SR 06:078 - Laserfiche WebLink

ATTACHMENT A Silverstone Affordable Housing Agreement Summary 03/07/06 Affordable Unit Information Income Type # of Units Unit Information Sales Price Income Eligibility Low Income Units 5 2 bedroom/ 2.5 $205,000 adjusted by $65,760 - family of 4 Bath/1,212 sf increase in Area Median / $52,608 - family of Income 2 Moderate Units 2 3 bedroom/ 2.5 $310,000 adjusted by $98,640 - family of 4 bath/1,774 sf increase in Area Median / $69,048 - family of Income 2 Affordable Unit Notes: - Affordable for perpetuity - Exterior finishes to be consistent with market units - Interior products and finishes to be high quality approved by the City not in excess of market units - City to market unit sales with reimbursement of costs by the developer - Sales consistent with the City Homeowner Assistance Program - City may provide second mortgages Affordable By Design Unit Information Income TVDe # of Units Unit Information Sales Price Income Eliaibilitv No Income 5 2 bedroom/2.5 Determined at time of No Income Eligibility Restrictions Bath/1,212 sf sale. No City Requirements restrictions. Affordable bv Desion Unit Notes: - Make a commercially reasonable effort to sell the units to: + First Preference - Households where at lease one member has resided in the City for at least two years. + Second Preference - Households where at least one member has worked in City for at least two years. - Use commercially reasonable measures so that units will be owner occupied for one year. (Sales Agreement) - Allows hardships to sell the units including death of purchaser, spouse or dependent, work transfers, divorce - Exterior and Interior finishes to be consistent with other units in the development. - Developer markets the affordable by design units. - No resale restrictions. 2/28/2006 SR.SR.3. 7.06.Silverstone Affordable Summary.Atlachment A.xls