Laserfiche WebLink
Resolution No. 97-137 <br />Page Two <br /> <br /> · There will be three affordable units (all Model 2; 1,270 square feet). Staff <br /> will work with the developer to ensure that the affordable units are <br /> dispersed throughout the project. The three affordable units shall feature <br /> fixtures and finishes of a quality comparable to that of the market-rate units <br /> so that the affordable units will blend well with the neighborhood and will <br /> not deteriorate rapidly as compared to the market rate units. <br /> <br /> · One affordable unit will be financed by the developer. The City will <br /> provide fmancial assistance to provide two additional affordable units. <br /> <br /> · The three affordable units will be subject to the standard provisions of the <br /> City's home ownership assistance program, as implemented and enforced <br /> through recorded restrictions against each property. <br /> <br />Section 2: The City will contribute up to $75,000 per unit for the additional affordable units <br /> (a total of up to $150,000). Prior to the City's contribution, the developer will <br /> provide documentation supporting the proposed market-level sales price for the <br /> Model 2 units. The City's assistance for the two affordable units will be in the <br /> form of a direct subsidy from the Lower Income Housing Fund paid to the <br /> developer to offset the costs of construction. The City and developer will execute <br /> a contract to record the terms of an agreement for the subsidy. The City will not <br /> grant any fee waivers for the three affordable units except for a waiver of the <br /> Lower Income Housing Fee (currently $2,044 per unit). <br /> <br />Section 3: This resolution shall become effective immediately upon its passage and adoption. <br /> <br /> <br />