AgdaPkt 2002-12-16 - Laserfiche WebLink

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7.1- exterior, replacing windows and doors to reduce energy costs to the tenants, repair concrete to remove tripping hazards, modify the playground, and build trash enclosures. In tandem with these improvements that are proposed for funding by the City, Mid , Peninsula Housing Coalition will: Spend $226,000 to replace the extedor siding spend $45,000 for exterior painting · Spend $21,500 for I ~andscaping and tree work to remove roots that have damaged walkways Preservation of existing assisted affordable housing is one of the State's requirements for approving the Housing Element. ,The current Housing Element Draft identifies the steps the City would take in the event a preject became at-risk of conversion. Solutions identified in the Element include assisting a qualified non-profit to purchase the property. While these funds will not be used for acquisition or toward the refinancing, the City's assistance in funding the required improvements will allow the non-profit to leverage CHFA and private funds that directly increases the affordability terms of these units another 30 years. Alternative .-. Not provide the requested funding. If-another source of rehabilitation funding is not identified the project rents would become market rate. Fiscal Impact This activity proposes to use unallocated HOME funds in the amount of $258,974 from the 2002-03 annual entitlement. The subject agreement provides this money as a 0% interest loan and principal is deferred for a term of 30 years. Debbi ~Jones-Th~a.s~/ B~uce Liedstrand Housin;g Collimator Community Development Services Ed EvereX!'~/~ D'rectcr City Manager Attachments 1. Project Sources and Uses Analysis 2. Project Details from MPHC Funding Agreement · Exhibit A - Program Services · Exhibit B - Promissory Note · Exhibit C - Deed of Trust