HomeMy WebLinkAbout1994-09-07 Reading Housing Authority MinutesTenant Selection
Reading Bear Hill Limited Partnership ( RBHLP) shall notify the Reading Housing Authority
(RHA) in writing, at least sixty (60) days prior to vacancy, of the availability of any Affordable
Units designated for rental.
RHA shall send eligible applicants from its waiting lists to RBHLP for screening and selecti
n of
tenants by RBHLP, and RBHLP agrees to comply with all federal and state laws and regulations
regarding non - discrimination in housing. RBHLP shall select tenants from among said
applicants referred through RHA's waiting lists for said designated Affordable Units.
In the event that RHA does not have, or is unable to refer, eligible applicants on its waiting
ists,
then RBHLP may fill said vacancy from its own list of applicants, but all of said applicants
nust
be certified for eligibility by the RHA. Income eligibility for all applicants for said designai
ed
Affordable Units shall be based upon the then current Section 8 Program very-low income 1
mits.
The Sale Price of Affordable Units shall be determined as follows:
a) Units conveyed to the RHA pursuant to agreement shall be for no
and without any costs.
b) The following units will be made available and sold to purchasers whose
Incomes do not exceed 100% of Boston PMSA Median Income:
(1) Seven (7) 2- bedroom units will be sold for the total sales price of
$108,000.00 per unit;
(2) One 0) 3- bedroom unit will be sold for the total sales price of
$127,000.00.
c) The following units will be made available and sold to purchasers whose
Incomes do not exceed 80% of Boston PMSA Median Income:
(1) Two (2) 2- bedroom units will be sold for the total sales price of
$72,000.00 per unit.
(2) Two (2) 3- bedroom units will be sold for the total sales price of
$78,000.00 per unit.
The RHA shall determine the qualifications and eligibility of purchasers of said Afforc
The Sale Price of units referred to in Paragraphs "b" and "c" above shall be adjusted by the
Boston Consumer Price Index for All Urban Consumers (CPIU) as published by the Bureau of
Labor Statistics of the United States Department of Labor. The Sales Prices listed in Paragraph
"b" and "c" above shall be adjusted by multiplying said Sales Prices by a fraction of which the
denominator shall be the Boston CPIU for the month of September 1994 and the numerators a
be the Boston CPIU for the most recent month for which the Boston CPIU has already been
published immediately prior to the date of closing, but in no event shall the numerator be
represented by a Boston CPIU date later than March 1998. In the event that the Boston CPIU is
not published in a given month, then the closest month immediately preceding same, for which
said Boston CPIU is published, shall be the Index date used. If the Boston CPIU is no longer
compiled or available due to discontinued use, then the Index most nearly approximating and
representing same shall be used.