HomeMy WebLinkAboutAmendment of Exhibit B to the Affordable Housing Agreement JULIE RODEW, D NB
San Luis Obispo Codll[Y ClerWRecorder 8/10/2006 at
This document is recorded for the benefit of the Publics the request of 4:42 PM
,'City of Arroyo Grande and is exempt from
frecording fees pursuant to Government Code D 0 Cif : 2006056710 Titles: 4
Sections 6103 and 27383. s: 1 Pages:
11111111 IIIIIIIIIIIIIJf III JIIIIIIIH Fees 0.00
RECORDING REQUESTED BY: Taxes 0.00
City of Arroyo Grande Others 0.00
PAID $0.00
WHEN RECORDED MAIL TO:
City of Arroyo Grande
City Clerk's Office
214 East Branch Street
. 'P.O. Box 550 Space above reserved for use of County
Arroyo Grande, CA 93421 Recorder
Amendment of Exhibit B to the Affordable Housing Agreement
between the CITY OF ARROYO GRANDE, a municipal
corporation (the "City ") and SPANISH OAKS, LLC, a Limited
Liability Company (the "Developer ") recorded April 7, 2006 in the
San Luis Obispo County Recorders Office as Document number
2006024586.
IN WITNESS WHEREOF, this amendment has been duly executed by the
undersigned as of the date set forth below:
City:
St a Adams, Manager
STATE OF CALIF + O + R IA )
J4 111U 13- )ss
COUNTY OF afichfrettrteetSfte)
On 2006, before me, SEE fFTrActFEb 1. 00secEtriRcam'
personally appeared STEVE ADAMS, personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person(s) whose name(s) is /are subscribed to
the within instrument and acknowledged to me that he /she /they executed the same in
his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the
instrument the person(s) or the entity upon behalf of which the person(s) acted,
executed the instrument.
WITNESS my hand and official seal.
Developer:
Eileen Dickey, Managin ember Spanish Oaks, LLC
STATE OF CALIFORNIA )
San ci Earbariss
COUNTY OF I
On '3 / a 1 O (r , 2006, before me, Rhoda A . Ca 1-4-e r
personally appeared EILEEN DICKEY, personally known to me = - - - - - - . -
to be the person(%) whose name(%)g'. re subscribed to
the within instrument and acknowledged to me that he they executed the same in
his63/their authorized capacity(ies), and that by his their signature on the
instrument the person) or the entity upon behalf of which the person(%) acted,
executed the instrument.
RHODA A. CARTER
WITNESS my hand and official seal. A R COMM.11549991 m
0 /� I �►..� in i f. ""81 Notary Publk -0flmnb N si
m tY SANTA B RU/1 1,1009
Exhibit B
MAXIMUM ALLOWABLE SALES PRICE CALCULATION FOR MODERATE
INCOME UNIT
The maximum allowable sales price calculation for a moderate - income unit shall be
based on the affordable housing standards issued monthly by the San Luis Obispo
County Department of Planning and Building. As of July 3, 2006, the sales price for a
moderate income 3- bedroom unit was $261,131. The prevailing interest rate used to
calculate the maximum allowable sales price shall be determined by the City at its sole
discretion. Below are the steps to calculate the maximum allowable sales price. The
price of the unit shall be determined at the time of sale.
1. Determine the annual Arroyo Grande Moderate or Lower Income Limit for a
household size that is one person larger than the number of bedrooms in the
affordable unit;
2. Multiply the income limit determined in the previous step by thirty percent (30 %)
to obtain an annual housing allowance of thirty percent (30 %) of income;
3. Divide the annual housing allowance determined in the previous step by twelve
(12) to determine the monthly housing allowance;
4. Using a standard amortization table or formula, calculate the loan amount that
can be repaid over thirty (30) years with equal monthly payments equal to the
monthly housing allowance using the prevailing interest rate for thirty (30) years,
and assuming a fully amortized fixed rate mortgage; and
5. Divide the loan amount calculated in the previous step by 0.95 to determine the
Maximum Allowable Sales Price assuming a five percent (5 %) down payment.
Affordable Housing Agreement August 2006
Spanish Oaks
...
CALIFORNIA ALL - PURPOSE ACKNOWLEDGMENT
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personally appeared ;
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i< ICELLYWE1M0EE to be the person(s) whose name(e} is/are..
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, NoloiY acknowledged to me that he /sgeftkey executed i
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7� the same in his /kerft#teiF authorized
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IN Cam. Expos Feb 3. capacity(ies), and that by his/her/tlieir
signatures) on the instrument the person(e), or
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WITNE my hand and offi ial seal.
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Place Notary Seal Above ig ure of Note Public Y2
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4 Though the information below is not required by law, it may prove valuable to persons relying on the document 5
and could prevent fraudulent removal and reattachment of this form to another document
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