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25B - AGMT - AMEND LOAN AGMT SA VETS
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07/16/2019
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25B - AGMT - AMEND LOAN AGMT SA VETS
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Last modified
7/11/2019 4:59:41 PM
Creation date
7/11/2019 4:57:30 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
7/16/2019
Destruction Year
2024
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EXHIBIT 4 <br />Unit Size <br />30% AMI <br />Total <br />No. <br />Units <br />Current <br />Rent <br />1 Bedroom <br />70 <br />$1,025 <br />70 <br />2 Bedroom <br />5 <br />$1,230 <br />5 <br />Total <br />75 <br />75 <br />The remaining unit will be a 1-bedroom unit reserved for the onsite manager. <br />Section 3.2, Affordability Levels/Unit Mix, of said Affordability Restrictions shall <br />be amended to replace the HOME Assisted Units matrix with the following: <br />HOME Assisted Units (Fixed) <br />Total # of <br />Units <br />Unit Type <br />Level of <br />Affordability <br /># of HOME <br />Assisted Units <br />% Share of <br />Unit Type <br />70 <br />1 Bed <br />30% TCAC/ <br />Low HOME <br />2 <br />2.9% <br />5 <br />2 Bed <br />1 <br />20% <br />Additionally, subsection (2) shall be amended to state that the HOME assisted units <br />will be "fixed" rather than "floating" units. <br />Further, subsection (3) shall be amended to state that "unit substitution" is not <br />allowed without first obtaining City's consent. <br />4. Section 3.2, Affordability Levels/Unit Mix, of said Affordability Restrictions shall <br />be amended to increase the number of HOME assisted units from two (2) units to <br />three (3) units, fixed. <br />5. Section 3.4, Increase in Rent and Occupancy Restrictions upon Termination of <br />Rental Subsidies, of said Affordability Restrictions shall be amended to increase <br />the number of HOME assisted units from two (2) units to three (3) units, fixed. <br />6. Except as hereinabove modified, all terms and conditions of said Affordability <br />Restrictions shall remain in full force and effect. <br />{Signatures on following page} <br />25B-22 <br />
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