HomeMy WebLinkAbout8.1 DubRanVillagesAffordHs CITY CLERK File # 430-80
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: August 5, 2003
SUBJECT: Marketing and Sale of Dublin Ranch Villages Affordable Units
Report Prepared By: Julia Abdala, Housing Specialist
ATTACHMENTS: 1. Toll Brothers Marketing Plan
2. Below Market Rate (BMR) Unit Packet with Application
RECOMMENDATIO~/~- Receive Staff Report
FINANCIAL STATEMENT: Minor cost to the City consisting of some budgeted Staff time for
Housing Specialist, Information Technology Division and Support
Staff
BACKGROUND:
On March 19, 2003 the City Council approved an Affordable Housing Agreement with Toll Brothers, Inc.
This agreement incorporated the affordable housing requirements for the Dublin Ranch Villages. The
agreement required the developer to provide 105 affordable condominium units for households with
moderate-incomes, 80 of these units were to be one-bedroom condominiums and 25 will be two-
bedrooms. Toll Brothers requested providing all 105 required units in one of the four complexes.
The City Council agreed that the units may be mixed with the market rate units in "The Terraces" The
Terraces consist of eight multi-unit buildings, four on the east and four on the west of a underground
garage entry road, a common recreation building and pool.
ANALYSIS:
The first sixteen Below Market Rate (BMR) units are nearing completion and will be ready for sale within
a month. This first phase offering will consist of one-bedroom condominiums, four per floor on each of
the four floors of Building One of"The Terraces". Fifteen units will be offered and one will serve as a
model. This offering will be followed with twelve more one-bedroom condominiums in Building Two by
the end of the year. These units are approximately 840 square feet and include all kitchen and laundry
amenities. The one-bedroom condominiums are suitable for 1 and 2 person occupancy.
The Inclusionary Ordinance in affect when Toll Brothers, Inc. signed the Affordable Housing Agreement
stipulated that the affordable sale price for units would be priced to produce a mortgage that would be
affordable at 30% of the monthly income for a household at 120% of the area median.
Maximum sale price allowed
1 person $283,379
2 people $332,758
The first fifteen condominiums are being offered at less than the maximum prices allowed.
COPIES TO: In-House Distribution
G:XHOUSING\CC Staff Report. Toll Brothers BMR Units Marketing. DOC ~ ~
ITEM NO.
The prices will be:
First Floor (four units - one will serve as a model units) $275,000
Second & (four units)
Third Floors (four units) $270,000
Fourth Floor (four units) $280,000
Toll Brothers Inc. has presented the City of Dublin with the marketing plan for these units. The developer
would like to begin selling the affordable units in August.
Toll Brothers intends to begin making applications packets (Attachment 1) available beginning tomorrow,
August 6, 2003. The final deadline for submitting completed forms to Toll Brother's Sale Pavilion will be
August 26, 2003. The City of Dublin will be listing this affordable housing ownership opportunity in the
City web pages. The developer will be marketing the affordable condominiums in the local newspapers
for two weekends, (August 9 and August 16, 2003) The developer also intends to distribute flyers with
information to public employees including school teachers, county employees, City employees and
employees in utility districts. Packets will also be available to interested parties at the Community
Development Counter in City Hall. If sufficient applicants are not received by the August 26, 2003
deadline, the time for acceptance of applications may be extended.
City of Dublin Staff will be assisting Toll Brothers, Inc. at two stages in the buyer selection process.
Stage One: Once Toll Brothers and its mortgage arm, Westminster Mortgage, has pre-qualified
interested applicants, City Staff will review qualified applicants. Preferences declared by applicants will
be verified by City Staff and total points scored in preference categories will be ranked in the database.
The preferences and points for each category, per the Inclusionary Ordinance are as follows:
Dublin Resident for over 1 year 3 points
Employed in Dublin for at least 6 month 3 points
· Public service employee working in Dublin 1 additional point
Senior applicant 1 point
Disabled 1 point
The ranked applicant forms will be returned to Toll Brothers who will offer the units to the applicants
in the order ranked.
Stage Two: The City of Dublin Staff will also receive the finalized buyer selection documents, prior to
execution of loan documents and before each buyer enters into a Sale Agreement with Toll Brothers.
Staff will review and confirm that the household income is within the moderate-income category, the
correct number of people will be occupying the condominium, the sales price is as agreed, and that the
prospective buyer is aware of the resale restrictions and has signed the required Resale Agreement s
adopted by the City Council.
RECOMMENDATION:
Staff recommends that the City Council receive this report providing the Toll Brothers Inc.'s marketing
plan for the Affordable condominiums and the Application Packet to be used for buyer selection.
THE TERRACES AT DUBLIN RANCH VILLAGES
MARKETING PLAN
PROVIDED BY TOLL BROTHERS, INC. FOR SALE OF BELOW
MARKET RATE (BMR) UNITS
PROJECT DESCRIPTION:
Dublin Ranch Villages is a for-sale, townhome and condominium development by Toll Brothers Inc.
When completed, there will be approximately 1400 homes featured in four unique communities, The
Cottages, The Courtyards, The Villas and The Terraces. Each neighborhood features distinctive home
designs, amenities and recreational facilities.
Toll Brothers will provide 105 below market rate (BMR) homes that will be sold to moderate-income
households. These BMR homes will be part of the 626 homes to be constructed at The Terraces. The
Terraces offers a resort-style pool and spa, clubhouse with fitness center, secured buildings and enclosed
parking and elevator access to all floor levels.
The BMR homes will be sold in phases during the course of The Terraces development. All sales,
marketing and qualifying information will be made available from Toll Brothers Inc. as well as Dublin
City Hall.
INITIAL RELEASES:
The first release of BMR homes will be available to qualified buyers on August 6, 2003. Fifteen, one
bedroom homes will be sold in the first release and are located in Building One. The second release
located in Building Two will provide 12 homes and will be released later this year. These homes are
one-bedroom models and approximately 840 square feet.
ELIGIBILITY CRITERIA:
The maximum income allowed for moderate one and two person households are:
· One-person household $64,350.
· Two person household $73,500.
· Sales Price 4th Floor $280,000
3rd Floor $270,000
2nd Floor $270,000
1st Floor $275,000
MARKETING PLAN AND QUALIFICATION PROCESS:
Upon approval of the subject plan, Toll Brothers wilt advertise in local newspapers the weekends of
August 16, and 23, 2003 the release of the first BMR homes. Toll Brothers will also produce flyers for
direct mail to the surrounding apartment communities. Flyers and articles for a newsletter will be
distributed to public employees based in the Tri-Valley area including schoolteachers, county and
federal employees and utility districts. Flyers will be sent to Alameda County Housing office for
distribution to their staff, bulletin boards and affordable rental communities. Anyone who has left
contact information with the City of Dublin or at the Dublin Ranch Villages sales offices will also be
ATTACHMENT I
contacted. Acceptance of application packages will be kept open for three weeks until Tuesday, August
26. The intent is to create an ongoing database of prospective buyers for future BMR releases.
Interested parties will be asked to complete a Toll Brothers' Qualification Questionnaire, submit 2002
Federal and State Tax Returns and fill out the City of Dublin's Application for Inclusionary Unit. All
interested parties will be given a copy of Dublin's Resale Agreement and Disclosure Statement along
with Toll's normal sales documents.
After the deadline for accepting application packages ends on Tuesday August 26, 2003, Toll Brothers
will review in approximately one week, the prospective buyer information and determine those buyers
who most closely conform to the income provisions of the Area G Affordable Housing Agreement. A
list of "qualified" buyers and supporting documentation will be submitted by Toll to the City of Dublin
for its review and acceptance. The City will further qualify this group of "qualified" buyers based on
City of Dublin's priority selection system. The City will notify Toll of its ranking of "qualified" buyers
in two weeks. Toll will proceed to offer for purchase to the top group of buyers identified in the City's
list based upon the number of units to be released in any given phase (e.g. if the first release has 15
units, then the top 15 from the City of Dublin's ranking list would be given the opportunity to purchase a
home).
DEPOSITS AND AGREEMENT OF SALE:
A party who chooses to buy a home following the above qualification process will be required to
provide a refundable deposit of $3,000 and will receive a complete sales package for review. After the
mortgage company (Westminster Mortgage or other) produces alt loan documents, the applicant packet
returns to the City of Dublin for final review. The City will approve each prospective homebuyer for
income, for sale price of unit and to assure that prospective buyer has signed the Resale Agreement and
is aware of resale restrictions on the property. On return of packet to Toll Brothers, the buyer is required
to execute an Agreement of Sale and corresponding documents and provide the remaining deposit of
$3,000 at which time the deposits become non refundable in the event of a buyer default.
'~:'~'~. '~ '" ~ ~ ~ve~nt by %6 Brot~rs, Inc. W~n
r .~.- ~p~te~ t~re ~lbe appro~tely 1400
~ ~a~red in ~ur un~ ~mmuni~s,
~ CottB~, ~ Cou~ar~, T~ V~
and T~ Te~6. E~h ne~hbor~od
~a~r6 d~c~ve ~ ~s~, a~ni~
'~.~ ..... ~d recrea~ f~6i~s.
To6 Brot~rs ~ pro~ 105 be~w ~rket rate (B~ ~ t~t ~ be soM to ~rate-income
~e~ ~e B~~s ~l be pa~ of t~ 626 ~ to be c~ted at ~ Te~. ~ Te~6
o~rs a r6o~-s~ pool aM Pa, club~e with fi~s c~ter, secured busings, enc~sed par~ng and
e~vator ~ess ~ ~l f~or ~ve~.
T~ first re~e of B~ uni~ (~ one-bedroom ~n~m~iu~) w6l begin Aug~dt 6, 2003. Appl~a~.~om
interested buyers ~l be d~ at To6 Brot~6 S~ Pav~n ~ ~ter t~n A~w~st ~6, ~003. Dublin Ranch
Vi~es ~ ~cated near t~ end of t~ B~TP~anton/Dubl~ line. ~ ~ve~nt ~ ~o c~se to a6
~ of s~pping ~om one-st~ s~pping at ~n~ Crossings with restaurants, a ~ va~ of stor~ and
an I~ ci~ c~p~x to t~ ~e St~Mge M~
. The future Town Center, to be located in the center of '~lhe
Villages" will feature a traditional
main street that provides the
convenience ora ndghborhood
shopping area.
Just east of "The Villages ' will be,
Bray Commons, a parp~ currently
being constructed that will include
· jogging tro, cI~ soJ~ballfields, picnic
~ amenities, lots an a nced
i dog park.
i' ' ',.. i. .k_;;~,.: ':.":;-,". -
CITY OF DUBLIN
100 Civic Plaza, Dublin, California 94568 Website: http://www.ci.dublin.ca.us
AFFORDABLE OWNERSHIP OPPORTUNIIY
Application and Information Packet (Phase 1)
Toll Brothers, Inc., Developers of the Dublin Ranch Villages will be offering the first fifteen (15)
below market rate (BMR) homes to eligible moderate-income applicants.
If your household size To be eligible, your gross
(persons) is: annual income cannot
exceed:
1 $64,350
2 $73,500
To qualify for one of these condominiums you must complete the attached "Application for
Inclusionary Unit" and the "Qualification Questionnaire" and deliver to Toll Brothers, Inc. at the
Sales Pavilion located at 3501 Dublin Boulevard, Dublin, California 94568.
If you have any questions, please contact Toll Brothers at (925) 479-9611. You may contact the
City at (925) 833-6610 for answers to questions, but Toll Brothers must receive all completed
applications at the above address by Tuesday, August 26, 2003.
I. SF,! ,ECTIC}N PROC. F.~q~q
The following steps will take place for buyer selection:
1. Interested applicants must be qualified for the purchase price of a home prior to being
considered a possible buyer. The application acceptance period will begin on Tuesday,
August 6, 2003. You must complete an "Application for Inclusionary Unit" and
"Qualification Questionnaire" to be pre-qualified. Both these forms must be returned to
Toll Brothers, Inc. (Westminster Mortgage) for pre-qualification, along with a copy of
your 2002 Federal and State Income Tax returns. If you choose to be pre-qualified by
another lender, please include, with the above documents, confirmation, in writing, from
your chosen lender that you are pre-qualified for the purchase price of the home.
2. Once the applicants have been pre-qualified by Toll Brothers, the "Application for
Inclusionary Unit" will be submitted to the City of Dublin. The City of Dublin will
confirm any applicant claiming one or more of the City established preferences for
Area Code (925) - City Manager 833-6650 · City Council 833-6650 - Personnel 833-6605 · Economic Development 833-6650
Finance 833-6640 ' Public Works/Engineering 833-6630 · Parks & Community Services 833-6645 · Police 833-6670
Planning/Housing/Code Enforcement 833-6610 · Building Inspection 833-6620 - Fire Prevention Bureau 833-6606
preference points. Applicants seeking preference status will be requested to return
verification of the claimed preferences in approximately one week.
This list of applicants will be ranked using the points established for claimed preferences.
Ranking will be based on preferences established as part of the City of Dublin
Inclusionary Ordinance, Section 8.68.050.D (The Inclusionary Ordinance is available on
line at www.ci.dublin.ca.us/departments/planning/bldg/hsg/housing)
3. The list of City ranked applicants will be returned to Toll Brothers, Inc. and Toll Brothers
(Westminster Mortgage) will contact these interested buyers in order of rank and proceed
to offer the homes for purchase.
4. A chosen applicant who agrees to buy a home following the above qualification wilt be
required to provide a deposit of $3,000 to Toll Brothers, Inc.
5. The lender completes the necessary loan documents, the Resale Agreement signed, and
the applicant package is sent a final time to the City of Dublin for review and approval.
The City Staff will confirm that the sales price is no higher than the maximum allowed
amount, that the applicant total household income not above than the maximum
moderate-income limit and that the applicant has signed the Resale Agreement and is
fully aware of the resale restrictions.
6. When City review is complete and the package is returned to Toll Brothers, the buyer
must execute an Agreement of Sale and provide an additional deposit of $3,000. The full
$6,000 provided would constitute the downpayment for the condominium and the full
deposit then becomes non-refundable in the event of a buyer default.
7. When construction is complete on the unit the sale goes to escrow.
8. The escrow closes and you become the owner of a new Toll Brothers, Inc. condominium.
Area Code (925) · City Manager 833-6650 · City Council 833-6650 - Personnel 833-6605 · Economic Development 833-6650
Finance 833-6640 · Public Works/Engineering 833-6630 · Parks & Community Services 833-6645 - Police 833-6670
Planning/Housing/Code Enforcement 833-6610 - Building Inspection 833-6620 - Fire Prevention Bureau 833-6606
II. ELIGIBILITY REQUIREMENTS
To qualify for the purchase of a condominium for this project, the applicant must meet the
following criteria:
Only one or two person households may qualify for one-bedroom condominiums
The annual household income may not exceed 120% of the Area Median Income (AMI),
adjusted for household size, as issued by the State Housing and Community Development
Department (HCD). The current Maximum income limits (effective March 21, 2003) are
listed below:
Household size Annual income Maximum Sale Price Toll Brother prices offered
not to exceed allowed for unit
1 $64,350 $283,379 4th floor - $280,000
2nd & 3rd floors - $270,000'
1 st floor - $275,000
2 $73,500 $332,758 (same as above)
Annual household income includes:
a. The income of all household members over the age of 18 years who will be
residing in the home. Annual household income includes all income listed in the
2002 Income Tax Return of all adult members, including all schedules listing
interest and dividends.
b. The full amount of periodic payments received from social security, annuities,
insurance policies, retirement funds, pensions, disability or death benefits and
other similar types of periodic receipts, whether or not they are declared on
Income Tax Return 2002.
c. Payment in lieu of earnings, such as unemployment and disability compensation,
worker's compensation and severance pay, whether or not they are declared on
Income Tax Return 2002
d. Child Support Payments
e. Public Assistance payments of any type
Owner must occupy the property as the principal place of residence for at least nine (9)
months (cannot be absent for a period of ninety [90] days of more) of each calendar year.
The property and improvement must be maintained in good condition and repair throughout
the period of ownership.
Area Code (925) · City Manager 833-6650 · City Council 833-6650 · Personnel 833-6605 - Economic Development 833-6650
Finance 833-6640 - Public Works/Engineering 833-6630 · Parks & Community Services 833-6645 · Police 833-6670
Planning/Housing/Code Enforcement 833-6610 - Building Inspection 833-6620 · Fire Prevention Bureau 833-6606
Buyer must be willing to enter into a Resale Restriction Agreement with the City of Dublin
which establishes, in part, residency requirements, home maintenance standards and restricts
the resale price and process for the resale of the homes.
III. GENERAL INFORMATION
Condominiums will be available to eligible purchasers with qualified financing and selected
by Toll Brothers, Inc.
Pre-qualified applicants will be ranked according to the preferences listed in the Dublin
Inclusionary Ordinance.
The ordinance specifies points for various preferences in occupant selection
> Dublin Resident for over 1 year 3 points
)~ Employed in Dublin for at least 6 month 3 points
· Public service employee working in Dublin 1 additional point
> Senior applicant 1 point
3' Disabled 1 point
Claiming any of the above preferences in the "Application for Inclusionary Unit" will require
verification by applicant. The City of Dublin will request the applicant provide proof within a
given time period (approximately one week). Failure to do so, within the given time period will
disqualify applicant from receiving claimed priority.
AFTER ALL APPLICANTS HAVE BEEN RANKED, THE CITY OF
DUBLIN WILL NOT BE ABLE TO REVIEW ADDITIONAL APPLICANT
VERIFICATION BECAUSE ALL RANKED AND SORTED
APPLICATIONS WILL HAVE BEEN FORWARED TO TOLL BROTHERS
INC.
Area Code (925) · City Manager 833-6650 · City Council 833-6650- Personnel 833-6605 - Economic Development 833-6650
Finance 833-6640. Public Works/Engineering 833-6630- Parks & Community Services 833-6645 - Police 833-6670
Planning/Housing/Code Enforcement 833-6610 - Building Inspection 833-6620 · Fire Prevention Bureau 833-6606
The Dining and Living rooms fca~-oa'e an opm desig-n ',ari~ azzess to ~e private
The M~tcr b¢~oom feazes a wa~ ~ clos¢~, and ~¢cf aczcss to' ~e texaco,
song mb, s~arat¢ shower, ~d dual v~itizs.
1 Be~oom, 1 Ba~, plus ~e~aze =~/ 840 square leek (Approximate)
. ~ FOYER
~ ~tc~o~ KITCHEN BATH
' DI~INGROOM 12'7"X7'8"
MASTER
BEDROOM
15'X11
LIVING ROOM
12'7"X 12'6" ,,,
TERRACE i(~
I 9'x5'2"
MAIN LEVEL
APPLICATION FOR INCLUSIONARY UNIT
PLEASE PROVIDE THE FOLLOWING INFORMATION:
(Please type or print clearly)
To apply for an Inclusionary Unit, you must list all members of your household: No. in household
1. Name: Social Sec. #
Current Address: Age:
City/Zip: Home Phone #:
Employer: Work Phone #:
Work Address:
City/Zip:
2. Name: Social Sec. #
Employer: Age:
Work Address: Work Phone #:
City/Zip:
3. Name: Social Sec. #
Employer: Age:
Work Address: Work Phone #:
City/Zip:
(If you need additional space please attach a sheet of paper.)
Total Annual Household Income: $
(Line 35 of 1040; Line 21 of 1040A; Line 4 of 1040EZ)
To assist us with the process, please check the statement below which applies to at lease one adult that will own the home.
Yes No
Are you over 62 years of age? [] []
Are you permanently disabled? [] []
Currently work in Dublin and have continuously for the past 6 months? [] []
And if so, are you a Public Service employee working in Dublin? [] []
Currently live in Dublin and have continuously for the past year or longer? [] []
I/We certify that the information provided in this application is true and correct.
Signature/Date Signature/Date
Development: Dublin Ranch Villages
G:LHOUSINGXlnclusionary\APPLICATION FOR INCLUSIONARY UNIT.doc
QUALIFICATION QUESTIONNA Fern SO1
Rev. 6199
Community.
Mmiel Homesito Street
Buyer No. 1 Name S.S. #; .. Age
Buyer No. 2 Name .. S.S. ~ .... Age
Current Address
CitylStatelZip H~me Phone
E-Mail Address
Children: (1) Age (2) Ago (3) Ag~_ . ,,. (4) Age
EMPLOYMENT BUYER NO. 1 BUYER NO. 2
Present Position:
· Local Employer:
Employer Local Address:
City, State, Zip
Bus. Phone No.:
Length of Service:
Are You Self-Employed? .Yes No Yes No
Annual Salary: $ $.
Overtime/Bonus: $ $
(if continuous)
Oilier Income: (specify) $
Alimony/Child Support
Received: $. $
Duration of Payments Remaining Duration of Payments R~m~ning
Total Annual Income: $
NOTICE: Alimony, child support or separate maintenance income need not bo revealed if Buyer No. 1 or Buyer No. 2 does not .
choose to have it considered as a basis:for repaying the lean.
BUYER NO. 1 PRIOR EMPLOYMENT'OF LOCAL EMPLOYMENT IS LESS THAN 3 ~EARS)
Employer:. Annual Income:
Employxnent Dates: To:.
BUYER NO. 2 PRIOR EMPLOYMENT (IF LOCAL EMPLOYMENT IS LESS THAN 3 ;YEARS)
Employer: Annual Income:~
Employment Dates: To: .
FINANCIAL INFORMATION
Own or Rent Present Address: (Circle One) Own Rent Number of Years.
Name of Present Lan.dlord or Mortgage Holder
Property Value: $ Mortgage Balance: $ Equity: $
Current Mortgage Payment:
Second Mortgage/Home Equity Loan:
Maximum Balance: $ Current Balance: $ Payments: $
Disposition of Property (Check one): Rented. To Be Rented s°ld To Be Sold.
Investment properties Owned: Number Gross Rental Income $i '.
Page I of 2
-- Continued --
WHITE- Divisional Office .CANARY- Customer PINK- Sales Manager
CREDIT INFORMATION
Ail figures below musl be PRIOR to withdrawl tff downpayment dollars:
Money Marlto! Fund: Bank Bal'~nco $
Savings: Bank Balance $
Checking: Bank Oalance.$.
Bonds $ Stocks $ "
Other $ (Specify!
AUTOMOBILES
Auto #1 Balance Monthly
Make of Car/Year Owed $ ' ...Paymenl $
Auto lg Balance ~onthly
Make of Car/Year Owed $ ~ayment $ , -
OUTSTANDING LOANS AND LIABILITIES, OTHER TIIAN CAR & IST MORTGAGE
(OVER $100.00 BALANCE) Present Monthly
Pay to Balance $ Payment $
Present Monthly
Pay to Balance $ }~ay~nent $
· Present ~lonthly
Pay Io Balanc. o.$ ~.ayment $
Monlhly
Alimony & Child Suppm'l :Payment $
TO BE COMPLETED BY BUYER NO. 1 AND BUYER NO. 2
tlas anylhing inlerrupted your abilily Io make timely repaymenls of financial obligatio,s over the lasi 7 years? If yes, please explain
below. Buyer No. 1 (circle one) Yes No Buyer No. 2 (circle one) Yes No ·
ADDITIOI~IAL COMMENTS (i.e. Company Incentives, etc.)'
W.E HEREBY CERTIFY THATTHE IN FORMATION ON TillS QUALIFICATION QUESTIONNAIRE SIGNED BY US IS TRUE
AND CORRECT. WE HAVE NOT OMITTED ANY IMPORTANT CREDIT INFORMAT. ION, AND/OR INFORMATION
REGARDING CURRENT OR CLOSED ACCOUNTS, LIENS, AND/OR COURT-ORDERED OBLIGATIONS. WE UNDER-
STAND THATTOLL BROTHERS, INC, WILL RELY UPON Tills QUALIFICATION QUESTIONNAIRE 11'4 SELLING US A
,'AND WE AUTHORIZE SE~LER OR SELLER'S AFFI .LIATETO 0RDER!A CREDIT REPORT(S) TO D ETERMIH E
OUR CURRENT CREDIT WORTHINESS.
Buyer's Signalum
Sales Agent: Buyer's Signalur¢
To be completed by Seller; :
TOTAL INCOME $ MORTGAGE pROGRAM
$ MORTGAGE AMouNql $
Oplion.Prico $ Qualifying Income* $
Lot Premium $ Principal & Interest** $
Taxes $
Adjustments $ ,
TOTAL PRICE $ P.M.I. $
~l. Closing Cosls $ ltome Owners Assoc. Du~s $
TOTAL COST $ Monthly Hazard lnsuranc~ $
FronffBaek Ratios TOTAL
Loan to Value MONTHLY PAYIVlENT! $
Source o[' Fuuds *Qualification Ratio Assumed %
Sale of Present Itome $ , **luter~st Rate: % + % Cushim~
Proposed Moflgage $ "
Cash on Hand $ Guaranleed Resale
(51her' $ Broker Co-op
TOTAL $ . Referrql '
Pa.~e 2 of 2
Rev. I 1/97. WHITE- Divisional Office' CANARY - Cuslumer ~INK - S,ales Manager
EXHIBIT F
DISCLOSURE STATEMENT
THERE ARE RESTRICTIONS ON THE SALE OF THE
PROPERTY YOU ARE BUYING. EXCEPT FOR A
TRANSFER TO THE CITY FOLLOWING CITY'S EXERCISE
OF ITS OPTION TO PURCHASE, THIS PROPERTY MAY
ONLY BE SOLD TO AN "ELIGIBLE HOUSEHOLD" AT A
PRICE NOT TO EXCEED THE ADJUSTED RESALE PRICE
WHICH IS CAPPED AT AN "AFFORDABLE HOUSING
COST."
THIS MEANS THAT YOU MAY NOT SELL THE PROPERTY FOR MARKET
VALUE TO WHOMEVER YOU LIKE.
THESE RESTRICTIONS WILL BE IN EFFECT UNTIL 30 years from first signing of
this agreement. ANY SALE OF THE PROPERTY IN VIOLATION OF THE
RESTRICTIONS, SHALL BE VOIDABLE AT THE ELECTION OF THE CITY.
TO DETERMINE WHO AN ELIGIBLE HOUSEHOLD IS, AND WHAT THE
ADJUSTED RESALE PRICE AND AFFORDABLE HOUSING COST ARE, YOU
SHOULD CONTACT THE Housing Specialist OF THE CITY OF DUBLIN.
YOU SHOULD ALSO READ THE RESALE RESTRICTION AGREEMENT AND
OPTION TO PURCHASE RECORDED AGAINST THE PROPERTY. YOU MAY
OBTAIN A COPY FROM THE CITY OF DUBLIN OR FROM THE ESCROW
COMPANY.
I HAVE READ THE FOREGOING AND I UNDERSTAND WHAT IT MEANS.
BUYER BUYER