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c. How many units? <br /> <br />• One project covering 140 units. (E) <br /> <br />• 280 in the first HIA, 20 in the 2 nd HIA and 130 in the pending HIA. <br />(SLP) <br /> <br />d. Did you require the owners to meet in come qualifications? If so, what <br />level? <br />• No. We view it as a property improvement tool that would be <br />available provided enough property owners want it and the <br />association confirms that the annual cost pre unit is supported by the <br />membership. A requirement for consideration is the presentation of <br />letters from private sector lenders denying conventional financing. If <br />an association were healthy enough and could somehow convince a <br />private lender that the incomes of their owners would support a <br />private loan, they would not qualify for consideration. Conceivably, <br />there may be an association made up of higher income owners that <br />would still find it difficult to secure a private loan and the City would <br />still be interested in them having the ability to finance a common area <br />improvement. <br />We require that the initiating pe tition have more than 50% owner <br />support, to minimize the likelih ood of a petition to oppose <br />implementation. So it is importan t for the Association leadership to <br />determine the level of cost the owners can and will support. From <br />there it is a financing tool. (E) <br />• No, we determined this would be too cumbersome, so used a <br />benchmark estimated value qualifications. See 2a. (SLP) <br /> <br /> <br />3. If no, did you evaluate its use and ch oose not to approve a HIA and why? <br /> <br />• We have had one high market condo association request info related <br />to the HIA, and made them awa re of the unit value qualification. <br />(SLP) <br /> <br /> <br /> <br />Thank you for your time. <br />