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i <br /> Year-1=nd Deport far Housing Division <br /> I'ro~ect and Activities <br /> August , X010 <br /> Page ~ <br /> vision for the area. The project is situated along a corridor which is a ke connection from the <br /> y <br /> freeway into the downtown and will also serve as a r~a~or trans ortation link for the lanr~ed o <br /> 1 p <br /> Local Fixed guideway yster~. Rotated California~riffin Realt Cor oration, the master <br /> y p <br /> developer selected last year after awide-reachin Re uest for Pro orals recess hot ed <br /> 9 q ~ ~ ~ ~ <br /> spearhead the outreach efforts with support Pram the City. <br /> The project calls far the construction of approximate) X12 rental units and fior-safe units on a <br /> y <br /> totaf of approximately six acres ofi land. The City is also looking to provide a community center <br /> and parklopen space along with the developer project. Ofi the ~ 1 ~ rental units, all but t~vo <br /> ~n~a~aer units} will be available to persons at or below ~ percent of the ad~usted median income <br /> J s <br /> {AIUII}; and of those, 0 percent ofi the units will be offered to residents t g percent Al~ll. This <br /> amount of afifiordability exceeds that required by state law, as well as the requirements imposed <br /> for state tax credit financin .The term of affordabilit gill be for ~5 ears. Additional) six of the <br /> g y Y Y~ <br /> forwsale units will be offered at percent All~l. The estimated market rice for a three bedroom <br /> p <br /> home in the Lacy ~leighborhood today is approximate) X90,000. The market rate hones will <br /> y <br /> be sold between 20,000 and oD,ooo. The affiordable homebu err ~ 0 ercent AIUII will be <br /> ~ ~ ~ ~ <br /> provided a 0,000 silent second loan, thus reducin the sales rice to the ran a of 22Q 000 and <br /> 9 p g <br /> X270, 000. <br /> f <br /> The fiirst component of the developer project would be ~4 podium a artment units to be rented to <br /> p <br /> extrerr~ely-low and very-low income households. It is antici ated that the 74 unit ro'ect wilf be <br /> p pJ <br /> submitted l:or state tax credit fiir~ancing in July o. if successful in securin the credits <br /> 9 , <br /> construction gill comr~ence in Illlarch and take approximately r~onths to cor~plete. The <br /> <br /> for~sale project is slated to con~n~nce construction in earl and be cony leted within 5 <br /> y p <br /> months. <br /> FIAL ~~PAT <br /> <br /> There i no fiscal impact associated with this action. <br /> ff <br /> } <br /> <br /> shell Lind ~~a I <br /> ~ ~ <br /> <br /> Housing Il~anager <br /> <br /> Community l~evefopmer~tAgency <br /> JIV~LBIT~sr <br /> <br />