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Two housing-related items approved by town council |
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Thursday, 09 October 2008 |
By Catherine Billey
Mammoth Times Staff Writer
Two items on the consent agenda initiated by Mammoth Lakes Housing (MLH) were approved without discussion by the Town Council at its regular meeting on Oct. 1.
One item addressed two of the first deed-restricted workforce housing units sold by MLH to members of the Community Wide Workforce Housing Waiting List that have recently been listed for sale.
Initially sold at 80-200 percent of the Area Median Income, MLH must exercise its option to purchase and close escrow within 120 days or the deed restriction will be removed and units sold at market value.
Because MLH has not been able to locate buyers at their current income levels, they requested a subsidy of $260,335 from the Housing In-Lieu fund to lower the affordability levels. Approval of the request has reduced the designated income level for future sales and extended the term of affordability for another 55 years, according to MLH.
The second item approved by town council supported the MLH proposal to submit an application to the Building Equity and Growth in Neighborhoods Program (BEGIN) of the California State Department of Housing and Community Development. According to MLH, the Town of Mammoth Lakes is eligible to apply for these funds for mortgage assistance loans on new homeownership units. MLH argued that potential homeowners require mortgage assistance to meet the gap between what is affordable to each individual household and the actual cost of the unit.
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Last Updated ( Thursday, 16 October 2008 )
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