We did check in with our state headquarters and we got academic now.
To give a little background on the determinations and stuff, a lot of times this stuff is left up to individual CPA boards to conduct how they want to do things.
Right now we're in the process of rewriting descriptions and stuff to put in front of the State House and the Senate to prove for everybody across the state follows the same guidelines.
The three projects that we're going to discuss tonight have been approved in the past, and we've approved some of them.
But I think we should look to the future of what we're going to write into CPA and follow instead of opening up something that might create more conflict and more headaches down the road.
The first one we have was the Academica, the elevator.
And we have the form in front of us.
But for folks at home, the elevator is allowable under CPA funding for 20%, which is what they'd have in affordable housing units.
So then the rest they could put into affordable housing into the unit such as drywall, whatever, furnishing that out as far as electrician, plumber.
Because a lot of times these folks come in and they have to meet the number with the banks to make it look enticing to them.
So they come to us for this extra money.
But now this would be a 30-year deed restriction on whatever money we would give them if they did get voted in.
So whether we, uh, if we did six units at affordable housing, a couple of, uh, market rate, uh, housing, uh, workforce housing, that'd be 30 years.
They would be at that price.
So we have to determine, is that something we want to let these folks know that they can put in for, they are allowed to put in for the elevator, but we're only going to cover 20%.
But I think we should make a motion to send them a letter saying that the rest that they put in for, they could price that out as extra for affordable housing units.
That's up to discussion.
Alex? This is very insightful, and I also just want to note for everyone that these funds are only eligible if they don't already have any affordable housing deed restrictions on the property, which I don't believe they do, but we need to confirm at least with them or just make sure that's in the motion.
think this is a little bit different than what we've been told before and but I wouldn't change the scope of their application I think that this is the determination and this should reflect the amount that is you know available to them per their initial requested scope any additional scope I think should be in a new application that's typically I think how it has been done and I think that's fair for all the other applications that have already been submitted
Well, in the past, we did okay elevators for the amount.
So I'm
just thinking, should we be? Well, I know, but just going forward, they specifically said in their application that this is for the elevator.
So, I mean, we can cover apparently up to 20% of the elevator if that's what they will be in affordable units.
Okay.
We did check in with our state headquarters and we got academic now.
To give a little background on the determinations and stuff, a lot of times this stuff is left up to individual CPA boards to conduct how they want to do things.
Right now we're in the process of rewriting descriptions and stuff to put in front of the State House and the Senate to prove for everybody across the state follows the same guidelines.
The three projects that we're going to discuss tonight have been approved in the past, and we've approved some of them.
But I think we should look to the future of what we're going to write into CPA and follow instead of opening up something that might create more conflict and more headaches down the road.
The first one we have was the Academica, the elevator.
And we have the form in front of us.
But for folks at home, the elevator is allowable under CPA funding for 20%, which is what they'd have in affordable housing units.
So then the rest they could put into affordable housing into the unit such as drywall, whatever, furnishing that out as far as electrician, plumber.
Because a lot of times these folks come in and they have to meet the number with the banks to make it look enticing to them.
So they come to us for this extra money.
But now this would be a 30-year deed restriction on whatever money we would give them if they did get voted in.
So whether we, uh, if we did six units at affordable housing, a couple of, uh, market rate, uh, housing, uh, workforce housing, that'd be 30 years.
They would be at that price.
So we have to determine, is that something we want to let these folks know that they can put in for, they are allowed to put in for the elevator, but we're only going to cover 20%.
But I think we should make a motion to send them a letter saying that the rest that they put in for, they could price that out as extra for affordable housing units.
That's up to discussion.
Alex? This is very insightful, and I also just want to note for everyone that these funds are only eligible if they don't already have any affordable housing deed restrictions on the property, which I don't believe they do, but we need to confirm at least with them or just make sure that's in the motion.
think this is a little bit different than what we've been told before and but I wouldn't change the scope of their application I think that this is the determination and this should reflect the amount that is you know available to them per their initial requested scope any additional scope I think should be in a new application that's typically I think how it has been done and I think that's fair for all the other applications that have already been submitted
Well, in the past, we did okay elevators for the amount.
So I'm
just thinking, should we be? Well, I know, but just going forward, they specifically said in their application that this is for the elevator.
So, I mean, we can cover apparently up to 20% of the elevator if that's what they will be in affordable units.
Okay.
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