HomeMy WebLinkAbout2009-10-17 Correspondence from Andrew James {
Andrew James
1348 Jasmine Place
Arroyo Grande, California 93420
October 17, 2009
Mr. Steve Adams, City Manager
City of Arroyo Grande
214 East Branch
Arroyo Grande, California 93420
Re: 1348 Jasmine Place, Arroyo Grande
Dear Mr. Adams:
This is a follow-up to my letter dated August 1, 2009 regarding the above-mentioned
property. As you know, the undersigned purchased said home under the City of Arroyo
Grande inclusionary housing program in 2005 and last year I was transferred by my
employer to the San Diego area. I have unsuccessfully attempted to sell the property for
over a year. I have been paying rent in San Diego and paying full housing costs in
Arroyo Grande. I am no longer able to pay double housing costs.
I am appreciative that the City Council of Arroyo Grande amended their policies with
respect to the inclusionary housing program with respect to the allowance of closing costs
in a sale transaction or by allowing these homes to be rented at market rate for those
owners who can afford to keep their house. However, my dilemma is that I am unable to
find a buyer that will pay enough for the property to pay off my loan and closing costs. If
I rent the property out, I will have a negative cash flow of over$500 per month (not
including repairs), which I cannot afford. My only alternative at this point is to let the
property go to foreclosure or request that the City of Arroyo Grande release it from the
program to allow me to find a financial partner to participate in keeping the property as a
rental unit.
I would like to again respectfully request that the City of Arroyo Grande either purchase
the property from me at the cost of the encumbrances or release it from the inclusionary
housing program without a payment to the city so I can find a financial partner to hold
the house until the market improves.
Please consider my request at your earliest convenience. You are hereby authorized to
discuss this matter with my agent, Dennis Allan. Thank you for your consideration.
Very yo.,..1ss,
Andrew James