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Home My WebLink About28739 / 77-320 0 March 17, 1977 ',`-32 RESOLUTION INITIATED BY: OSHKOSH HOUSING AUTHORITY & COb'IIVIUNITY DEVEI,OPMENT PURPOSE: APPROVE SPECIFIC CONDITIONS FOR HOUSING FOR FLDERLY PROJECT ��iEREAS, the Wisconsin Housing rinance Authority has approved the app?ication of the Oshkosr Housing Authority for a Section 8 Housing Project G.r�n�� for the Elderly, and ti+7HEREAS, this approval is subject to certain cpecial conditions wh?ch must be ful.f.illed by the Oshkosh Housing Authority, and WHERraAS, thes:� conditions are incor�orated herein and attached h�reto and include a resolution determining financial feaswbility for the Oshkosh Eldexly Housing f.rom the �9isconsin Housing Finance �uthority datPd Febru�ry 25, 1977 and a letter from the �Visconsin Housing Finance Au-thori�_y dated March 7, 1977 to bir. John Franzen of the Oshkosh Housing Authority, and WFiEREAS, the Oshkosh Housing Authorit� has anproved said cc�nditions arcl rec�uests the Common Council to adopt a resolution ar�proving the special conditions, NO�v, THEREFnRE, BE Ii RESOLVED by the Common Counc�.l of �th� City of Oskosh tha� th� special conditions sha11 be cornplied with pursu=�nt to the Wiscor_sin H�using Finance Autho.�ity's re�olution dated February 2�, 1��77 t��eth�x with it.�; �Et�� da�ec� r�'arch i, ;.977 �:.o t.hE� Os��k��sh ��r. � �n� Au �:Y:or i �ty . IIE IT FUR.TH�� RESOLVFD that the susn of $20,000.00 1-,� transfercd from tne Conti.rzger.cy Fund, i�ccoLint No. 095 690 to the Housing Au4hority, Accour�� No. 079 69U for th� purpose of carryin7 ou� the condi.tions of the ��7�_sr-on �in Housing Fin :nce �uthority, sp�cifically hut not l.i.rnited to: sc�.l borings, cE�rti�ied property survey, a��praisal_s f.�r an �iclditional pa�cel of land ta provide ad��quac.�� par}cing �nd gr�en ar.�a, and ii.nal api�lication fee. .' J i _ �—� � � �� s C Y .^�, �„�' �,•', `'n,•.r+l�� k ��cr ��d D George Execu;we D�rector March 7, 1977 Wisconsin Housing Finance Authority Mr. John Franzcn Housing Authority of the City of Osl�kosh 100 Court St. Oshkosh, WI 54901 Re: Oshkosh tlousing Oshkosh, WI WHFA �212 Gentlemen: for Senior Citizens The Nisconsin Housing Finance Authority (the "Authority") is pleased to advise you that it has determined mortgage loan feasibility as to the captioned proposed housing development at its meeting of February 25, 1977 on the basis of your Application dated January 10, 1977 and in accordance with the analysis and recommendations of the Authority's Executive Director. I enclose for your records the following: A copy of the financial analysis (WHFA Form 100 Project Cost and Income Analysis) of Total Replacement Cost, Rent Schedules, and Total Development Expenditures upon which the Authority's determination of Mortgage Loan Feasibility is based. A certified copy of the Authority's Resolution Determining biortgage Loan Feasibility for the subject housing development. The Authority would be pleased to receive your Application for a mortgage loan as to the subject housing development, based on and consistent with the conditions and parameters of this Mortgage Loan Feasibility Acceptance Letter. As provided in the enclosed Resolution Determining Mortgage Loan Feasibility, the Authority's determination o£ mortgage loan feasibility and this Mortgage Loan Feasibility Acceptance l.ettcr are subject to all established Wisconsin Housing Financc Authority rcyuiremcnt.�: :�nc1 t�, :,ny nn�l r,11 t�r��ll��ahl� il�t�� inations and evaluations issuc;d or u�adc witt� rc;spect to the �rupos�d h�usin� James Wilson Plaza. Suite 300 • 1 31 Wegt Wil�on Slr�et • M��fiq��, Wfvc�nqln 537n3 • T�,le��t��ne A(1H/7�fA-7(1i11 . _ ... ,� a � 3 development by governmental agencies of instrumentalities or other entities. concerning the project, the effects of the proposed housing development on the environment as evaluated pursuant to the Federal National Environmental Policy Act of 1969, HUD regulations promulgated in implementation thereof and the Guidelines of the Council of Environmental Quality, and Circular No. A-95 issued by the Office of Management and Budget of the Executive Office of the President, as revised. This determination of Mortgage Loan Feasibility and the Authority's Mortgage Loan Feasibility Acceptance Letter shall be subject to the following special conditions: 1. �pproval by HUD of the Section 8 proposal and contract authorization in an amount acceptable to the Executive Director. 2. All conditions of architectural review and submission of soil borings. 3. bianagement plan subject to WHFA approval. 4. Builder subject to AIHFA approval. 5. Completion of feasibility submission. 6. Obtain control of additional parcel of land to provide adequate parki.ng and green area. 7. Approval of a City sponsored and financed neighborhood improvement program prior to commitment. 8. Feasibility submission for a family liousing development prior to commitment. This Mortgage Loan Feasibility Acceptance Letter shall remain valid and effective for a period of six months from the date hereof and shall terminate upon the expiration of such period unless renewed or extended by the Executive Director for good cause shown. This Mortgage Loan Feasi�ility Acceptance Letter shall not become effective unless the accompanying duplicate copies hereof are returned to the Authority within fifteen (15) days hereof, with acceptance endorsed thereon by your signature or the signature of your authorized representative, evidencing your agreement that the Authority shall have a right of first refusal with respect to any application by you for a mortgage loan relating to the subject housing development made or initiated during the term of this Mortgage Loan Feasibility Acceptance Letter. Acceptance of and compliance with the terms of this feasibility letter do not gua:antee a loan co�itment. Loan commitment is conditioned s��s tn tirn�, rnta and anaimt upon the Authority's ability to raise funds through the issuance uf tax exempt bonds and notes. � �3 a- 9 If you have any questions or comments concerning this matter, do not hesitate to contact Ffr. Richard D. George, the Authority's Executive Director. Sincerely, WISCONSIN HOUSING FINANCE AUTHORITY Richard D. George -`,` Executive Director Accepted this day of By: /kaa Enc. a 19 � � � � z� . � � �� :. :- a�..� •-� t� r�,•�,,�;�. E�r,'. ,t.rr. p�.CG;G� Wisconsin Housir.g Finance Authority fZf:SOI.U'I'lOt� U1:`1'i;R�tINING FTNANCIAL FCASIBILITY OSIIKOSII L-;LD�RI,Y tiOUSING OSH}�OSfI, IVISCONSIN tti�;�REAS, the �`isconsin Ffousing Finance Authority (the "Authority") i s �i�; horj �cd undcr Src . 23�! . Q3, LVi 5. ;tuts ., to m:ikc mortga�c loans to ytial�t'i��1 �evclui>�;�c:nt cc,r1��r:itio�is; �i�icl ��:HcREAS, an Application for hiortgage Loan Fcasibility has been filed �.:ith ±he .4uthority by 7'he City of Oshkosh liousing Authority, a public Lod�� ur�orate and politic create�l and existing ptirsuant to Section 6G.40 liis. Stats. , for a i:ousin� devclopmc�it to be located in the City or dsi:::osh, State of l�'isconsin, having a total estimated replacement cost of Three :�tillior., One 1{uncirecl 'Chousand I=our !-lundred Dollars ($3, 100,400) and a total est:;�ated m,iximwn mortga�e loan amount of 'fhree Million One ilund;�c�1 �"hoi�sancl I��iir Ilundi•ecl I�oll;irs (g3,]O0,�'100j (hereinafter referred to as tlie "Application of the Api�licant"); and � 3a- �•:i;L'RFA�, the IJni t�cl States Department of Housing and Urban Development has a;�t;�ari�ec: subsidy funding under 5ection 8 ior housing to be developed by th� '��isconsin Housing Finance Autl�ority; and . �ticiERE:;S, the Executive Director has forwarcled to the Authority ]Zis anal�•sis of tt�e �'1�piication ancl his recommendations with respect thereto; and 1tiHf:f:EAS, the ��uthority has considered the Apl�lication in the light of the ,�uthority's develo�ment mortgage loan feasibility evaluation factors; ':Ot��, TIiEREFQRE BE IT Rf:SOLVEU by the Wisconsin Housing Finance Authority as iol lotitis : 1. It is hereby deterrnined that: (aj T3ie proposed housing development will provide hausing for Pcrsons and f.�ini l i es of low atld moder�tc income. (b) 'The applicant is recisonaUly expected to be able to achi�l�e_ — --- successful cor�pletion of the p�oposecl housing development. �;c) 'The proposed housing development will meet a social need in the area in �ti�hicli it is to be locatecl. �. "; }ic proposccl I�ouSir��; clevcl c�I�rncnt }�c ancl is hcreby cletcr►ni ncc] to hc t�casiblc for a r�c�rt�:ific lu��n c�n tli�� t.crm: rin�l c�crnclitic,ns sct ft>rtl7 ir; t}le T;ort�;a��,c i.orin t�cas it,i 1 i ty I�c�l;oc•1 ut� t.hc I;x��cu� i vc; lii ri.c�t r,�t� l:resented to tlle l�ieeting and i.r�cor��oratecl in the /luthori ty's Mc�rt F;r��f�; L�an Feasi�iiit}� �+cceptan:.•e I,ettcr, �,»hjc�ct tr, :�ny ;�►��I ,►1] riJ,��lir;�l,l�•. Q�'�3ZIT.1: �.itIGP.J �Sr�Cl �'VillUs3ti�lfli� !."i:�ilC:cl C�7' i{�::'�� 'rl! t,�i !'C!,j�1t(:1 iO �.�1<' y_''G705CC housing dcvelop.,�cnt by �;ovcrninent�il a�enci cs ur i nstru- � James Wilson Riaza. Sui:e 300 • 1 31 West Wilson Strcet • Plfadison, Wisconsin .53703 • TFrlephone 6Qt�/?.68-7t384 r;entalities or ot}rer entities having jurisdiction concerning the Projcct, nc� cffccts of thc propo��cl housin� devclopment on the environr�ent as evaluatccl Pursuant to the Pederal National Environ- mental Policy ��ct of 19G9, 11UD Regulations promulgated in implementation thereof, and the Guidelines of the Council on �nvironmental Quality, and Circular I�o. A-95 issued by tlle Office of Management and Budget of the Executive Office of tlle President as revised. 3. The Authority's Executive Director be and he hereby is authorized to issue to t}ie ,\Pplicant tllc Autliority's �1ortgage Loan Peasibility ?leceptance l,etter arid to invite t}�e npplicant to fi.le with the �1utl�ority an rlpPlication for htortgage I,oan based on the terms, corlaitions ancl paraneters of such hlortbagc Loan Feasibility Acceptance Le�tter. 4. This determination of �lortgage I.o�in Feasibili.ty a�id t}ie Authority'S �tortga�e I.oan Fe�sibility Acce�tance Letter shall be subject to the fO110W1T1b' s�ccial con�iitiotrs: a. Approval by I�UD of the Section 8 proposal and contract authorization in an amoimt acceptable to tlie L'-xeciitivc Director. b. All conciitions oC architectural review anci submission of soil L-orings. c. �",anager�ent plan subject to ti1'1iFA approval. �� e Bui lder sub j ect to �til-IFA approval . Completion of feasibility submission. f. Obtain control of a�lditional parcel of lanci to provide adequatc parking and bree�i arca. g. Approval of a City sponsoreci and financed neighborhood improvement gro�ram prior to commitment: h. Feasibility submission for a iamily housing development prior to comr.�itment . S. ,'lccel�tancc of ,�ncl com}�l iancc with the tcrms of this feasibility letter do r:ot gu�rantee a loan cumrnittnent. I.oan commi.tment is Conc]itioned 3�. to time, rate ancl amount upon the Authority's ability to raise funds through the issuance of tax exempt bonds and notes. . --.----------- I,,�, _ � �_� =�.. 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