15 November 2007
Dear Fellow CUCC Members and Friends,
At the congregational meeting on 2 December 2007, the congregation will be asked to endorse the signing of a letter of re-commitment to the support of RICH Park Apartments.
The facts to consider in this decision are these:
CUCC is one of five Raleigh churches that established the Raleigh Inter-Church Housing Corporation (RICH) to create and implement the RICH Park Apartments forty years ago and contributed $500 to that effort;RICH Park was one of many similar non-profit developments in the nation that received financial support from the federal department of housing and urban development (HUD);In July 2008 HUD will terminate the program under which RICH Park and many other non-profit low income housing projects received financial support;Also in July 2008 RICH Park will have the obligation to pay the mortgage that HUD holds on the property. To make this payment, RICH Park will take out a new mortga…
Dear Fellow CUCC Members and Friends,
At the congregational meeting on 2 December 2007, the congregation will be asked to endorse the signing of a letter of re-commitment to the support of RICH Park Apartments.
The facts to consider in this decision are these:
CUCC is one of five Raleigh churches that established the Raleigh Inter-Church Housing Corporation (RICH) to create and implement the RICH Park Apartments forty years ago and contributed $500 to that effort;RICH Park was one of many similar non-profit developments in the nation that received financial support from the federal department of housing and urban development (HUD);In July 2008 HUD will terminate the program under which RICH Park and many other non-profit low income housing projects received financial support;Also in July 2008 RICH Park will have the obligation to pay the mortgage that HUD holds on the property. To make this payment, RICH Park will take out a new mortga…