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housing is difficult to find. She echoed Mr. Ferris’ comments and confirmed that reserves would need to be put in by the park owner for repairs, which the homeowners would control.She noted that the low-income level for couples is $53,000 and inquired what the rate was for singles. Mr. Dolan replied that it is $46,350. Mr. Close referred to comments regarding buying air and stated that the residents will own both the land and their pro-rata share of all common areas. He noted that the State recognizes that there may be some residents who would not be able to afford purchasing their unit, and these residents can remain in the park for as long as they desire. He reiterated that low-income residents are fully protected as they will not be charged more than the CPI increase. Ms. Forbath stated that part of the application to the DRE requires documentation that includes a reserve study to be done by a licensed inspector who will physically inspect every single aspect of the park and look at the current owner’s operational costs to determine the history of repair work. She noted that the reserve study will indicate what the useful life of each park component is, and the HOA would start off with a substantial balance in its account for reserves. She added that the DRE will also look at future operational costs to determine what the dues should be. Regarding ownership of the land, she stated that residents will own approximately two feet deep under their unit so that no individual resident has to own the utility lines which are located below the units; the HOA would own the rest and would be responsible for any repairs. Commissioner O’Connor inquired if the HOA would be fully funded at the time of the conversion. Ms. Forbath replied that it would be funded for the useful life of the components that has been used up at that time, as determined by the reserve study. Commissioner Fox inquired what the approximate homeowner dues per month would be. Ms. Forbath replied that she did not know but that other parks’ HOA fees range from $120 to $220 per month. Commissioner Fox noted that this would be an additional on-going amount. Ms. Forbath agreed and added that those with State loans would have the dues accounted for in their housing cost estimate and that any renter would not be responsible for paying HOA dues. Commissioner O’Connor inquired what the percentage of low-income versus non-low income residents in the park was. PLANNING COMMISSION MINUTES, February 25, 2009 Page 20 of 29