18% bond funds; 82% other funding sources <br />~ Project Description: <br />Habitat for Humanity proposes to use $465,000 in Orange County Housing Bond funds <br />to purchase a 42 acre tract in the Efland-Cheeks area of Orange County. Bond funds would be <br />used for the acquisition of the. property; engineering work necessary for approval of a 44 <br />affordable home subdivision to be built on the tract as well as for approximately 50% of the <br />infrastructure costs. The subdivision will be known as Richmond Hills. <br />~ Target Population/Projected Outcome: <br />44 first time homebuyers: 13 with incomes 51% - 80% of median income <br />31 with incomes at or below 50% of median income <br />~ Project Schedule' <br />Begin infrastructure improvements <br />Begin construction of seven (7) homes <br />Begin construction of eight (8) homes <br />Begin construction of fifteen (15) homes <br />Begin construction ten (10) homes <br />Project Completion <br />- July 2000 <br />- March 2001 <br />- September 2001 <br />- June 2002 <br />- August 2002 <br />- June 2003 <br />Long Term Affordability Vehicle <br />The two options under consideration by the Board of Directors of Habitat for Humanity <br />of Orange County are: <br />1) have the land owned and held in trust by the newly formed Community Land Trust for <br />Orange County, thus ensuring the permanent affordability of all homes; and <br />2) utilize deed restrictions to ensure affordability for homebuyers earning at or below 80% <br />of area median income for 41-50 years on all homes. <br />