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<br />ELDERLY HOUSING PROJECT <br />CONT'D <br /> <br />The architect cost is approximately $30,300. <br />A 2% development cost must be put in with <br />FHA for the construction type financing. <br />During the construction there is a payment <br />of principle and interest of about $19,000. <br />Land Cost can not exceed $60,000. <br />The annual operation budget for the first <br />year including loan and operations along <br />with a 10% vacancy escrow making a total <br />of approximately $92,824.00. To offset <br />the rent, subsidy payments from HUD come <br />to the City. <br />Mr. Anderson stated that he had a meeting <br />with persons developing in the Hills- <br />borought North First Filing. Tract F is <br />the most feasible for the 30 unit project. <br />The cost of the land was $110,000, but <br />Mr. Francis has come down to $100,000. <br />Mr. Anderson stated that in the project <br />they plan on going to the State Division <br />of Housing and ask for a $40,000 grant <br />to help defray the expense of the land. <br />Councilman McDonald noted that the 4 plex <br />which was built received a $35,000 grant <br />and she thought there would not be any <br />difficulty in obtaining a $40,000 grant <br />for a project much larger. <br />Councilman DiCarlo asked if LCDC was going <br />to dissolve. <br />Councilman McDonald stated that it was not. <br />Mr. Anderson stated that plans are being <br />considered in putting the LHA secretary <br />in the community center and to allow the <br />community center to be used by other <br />parties in the City. <br />Mr. Conarroe asked about the water taps. <br />Mr. Wurl stated that it would be a paper <br />transfer. <br />Requirements for occupancy: 62 years of <br />age or over and on a fixed income. <br />Mr. Anderson stated that there was approx- <br />imately 15 applications for the 4 plex at <br />this time. <br />He stated that citizens from the City have <br />first priority. <br />Mr. Wurl asked what assurance there was <br />that the units will be filled. <br />Mr. Anderson stated that is part of the <br />reason that there is an occupancy escrow, <br />however, he did not feel that there would <br />be any problem in filling the 30 units. <br />Mr. Anderson stated that payments for up <br />to 10% vacancy will be paid by the occu- <br />pancy escrow and above that HUD will pay <br />80% of the rent which should have been <br /> <br />5. <br />