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HomeMy WebLinkAboutCF Habitat Interview Follow-upFrom:Lisa Williams To:McClammy, Theo; Wilson, Kourtney Cc:Christina Ferris; Susan Kline Subject:WFH Interview Additional Information and clarifications Date:Wednesday, August 14, 2024 11:46:46 AM Attachments:image001.png Cape Fear Habitat for Humanity Additional Clarifications.pdf ** External Email: Do not click links, open attachments, or reply until you know it is safe ** Good morning, Thank you so much for meeting with us yesterday afternoon to discuss our WHSP application. We appreciate the opportunity to clarify items on the application. I have attached the requested interview follow-up documentation. Please let me know if you have any questions or concerns. Sincerely, Lisa Williams Lisa Williams Grants Coordinator telephone: +19107624744; Ext. 119 email: grants@capefearhabitat.org fax:+19107620734 , , , , USA www.capefearhabitat.org Volunteer Shop Donate This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error, please notify us immediately and delete the message from your system. 3310 Fredrickson Road Wilmington, NC 28401 TO: Theo McClammy, Kourtney Wilson, and Maria Standfest, NHC Workforce Housing Program FROM: Lisa Williams, Christina Ferris, and Susan Kline, Cape Fear Habitat for Humanity DATE: August 13, 2024 SUBJECT: Post Interview Follow Up Thank you for the opportunity to meet with you on August 13, 2024, to discuss our mutual questions regarding Cape Fear Habitat for Humanity’s Workforce Housing Program Grant application. We appreciate the opportunity to connect and discuss how our missions align. Through our interview, we have identified some areas for clarification: Budget As you read the Additional Document titled “Grant Budget Outline for WFH”, it is important to keep in mind that the request is asking for two distinct types of funding. The first part of the request is for new construction in the Haven Place development. Thanks to a generous donation of land from New Hanover County and infrastructure funding from last year’s Workforce Housing Program Grant, the costs associated with the six new homes are for construction only. These costs do not reflect overhead, labor, or volunteer resources. Cape Fear Habitat for Humanity will assume the funding for those costs. The second part of the request funds home buybacks. Thanks to the deed restrictions in every home sale, Cape Fear Habitat has the first right of refusal to purchase our homes if the current homeowner wishes to sell. There is more expense in home repurchase, as the homeowners have built substantial equity and are entitled to a portion of it. In meeting our obligation to ensure that Habitat homes remain affordable in perpetuity, we are committed to paying fair market price for these homes. Buybacks require more cash outlay but allow us to honor our commitment to protect the stock of affordable housing, thus continuing both of our missions to close the affordable housing gap. Timelines The infrastructure in Haven Place is complete, and the entire 35-home neighborhood is shovel ready. By June of 2025, 12 new homes will be in various stages of construction. An additional six homes (funded by this request) will be started by December 2025 with 17 additional expected starts and completions by December 2026. Favorable conditions could advance this timeline and allow for earlier completion dates. The buyback homes are for sale right now and would be available for homeowner selection immediately upon purchase.