ContractProposed Term • June 8th, 2023
Proposed Term Lender City of Elk Grove (“City”) Borrower Cornerstone Village - Elk Grove, LP, a limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $3,436,000. Such amount is subject to the Cost Savings section set forth below. Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 55 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of an 84-unit affordable apartment project (commonly known as Cornerstone Village –Elk Grove, or “Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. The Owner may modify the affordability mix to ensure the project remains competitive for other proposed affordable housing financing, provided that the average affordability remains at or below 45%.
ContractProposed Term • June 8th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount $2,000,000 Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 37 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of a 64-unit affordable apartment project (commonly known as Villages at Bilby I, or“Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. Owner commits to working with the City to address homelessness, including by implementing a policy moving homeless Elk Grove households to the top of the waitlist for any vacant unit for which they are qualified. Owner shall (1) perform annual income certifications or recertifications and adjust unit affordability accordingly; and(2) pr
ContractProposed Term • August 27th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $6,000,000. Such amount is subject to the Cost Savings section set forth below. Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 37 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of a 294-unit affordable apartment project (commonly known as The Lyla, or “Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. The unrestricted units must be occupied by the full-time property manager, the full-time maintenance supervisor, and either an assistant property manager or maintenance staff person. Project amenities must include a community building with computer room and e
