Webpack url-loader path issue

Question

The url-loader is able to publish the images in appropriate directory as specified however, the image path specified in the bundled js file is incorrect.

Webpack.config.js

/* Custom Config */
var ProgramID = '2999';

/* Default Config */
var webpack = require('webpack');
var path = require('path');
var polyfill = require("babel-polyfill");
var ExtractTextPlugin = require("extract-text-webpack-plugin");

var BUILD_DIR = path.resolve(__dirname, 'build/Programs/' + ProgramID);
var APP_DIR = path.resolve(__dirname, 'src/import');

module.exports = {
  entry: [
    'babel-polyfill',
    'webpack-dev-server/client?http://localhost:8080/',
    APP_DIR + '/import.js'
  ],
  output: {
    path: BUILD_DIR + '/',
    filename: '/js/bundle.js'
  },
  module: {
    loaders: [{
      test: /\.jsx?$/,
      loaders: ['react-hot', 'babel?presets[]=es2015,presets[]=react,plugins[]=transform-runtime'],
      exclude: /node_modules/
    }, {
      test: /\.css$/,
      loader: ExtractTextPlugin.extract("style-loader", "css-loader")
    }, {
      test: /\.scss$/,
      loader: ExtractTextPlugin.extract(['css','sass'])
    }, {
      test: /\.(png|woff|woff2|eot|ttf|svg|jpg|gif)$/,
      loader: 'url-loader?limit=10&name=../../Programs/' + ProgramID + '/images/[name].[ext]'
    }]
  },
  plugins: [
    new ExtractTextPlugin("style.css"),
    new webpack.HotModuleReplacementPlugin(),
    new webpack.NoErrorsPlugin()
  ],
  process: function(path, filename) {
    if (filename.indexOf('node_modules') === -1) {
      path = babelJest.process(path, filename);
      path = webpackAlias.process(path, filename);
    }
    return path;
  },
  externals: {
        "jquery": "jQuery"
    }
};

The path generated in bundled file is http://localhost:8080/Programs/2999/images/chart-1.png but I need the path to be http://localhost:8080/build/Programs/2999/images/chart-1.png.

Although by changing the path in webpack.config.js from 'url-loader?limit=10&name=../../Programs/' + ProgramID + '/images/[name].[ext]' to 'url-loader?limit=10&name=../Programs/' + ProgramID + '/images/[name].[ext]' fixes the path in bundled js file it outputs image in different folder so its of no use. Is there a way by which I can specify paths separately for output image directory and path defined within bundled js file.