pages: CityCouncil/2011-01-18.pdf, 10
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CityCouncil | 2011-01-18 | 10 | Councilmember/Commissioner Johnson inquired whether an Satellite Housing would be allowed to assign rights and obligations without prior written consent of the City. The Housing Development and Programs Manager responded assigned rights and obligations could only be given to a new, single entity associated with Satellite Housing and HCEB. Councilmember/Commissioner Johnson stated Satellite Housing and HCEB would have the ability to assign the Lease Option Agreement (LOA) before [the City gives] prior written consent. The Development Services Division Manager stated language could be added to the LOA. The Housing Department Executive Director stated said language would be added to the LOA. Councilmember/Commissioner Tam inquired how varying loan terms would be factored in when determining rental rates; further inquired whether the Housing and Urban Development Department (HUD) would control rates. Ms. Kojima responded the HUD Section 811 program provides federal dollars calculated per unit; stated a long-term HUD operating subsidy would ensure that enough funds would include enough funds to ensure proper maintenance and management; tenants would pay 30% of adjusted monthly income; HUD 811 would not require repayment of the loan as long as affordability is maintained; rental rates would not be affected by financing. Councilmember/Commissioner Tam inquired whether 30% of adjusted gross income would cover various loans given varying terms and interest rates. Ms. Kojima responded most sources are soft debt; stated loans would not require repayment during the operation of the development unless the project has excess cash; HUD would provide operational subsidy up to the amount of the operating budget; a development does not usually have excess cash because HUD controls the operating amount. Councilmember/Commissioner Johnson inquired whether [LOA] renewal would be automatic. The Housing Development and Programs Manager responded a six-month extension would apply if the lease is not executed. In response to Councilmember/Commissioner's Johnson request to review the LOA Special Joint Meeting Alameda City Council, Community Improvement Commission, and Housing 3 Authority Board of Commissioners January 18, 2011 | CityCouncil/2011-01-18.pdf |