MEMORANDUM FOR: Susan K. Zagame, Deputy Assistant Secretary for Policy, ATTENTION: Ross Kumagai, Director, Funding Control Division, HPFC FROM: Thomas T. Demery, Assistant Secretary for Housing, H SUBJECT: Section 8 Loan Management Set-Aside (LMSA) Discretionary Units Please process an assignment of funds from the Section 8 LMSA Headquarters' discretionary holdback for the subject project according to the attachment. The project's current Section 8 contract provides for subsidy on 91 units plus an additional 25 units by a special authorization of payments from HAP reserves. The 44 units initiated here will provide for 100 percent Section 8 subsidy in the project. Questions regarding this memorandum should be directed to Eileen Walker on 755-5654. Attachment with 85K wire.. 85k off of 265 12 for repous + put up a 4.0.7 to 24 month also I fees to be repaid immediately. 3 year repair period. 125 thou loc For the purpose of completing preliminary TPA approval on the Amy Jo Manor Apartment project, we propose the following based on our discussions: 1. 2. 3. Flexible Subsidy Loan - As required, $125,000 of the existing Development Repairs We have agreed to provide $320,000 for Deferred Principal Workout Agreement Dated November 1, 1986. We would propose that the Workout Agreement be assigned to the new ownership entity and extended for fifteen years from the date of transfer of ownership. We will agree to enter Real Property Services Corp. 1935 Camino Vida Roble Carlsbad, CA 92008 619/431-9100 Telefax 619/431-9156 |