|Subsidized Low income units||<– Date –> <– Thread –>|
|From: Harriet Lewis (hlewissonic.net)|
|Date: Sat, 26 Feb 2011 17:45:49 -0800 (PST)|
Are there any communities out there where households with "moderate" incomes subsidize households with "low" incomes? For 30 years Santa Rosa Creek Commons, a limited equity cooperative, has had a relationship with the State of California whereby 10 of 27 units are "subsidized" (not by much) by the state in exchange for a no interest, no pay loan which we needed 30 years ago to finish the project and which, as we pay off our large mortgage next year, is finally coming due. The State gave us this loan when we agreed to have the 10 units of very affordable housing.
It isn't a very large amount of money we owe the state and we are trying to figure out a way to pay them off and , at the same time, not require any of our 10 subsidized households to leave. The State is offering us a 30 or 55 year, 3% interest only loan, which would allow us to maintain the subsidized housing but would also require us to continue the rather arduous amount of paperwork/inspections/ and general interference with decision making that results when one works with the government.
We are just beginning the months long process of making a decision and would welcome input from any communities that might have a similar situation.
Harriet Lewis Santa Rosa Creek Commons
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