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AGENDA ITEM 4 <br /> STAFF ORIGINATOR: Mary Alice Divine <br /> DATE: 11/27/06 <br /> TOPIC: Resolution No. 06-05, Approving the Declaration of <br /> Covenant for Affordability and Management, <br /> Lakewood Apartments <br /> Vote Required: Simple Majority <br /> BACKGROUND: <br /> The Economic Development Authority entered into a Contract for Private <br /> Development with the Hartford Group on December 20, 2004, (amended on <br /> September 13, 2005) setting forth the terms and conditions of redevelopment for <br /> Legacy at Woods Edge. <br /> The Affordability Requirements (Section 4.5, subd. C) of the development <br /> contract state that a certain percentage of affordable housing withing the <br /> development must be rental units that meet the income and rent requirement for <br /> federal low-income tax credits. In addition, any affordable rental housing must <br /> meet the following requirements <br /> 1) The Developer to retain a professional property manager, approved by the <br /> Authority. The manager must have experience managing rental properties that <br /> are subject to income limitations. <br /> 2) The management agreement must require that the manager will use resident <br /> selection criteria that include, at a minimum, evidence that tenants have income <br /> to support their rental rate, rental history showing timely payment of rent, and <br /> criminal background checks. <br /> 3) The management agreement must include a plan for long-term maintenance <br /> and repair of the property. <br /> OPTIONS: <br /> 1. Approve Resolution No. 06-05 Approving XXXXXXXXXXXXXXXXXXx <br /> 2. Do not approve Resolution No. 06-05 <br /> 3. Return to staff for further consideration. <br /> RECOMMENDATION: <br /> Option 1 <br />