RENTERS MAY GET A BREAK.Byline: Sylvia Sylvia may refer to:
Low-income low-in·come adj. Of or relating to individuals or households supported by an income that is below average. residents in the Indian Oaks and Creekside Creekside may refer to:
The City Council will consider changing the agreement at its meeting Monday Monday: see week. , in exchange for a freeze on rent increases for one complex and a limitation on increases for the other until 2001. After that, the owners would be limited in their increases for both complexes until two tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. taken out by the developer to construct the apartment buildings more than a decade ago are paid off. ``There's no benefit for the city in doing this. The benefit is for the people that are living in the apartments,'' said Mayor Bill Davis For the artist, animator, creative director, see . For the baseball player, see .
Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant . ``It will guarantee that they aren't going to get an 8 percent increase in their rent every year.'' In exchange for allowing the developer to use the city's tax-exempt status to secure the bonds, the city had required that he set aside a certain number of units for low-income families. The possible changes came about as part of complex owners Casden Partners' request to be allowed to enter into an agreement with a credit company to get a fixed finance rate for the bonds. Signing off on the developer's new financial contract would allow the city to alter the affordable housing agreements to better reflect the changing times. Davis said that when the contracts were written up, rent increases of about 6 percent were the average. Now, they are more like 4 percent. ``I've had calls from four or five of these tenants saying that if they'd gotten another increase they may not have been able to afford it,'' he said. James Purtee, senior planner for the city, said the developer wants to lock in a rate for the remaining life of the bonds, eliminating the need to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. rates every few years. The Creekside Village bonds have 15 more years in which to be repaid, and those for Indian Oaks are to remain active for the next 17 years. Back in 1983, the city entered into an affordable housing agreement with the developer for construction of the 397-unit Creekside Village Apartments, located on Patricia Avenue, for $22.4 million in multifamily tax-exempt bonds. The agreement was the condition placed on Casden Partners in exchange for taking out the bonds using the city's tax-exemption status. In 1993, the city approved the developer's refinancing Refinancing An extension and/or increase in amount of existing debt. plan but required that rents on the affordable housing units be lowered to share the benefits the developer received in doing it. That complex has 80 units reserved for low- and very-low-income households. In 1985, the city allowed the developer to take out $15.5 million in bonds under its municipal status to build the 254-unit Indian Oaks complex, located on Cochran Street. There are approximately 51 low- and very low-income units in that complex. That system has been unchanged, and so the rents have grown higher there than at Creekside over the years. The average rents for a very-low-income, two-bedroom unit at Creekside Village is $477 per month, while at Indian Oaks, the same unit is $568 per month. |
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