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· We want to ensure long-term affordability for low inCOme residents of Redwood Court. If <br /> Mid Penin.~ula Housing Coalition (the General Parmer) do not buyout the private investment <br /> partner (the Limited Partner) Redwood Court will be forced to charge market rate rents. <br /> Redwood City's Affordable Housing stock_will be redueed if Redwood Court does not renew <br /> the Section 8. " -' <br /> <br />· Eligibility criteria for renewing Section 8 include'"deeent, safe, sanitary and in good repair." <br /> Thus, it is imperative to rehabilitate Redwood Court, especially the external shell to meet the <br /> standards and to allow the property to continue its competitiveness with newer affordable <br /> housing developments in the area. <br /> <br />Rehabilitation Scope of Work <br />The total cost of the rehabilitation effort is $866,893. Major work includes: <br /> 1. Roofing - $34,825 (roofing material is at the end of its expected useful life, sheathing <br /> and structural members underneath the roof may required repair or replacement). <br /> 2. Dry rot repair - $15,000 (some kitchen and bathroom flooring material, replacement <br /> of balcony framing, railing, structural framing at exterior stairs and fencing materials <br /> are damaged). <br /> 3. Siding - $226,000 (shingle have been patch continues to fall apart) <br /> 4. Painting - $45,00 (shingles and wood trims require painting) <br /> 5. Windows/Sidings - $115,000 (windows are single-pane - not energy efficient. <br /> Replacing with energy efficient windows will help tenants reduce their utility bills) <br /> 6. Sidewalk/Concrete Repairs - $10,000 (tripping hazards due to root intrusion) <br /> 7. Playground - $26,000 (old playground was taken down for safety reasons). <br /> 8. Fencing - $20,000 (damaged fencing due to age and wood damage) <br /> 9. Trash enclosures - $24,000 (no gate to fully enclosed the dumpster) <br />The maximum amount we can finance out of pocket is $607,919. Thus, the financing gap is <br />$258,974. <br /> <br />Due to financial constraints, we plan to do the rehabilitation in three phases: Immediate, Short- <br />term and Long-term. Roofing, sidings, dry rot repair, painting, concrete repairs and trash <br />enclosures are items requiring immediate repair or replacement. Items identified as short-term <br />and long-term will need to be replaced/repaired with/n two years and up to five years, <br />respectively. <br /> <br />Other strategies for reducing the financing gap would be through drawing on the project's annual <br />cash flow, and to seek for HOME fund assistance. The available HOME fund would give us the <br />opportunity to make the necessary rehabilitation that may not otherwise be able to be completed <br />in a timely manner. <br /> <br />Thus, we are here tonight to ask for your assistance in helping us fmance with the rehabilitation <br />of Redwood Court. We have identified items which have imperative need for repair or replace. <br />The items are mainly on the exterior: roofing, dry rot repair, windows/shding glass doors, <br />concrete repair of damaged sidewalk, and gates at the trash enclosures. The total costs for these <br /> <br /> <br />