HomeMy WebLinkAbout2019/10/01 Item 6 - Presentation
Multifamily Housing Revenue Bonds October 1, 2019 Ranch Apartments Otay
Main Street (west of La Media)MAIN STREET EAST LA MEDIA PARKWAY SOUTH Project Site:Parcel F & WVillage 8 West Ranch ApartmentsOtay2 Manager’s Units•55 @ 60% AMI•18 @ 50% AMI•175 Dwelling
Units
Proposed Financing:City or Housing AuthorityNo other financial assistance is requested from the •development costs$61 million o Preliminary actions to apply to CDLAC•seriesexempt and
taxable -in both a tax$70 million Up to o
REQUESTED ACTIONS ApartmentsRanchOtayofdevelopmentproposedtheforobligationsexempt-taxissuetointentionitsexpressing:BResolutionadoptAuthorityHousingApartmentsRanchOtayforAuthorityHousingVistaChulathe
ofbondsrevenuehousingmultifamilyofdeliveryandsale,issuance,theapproving:AResolutionadoptandhearingpublictheconductCouncilCity0451-File ID: 19 ApartmentsRanch Otay
For more Information and to http://www.chulavistaca.gov/housing Visit our Website lhines@chulavistaca.govLeilani Hines, Housing Manager Mail City Staff-E 5047-(619) 691Housing & Neighborhood
ServicesDevelopment Services Department Call Contact Us:
Proposed Project Rent Schedules and Income New Construction OTR V8•a year$57,780 –$37,450 Max Income o per month (est.)$1,669-$1,003 Rents: o Affordable to families at 50% and 60% AMI•bedroom-three-4
6 o bedroom -two-72 o bedroom -one-55 o manager units2affordable and 173Total: 175•:
Proposed 175Total N/AN/AN/A2MGR$ 1,669$57,78060%463 Bd/1 Ba50%03 Bd/1 Ba$ 1,444$51,36060%722 Bd/1 Ba50%02 Bd/1 Ba$ 1203$44,94060%371 Bd/1 Ba$ 1003$37,45050%181 Bd/1 BaAptsRanch OtaylimitsBased
on 2019 Proposed Rentslimits2019 based on -IncomeAnnual % of AMI Target Income Group UnitsNo. of Unit Description Rent and Income Limits