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2005-10-18_Agenda
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2005-10-18_Agenda
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3/24/2010 4:15:38 PM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
10/18/2005
Commission/Committee - Meeting Type
Regular
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SENIOR HOUSING REGENERATION PROGRAM <br />PROFORMA <br />960 Lovell Avenue <br />Purchase Price:145,000$ <br />Rehab/Project Mgt/Taxes42,970$ <br />Closing Costs1,550$ <br />Realtor Arrangement on Sale7,250$ <br />Developer Fee6,000$ <br />Total Cost202,770$ <br />Selling: <br />Appraised Value170,000$ <br />1st Mortgage Limit (175,000)170,000$ <br />2nd Mortgage Recapture @ 2%-$ <br />Gap after 2nd Mortgage: <br />Total Cost202,770$ <br />1st Mortgage Proceeds at Sale170,000$ <br />Gap(32,770)$ <br />2nd Mortgage Recapture *-$ <br />Gap- Loss (32,770)$ <br />* 2nd Mortgage Recapture returns to the RHRA plus 2% interest per year <br />Interest Per Year <br />After 5 Years <br />After 7 Years <br />After 10 Years <br /> <br />
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