Date: Fri, 25 Jul 2008 16:52:40 -0400
From: Bett Essen
Subject: Congressman to Deliver $1,000,000 Ceremonial Check to Chatham Habitat
Funding will provide low-interest mortgages to seven future homeowners in a new model, mixed-income community in Pittsboro called Chatham Oak
U.S. Congressman Bob Etheridge will present a ceremonial check for $1,016,000 to Chatham Habitat for Humanity to fund low-interest mortgages for seven of the 15 homes that will make up the Chatham Oak community, an innovative, mixed-income development planned for Pittsboro. The event will be held on Monday, July 28 at 10 a.m. on the site at 210 and 224 East Cornwallis Street.
Etheridge will present the check on behalf of the U.S. Department of Agriculture, which awarded the loan commitments to Chatham Habitat. Other Chatham Oak partners include: the Town of Pittsboro, Chatham County, Oak Foundation, the N.C. Housing Finance Agency, and the Federal Home Loan Bank of Atlanta through member bank BB&T.
The five-acre property, which was donated by Chatham County, has been divided into 15 lots for affordable housing. Eight homes will be constructed by Chatham Habitat in partnership with families earning 25% to 50% of area median income (approximately $18,000-$36,000 for a family of four). The remaining seven houses will be constructed by a professional builder or builders who will sell to homebuyers earning no more than 80% of median income (approximately $36,000-$48,000 for a family of four). The sale price of the homes will be $210,000 or less. Two of the Chatham Habitat houses have already been constructed.
Chatham County – especially Pittsboro – is one of the fastest growing areas within the Triangle region. A recent study commissioned by the county shows an affordable housing demand for as many as 470 families whose incomes range between $35,000 and $55,000.
Chatham Habitat, an affiliate of Habitat for Humanity International, has completed 82 houses since its inception in 1989. Its mission is to construct simple, affordable single family dwellings in partnership with very low income people with housing needs, and to lead community efforts to support affordable housing concerns. Partner families contribute 350 hours of “sweat equity” and purchase their homes from Chatham Habitat with 0% interest mortgages. These mortgage payments are then used to construct new homes.
For more information about Chatham Habitat, visit our web site at www.ChathamHabitat.org.
Bett Essen
Development Coordinator
Chatham Habitat for Humanity
(919) 542-0794, ext. 214
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