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Ms. Mohr asked what the applicant would do with the six market units. Mr. Baldacci answered he would try to sell those units. It was moved by Mr. Pico, and seconded by Ms. Dennis, to maintain the status quo with respect to this project and deny the proposed modification. Mayor Tarver did not support the motion. He explained that these types of opportunities are rare and should be taken advantage of when they arise. He had no doubt that these units will be sold. He agreed that there was good arguments brought up this evening by previous speakers and he did not have an answer for all of them. Mayor Tarver would rather reduce the cost of those homes. He stated that he would be willing to use the affordable housing funds to help people buy their homes. Mr. Pico believed that for affordable housing programs to work in the future, the City has to be willing to enter into agreements and contracts and negotiate between neighbors and developers, etc. Certainly things have changed but he did not believe that there has been enough change in the market place to warrant a total restructuring of this agreement. He was concerned with pushing some of the residents out of their homes because they will no longer afford to remain where they live. Mr. Pico objected to changing policies and affordable projects that were agreed to by neighbors, tenants and owners. Ms. Dennis agreed with Mr. Pieo's comments. She would rather have the project remain as it is. Although she was not satisfied with this proposal, she was open to other alternatives. Ms. Scribner did not feel that it was appropriate to change the contract (length of time). She would agree to change the rental units to for sale units because she supported allowing lower income households the opportunity to purchase affordable housing. She also objected to moving the current residents out because of a change in the contract, etc. Ms. Scribner believed that the project could be changed to a for sale project, keeping the eight year cap, and add an additional subsidy program (by using affordable housing funds, if necessary). This would be for the existing residents. A substitute motion was made by Mayor Tarver, and seconded by Ms. Scribner, to continue this item and refer this application to the Housing Authority; accommodate the existing residents; keep the eight year low income restriction and reduce the price of the for sale units; and review the possible use of affordable funds as a subsidy. Ms. Mohr briefly explained that at the time that the project was approved, the City was very short of rental units. The City still has approximately a 2 % vacancy factor. She believed that rental units serve more people over time. She pointed out that this application came forward per the occupants of the project. She had no problem in referring this to the Housing Authority, etc. but was comfortable with supporting the project at status quo. 02/15/94 12