Agmt05 First Community Housing - Laserfiche WebLink

Browse Search

The Project will consist of four (4) stories of residential units above one level of podium parking and one level of subterranean parking. Table A. Affordability Level Number of Units SF Efficiency Units 20% of AMI 6 1 BR 20% of AMI 5 2 BR 20% of AMI 5 3 BR 20% of AMI 4 Efficiency Units 40% of AMI 2 3 BR 40% of AMI 5 1 BR 50% of AMI 3 2 BR 50% of AMI 12 3 BR 50% of AMI 15 Manager Unit-2 BR Moderate 1 Average 870 SF b. Included in the Project will be approximately One Thousand Two Hundred square feet (1,200 sq. ft.) of ground floor retail space, approximately Three Thousand square feet (3,000 sq. ft.) of common area space, including a community room and computer lab for residents, an outdoor playground facility for residents, approximately 112 dedicated residential and retail parking spaces. c. Selection of Property Manager. The Developer shall submit a proposed Property Manager for the Agency's approval. The proposal shall include a list of other affordable housing developments currently managed by the proposed Property Manager which received tax credit and MHP funding. The Agency shall have thirty (30) days to approve the proposed Property Manager which such approval shall not be unreasonably withheld. If after thirty (30) days the Agency has not approved or disapproved the proposed Property Manager, the proposed Manager shall be deemed to be approved. If at any time prior to the expiration of the covenants contained in the Grant Deed or the Declaration of Affordability Covenants, the Property Manager fails to manage the Project to the satisfaction of the Agency, the Developer shall be required to contract with another Property Manager, subject to the Agency's approval in accordance with this Section. 29 REDW\0006\DOC\001-5 1/27/05 7:00 /mve