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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 />