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<br />Rehabilitation Loan Agreements <br />with Mercy House Transitional <br />Living Centers <br />December 5, 2005 <br />Page 3 <br /> <br />Both projects are <br />requested financial <br /> <br />in need of rehabilitation, and Mercy <br />assistance from the City and Agency. <br /> <br />House has <br />Mercy House <br /> <br />has obtained three competi ti ve bids from licensed general contractors. <br />The bid submitted by Construction Restoration, Inc. (CRI) is considered <br />the most responsive. The table below is the construction budget. <br /> <br />Construction Costs <br />Contingency <br />TOTAL LOAN COSTS <br /> <br />Regina House <br />$57,835 <br />$4,886 <br />$62,721 <br /> <br />Joseph House <br />$131,377 <br />$11,278 <br />$142,655 <br /> <br />The proposed City and Agency loans will provide for the total cost of <br />rehabilitation. The loans will be originated at a zero percent interest <br />rate with annual residual receipts payments. These loans will be due <br />and payable or subject to renegotiation in fifty-five years. Fifty-five <br />year affordable housing covenants will be recorded on both properties, <br />which will be restricted to household incomes at or below eighty percent <br />of the area median as determined by the U. S. Department of Housing and <br />Urban Development. Rents will be restricted to those affordable to such <br />households, less a reasonable allowance for tenant paid utilities. <br /> <br />These loans will assist the City and <br />low-income affordable housing goals <br />Plan and Redevelopment Implementation <br /> <br />Agency in meeting <br />as identified in <br />Plan. <br /> <br />its very-low and <br />the Consolidated <br /> <br />ENVIRONMENTAL IMPACT <br /> <br />In accordance with the California Environmental Quality Act and the <br />National Environmental Policy Act, the proposed projects are exempt from <br />further review. Categorical Exemption Nos. ER 2005-195 and ER 2005-199 <br />will be filed for these projects. <br /> <br />JT25K-3 <br />