ATTACHMENT 2

Orange Community Housing and Land Trust

Quarterly Status Report

April, May, June 2006

The major work accomplished during the quarter was the following:

Northside

Five future Land Trust homes are under construction in Northside. Two are being built by Habitat for Humanity, two by Empowerment, Inc. and one by the Land Trust.  We expect one of the Habitat homes to close in August.  The second Habitat home should close in October.  We are still marketing the home we have under construction at 603 Nunn Street, as well as the two Empowerment homes on N. Graham Street.  A homebuyer outreach session will be held at the Hargraves Center on Saturday July 29^th.  

Legion Road Townhomes:

Three of the original owners are currently seeking to sell their homes on Legion Road.  Prior to agreeing to resale prices, we need to resolve the homeowner association budget issues we became aware of earlier this year.  The townhomes have recently been repainted, but we are concerned about the adequacy of the long-term capital reserves.  We have learned that the long-term viability of the homeowner association may not be a priority of the current homeowners.

Vineyard Square:

Land Trust homeowners, who have dumpsters serviced by the Town, continue to subsidize the private trash collection services enjoyed by the market-rate homeowners.  I have addressed this issue to the homeowner association board, but they are not inclined to adjust the monthly dues to reflect the actual level of services received.  I will continue to ask that the dues be adjusted because the private trash collection contract is approximately $60,000 annually.  Removing this cost from the Land Trust homeowners dues would result in a significant reduction in their dues.

Rosemary Place:

We are working with the homeowner association to address construction issues that have manifested in the past several months.   The primary problems are rotting door frames at the rear of the units.  Apparently the door units, which are not covered and thus exposed to rain, were not properly caulked at the base.  As a result, water is being wicked up and causing wood rot.  We are seeking to find a contractor who can address the issue for all the homeowners, and teach the owners how to maintain the frames over time.

We also worked with a homeowner who had a slow leak in their sprinkler system that caused substantial damage.  We assisted with the insurance company because the homeowners do not speak English very well. 

Other Activities:                    

We transferred the three apartments we owned at Abbey Court to Chrysalis Foundation, which manages the housing activities of OPC Mental Health.  Chrysalis will now own and manage those units.

The Affordable Housing Group was successful in its application for low income housing tax credits to build an additional 32 rental units at Dobbins Hill.  We assisted with the application and with obtaining local subsidy in the form of CDBG funds ($120,000) and reimbursement of the school impact fee.  TAHG will begin development in 2007.

The residential portion of the Waterstone development will be delayed because the builder, MI Homes, has pulled out of the deal.  We will not be able to move forward on our 24 affordable townhomes until another residential developer is brought in to build te market-rate housing.

We have been seeking a building lot in Carrboro for some time.  We recently signed a contract to purchase a single-family lot on Broad Street. We are in the process of completing due diligence and hope to close in August.

We have begun planning for a statewide Community Land Trust conference in Chapel Hill in April 2007.  The Durham Community Land Trustees will co-sponsor this two-day event.