Laserfiche WebLink
f, Obtain approval from the agency that the homebuyer rneets the applicable <br /> Moderate income requirements of the California Redevelopment Law and that <br /> the monthly housing cost far the Affordable For-dale knit i no greater than the <br /> rnaxin~un~ allaable affar~lable housing cost, <br /> Repay the Agency Lawn -Phase F frorr~ ~°l~ of the sales proceeds generated by <br /> Phase F in excess of a ~2°lo deveiopment profit, <br /> I~~ CST ~F THEACR~~~l~NTTO THE ANY <br /> The costs incurred by the Agency to implement the Agreement are broken dawn into goes <br /> Costs and Potential Additional Casts, The goes Casts represent the Agency costs associated <br /> with developing the residential units currently being proposed, The Potential Additional <br /> Costs represn# the estimated Agency casts to assemble the Additional Properties, identified <br /> previously in this report, far development with 1 ~ residential units. The Agency casts are <br /> estimated a follows; <br /> gale Casts <br /> Property Acquisition Cast ,44,004 <br /> Other Property Assemblage Costs x,841,000 <br /> direct Financial Assistance ~ 1,54,000 <br /> Total goes Casts $0,54G,g00 <br /> Potential Addi#ional Costs <br /> Property Acquisition ~,0~~,p00 <br /> Other Property Assemblage Casts 780,DOD <br /> Direct Financial Asis#ance 7~8,0a0 <br /> Total Potential Additional Casts , ~ 00,000 <br /> Maximums Agency„,ots <br /> Total goes Costs 30,46}004 <br /> Ta#al Potential Additional Costs , 60#000 <br /> Total Maximum Agency Costs $39,7 6,040 <br /> <br /> The Agreement includes three lawns to the Developer that fatal approximately rnillionx and <br /> Homebuyer Assistance Lawns to moderate Income households totaling X84,000. It is <br /> <br /> anticipated that the Agency will receive substantial repayment proceeds from these lawns. <br /> <br /> However, the amount and tiering of the repayment is too speculative to predict at this t~rne, <br /> s <br /> ~o~o~s.s~~~:~~a <br /> i <br /> <br />