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Obtain approval from the agency that the homeb yer meets the applicable <br />Moderate Income requirements of the California Redevelopment Law and that <br />the monthly housing cost for the Affordable For -Sale Unit is no greater than the <br />maximum allowable affordable housing cost. <br />3. Repay the Agency loan — Phase FS from 2 5% of the sales proceeds generated by <br />Phase FS is eves of a 12% development profit. <br />If. COST of THE AGREEMENT To THE AGENCY <br />The costs incurred by the Agency to implement the Agreement are broken down into Base <br />Costs and Potential Additional Costs. The Base Costs represent the Agency costs associated <br />with developing the 144 residential units currently being proposed. The Potential Additional <br />Costs represent the estimated Agency costs to assemble the Additional Properties, identified <br />previously in this report, for development t with 11 residential units. The Agency costs are <br />estimated as follows: <br />Base Costs <br />Property Acquisition Cost $16}445,000 <br />Other Property Assemblage Costs 2,8471000 <br />Direct Financial Assistance 17#254#000 <br />Total Base Costs $365546,000 <br />Potential Additional Costs <br />Property Acquisition $1,6653000 <br />Other Property Assemblage Costs 786,000 <br />Direct Financial Assistance 718,000 <br />Total Potential Additional Costs $3sl69,000 <br />Maximum Agen yCosts <br />Total Base Costs $36,546 1000 <br />Total Potential Additional Costs 33 ft oo <br />Total Maximum Agency Costs $39,7151000 <br />The Agreement includes three lows to the Developer that total approximately $17.1 million, and <br />Homebuyer Assistance Loans to moderate income households totaling $180,000. It is <br />anticipated that the Agency will receive substantial repayment proceeds from these loans. <br />However, the amount and timing of the repayment is too speculative to predict at this time. <br />1005015.SkKHH.gbd <br />19M,0v1. <br />