CHFA LOAN CLOSING - Laserfiche WebLink

The city will also waive $750,296 in various local fees. The city owned land, with a market value of $2.9 million, will be leased to the sponsor for 55 years for $1 per year. The total local assistance would cover over 38% of the total development cost of the Subject project. Loan -to -Cost Ratio for this development is 53.6 %. STATE /LOCAL PROGRAM Under the current State /Local Program monies which are allocated to projects are to be used as interest writedown on the First Deed of Trust. We asked the Board for variance from this policy in order to help assist this project through an up front $1 million contribution to this project in the front end. The sponsor has also requested that the $1 million dollars be used during the construction phase in order to lower the interest cost during construction. The city's housing fund will be pledged as security for use of CHFA's funds during construction. CHFA $1 million State /Local funds will carry an interest rate of 3% and will be due in 10 years. OCCUPANCY RESTRICTIONS Occupancy of 40 of the units or twenty percent (20 %) of the units will be restricted to very low income tenants for households with gross incomes no higher than 50% of the median for Alameda County, and 40 of the units or twenty percent (20 %) of the units will be restricted to very low income tenants for households with gross incomes no higher than 55% of the median for Alameda County. The remaining 118 units or 60% of the units will be restricted to low income tenants or households with gross incomes no higher than 80% of median income for Alameda County. A percentage of these units can be used to qualify the project for the low income tax credits provided under Federal and State Law. The maximum annual rent to be paid by low and very low income tenants will be no greater than 30% of the median county income figures (adjusted for family size) published by the U.S. Department of Housing and Urban Development (HUD) and by the State of California, Department of Housing and Community Development. ARTICLE XXXIV On June 3, 1986, the City of Pleasanton approved a referendum for "the construction of up to 220 low income senior housing units ". This measure passed for 78% voting for its approval. DEVELOPMENT TEAM ANALYSIS Sponsor /Property Management Eden Housing, Inc. Eden housing located in Hayward has been involved in the development, construction and management of low and moderate income Page 3 of 11