Responses to Committee Questions
FHCHI Answers to Questions re. Expedited Application
Need for extra $30,000
Purchase and Sale agreement : $320,000 to be closed 3/15/ 2011
Monies available: CPA $120,000
FHCHI $ 75,:000
CCRI $ 75,000
$270.000
Potential Grant from Charlesbank Homes : $50,000 (timing of decision unknown)
Recovery Grant Fund: Goal $30,000 ($8,000) fund opened 1/31/11)
FHCHI potential loan $20,000 (from current funds)
Or
Mortage for balance
Time Frame
Proof of available monies: 2/28/11
Closing of sale: 3/15/11
Deed to GANDARA 3/15/11
Construction and Renovations: 5/1/11- 6/30/11
Furnishings: 5/1-6/30
Tenant Selection & occupation 6/1/11 -, 7/1/11
Property
15-17 Maple Avenue is a duplex, 2 units each with 3 bedrooms, living-room kitchen and
bathroom. Currently 1 unit is empty and 1 occupied by graduate students, lease ends
5/15. GANDARA is willing to assume ownership of occupied unit until end of lease.
Building inspection report is available. Purchase agreement includes various provisions
such as
The duplex requires a new roof, firm estimate of $15,900 to be undertaken at buyer’s
expense. GANDARA will undertake remaining renovations.