AGENDA #3a(1)

This letter is to petition the Town of Chapel Hill to review and make changes/amendments to the original agreement with the Culbreth Park Homeowners to establish a fair and amicable union with this partnership/relationship to attain a “win-win situation”.

 Since the original agreement the values of the homes in the Culbreth Park and surrounding areas have more than doubled.  The profits from Culbreth Park land has 5 times over profit gain for the Town over its initial investment; an investment I understood would be in the tax paying people of Culbreth Park and shared with the tax paying people.   

In 1992, I purchased my home @ $94,000.  The Town provided the $14,000 startup down payment towards the original loan; my loan approval was $80,000.  I had a full house appraisal in July/07 in order to obtain a home equity loan, and my house appraised for an amazing $204,500! 

This is the sole reason an amendment with the Town and Culbreth is needed and warranted is for the amazing rise in property value. Earlier this summer I wanted to refinance my mortgage, but was not approved because of my existing first mortgage, plus the new loan that I wanted to obtain, plus the value of the Town’s second mortgage (approximately $72,000) based on an appraised value of $204,500).  This loan was not approved after I went to the out of pocket expense to have a full house appraisal at $275; this leaves me very distraught.

 We pay the high taxes; we up keep our property and all other fees necessary to maintain our homes.  I am a very proud homeowner until it comes to the Town’s original agreement and it’s at this stage I believe is where the ball was dropped.

If I recollect, I recall one of the main reasons this property was purchased for the lower income people and/or to subsidize income to low income to purchase a home.  Now it appears that while this seemingly good deed allowed me to get in the home, it rejects me from reaping some of the benefits.   I was under the impression, the very reason the Culbreth Park land was purchased was to provide the lower income folk a chance at property in Chapel Hill. 

It wasn’t easy at times to keep my home.  I had to work 2 and 3 jobs to keep and upkeep my home.  I have never been late on a payment and have worked to enhance the value of the property over the years. 

On the other hand, I have very limited access to reaping the benefits.  I was rejected a home equity “loan” with State Employee’s Credit Union, because of the Town’s original agreement, methodology and/or formula would not allow staff to “subordinate” in order to obtain the “loan”. This is a loan that I will be the one responsible for paying back with interest.  

For the reasons above, and the need to update “the agreement” and to update the guidelines and formulas, I petition the Town to amend the guidelines to show fair and amicable union with the Town and Homeowner’s partnership.

Sincerely,

Doris L. Lee

205 Fan Branch Lane

Chapel Hill, NC 27516

919-968-8542

919-593-2283