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Item 09 - Approve a Pre-Commitment of up to $920,000 in Inclusionary Housing Funds for Eligible Homebuyers to Purchase Nine (9) Existing Rental Units that will be coverted into Affordable Ownership Condominium Units Located at 425 E. Wellington Avenue
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Item 09 - Approve a Pre-Commitment of up to $920,000 in Inclusionary Housing Funds for Eligible Homebuyers to Purchase Nine (9) Existing Rental Units that will be coverted into Affordable Ownership Condominium Units Located at 425 E. Wellington Avenue
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6/25/2025 1:35:50 PM
Creation date
6/25/2025 1:35:29 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
09
Date
7/1/2025
Destruction Year
P
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EXHIBIT 3 <br /> TABLE 2 <br /> ESTIMATED AVAILABLE REVENUE <br /> 9 FOR-SALE MODERATE INCOME UNITS <br /> HABITAT FOR HUMANITY-WELLINGTON <br /> SANTA ANA,CALIFORNIA <br /> I. Affordable Sales Revenue 1 <br /> Moderate Income:One-Bedroom Units 8 Units $310,400 /Unit $2,483,200 <br /> Moderate Income:Two-Bedroom Unit 1 Unit $350,500 /Unit 350,500 <br /> Total Affordable Sales Revenue $2,833,700 <br /> II. Rental Income 2 $229,700 <br /> III. Habitat Financial Assistance 9 Units $65,600 $590,800 <br /> IV. Estimated Available Revenue 9 Units $406,020 /Unit $3,654,200 <br /> 1 See TABLE 5 for the KMA affordable sales price calculations. <br /> z Per Habitat. <br /> Prepared by:Keyser Marston Associates,Inc. <br /> File name:Habitat Wellington_2 10 25;Pf <br />
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