My WebLink
|
Help
|
About
|
Sign Out
Home
BusDev Highlights 2006 0309
CityHall
>
City Clerk
>
City Council
>
Committees
>
Business Development Committee
>
BusDev Highlights 2006 0309
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/19/2008 12:18:08 PM
Creation date
5/19/2008 12:18:07 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
3/9/2006
Retention
PERM
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
16
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
i <br />• <br />III. Benefits of Allied Housing's Proposed Project <br />a. long-term commitment to serving very low income renters: 11 new <br />affordable units for very low income and 7 existing low income units <br />converting to very low <br />b. affordability period extended from 2033 to 2061 <br />c. Allied will accept converting existing forgivable loan balance of $540K <br />into a 55 year, deferred loan at 3% interest rate <br />d. have an experienced and well regarded nonprofit own and manage instead <br />of an unknown private developer (City would have more confidence in <br />nonprofit's ability to manage occupancy sizes and maintain property) <br />e. will provide appropriate supportive services <br />f. meets affordable rental demand for small, working households <br />g. keeps attractive housing and prime property along major commercial <br />corridor in City's affordable housing inventory <br />h. no displacement of existing tenants without regard to income through <br />transition/attritionp1an <br />IV. Next Steps <br />a. Seller and buyer negotiate and resolve any issues during escrow (March <br />2006) <br />b. $ l . l million City loan presented to City Council for consideration and <br />approval (estimated date of April 17, 2006) <br />c. Close of escrow (Apri12006) <br />Busi~ress Development Committee (March 9, 2006) <br />
The URL can be used to link to this page
Your browser does not support the video tag.