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Mortgage Revenue Bond Inducement - <br />Cornerstone Village <br />February 20, 2001 <br />Page 2 <br />Avalon was founded in 1997 and is a for--profit housing de~creloper. They <br />have experience in providing new construction affordable housing as well <br />as rehabilitation of existing housing. To date, they have acquired and <br />rehabilitated two properties consisting of 225 units and are currently in <br />predevelopment stages for approximately 300 additional units. <br />The resolution of intention is non-binding, but is necessary to permit <br />further evaluation of this project by the developer and the Housing <br />Authority. If the Housing Authority proceeds with the issuance of tax- <br />exempt bonds, Federal and State laws require that 20 percent o.f the units <br />be affordable to low-income households. The developer will be required <br />to provide an analysis of the financing structure, rehabilitation scope <br />of work, and a management plan for review and approval prier to the <br />Housing Authority's final action with respect to the issuance of bands. <br />FISCAL, IMPACT <br />There is no fiscal impact associated with this action. <br />Joh P. Reekstin <br />Executive Director <br />H:Actions12fY01HAlBond Induce Cornerstone <br />a:''z <br />)e i s~ii <br />(~ h <br />