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Agreement for Acquisition of Real <br />Property and Escrow Instructions <br />for 1633 East Sixth Street <br />July 6, 2004 <br />Page 2 <br />household on their own, they would be in a negative financial position <br />after paying realtor and closing cost fees. Staff is therefore <br />recommending that the Agency purchase the property for the full <br />affordable sales price and pay all closing costs. Once approved, the <br />home will be marketed and sold to a qualified low- income family at the <br />affordable price. Occupancy and resale of the home will continue to be <br />restricted to low- income households at an affordable price until June 1, <br />2029. <br />FISCAL IMPACT <br />Funds are available in the Housing Set -Aside account (account no. 502- <br />936- 6611/61503). <br />e J P. Reekstin <br />ecutive Director <br />JPR /TG /kla <br />H:ACtions\2004CRAWgeeAcquiEs 1633ESixthSt- 7 -6 -04 <br />5 4 <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />4& t a&n4' / , <br />Rod R. Coloma /&A lav <br />Executive Director <br />Finance & Management Services Agency <br />