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As additional information, construction of the apartment complex is now nearly complete and <br />occupancy is expected in the next three months. The developers are seeking HOME funds now <br />to pay costs that were advanced to the project as noted in the attached letter. <br />FINANCIAL IMPACT: The County has allocated $300,000 in HOME Investment Partnership <br />Program funds to this project. <br />RECOMMENDATION(S): The Manager recommends that the Board reject this request at this <br />time. It may be worthwhile to re- evaluate at a future date the reasonableness of the 99 year <br />requirement and after further analysis modify that term to a shorter period. The 99 year <br />requirement may become a hindrance for future projects. Changing industry standards and new <br />regulations impacting financing of projects of this nature may reduce future projects. The 99 <br />year requirement may negatively impact the ability of developers to finance projects or refinance <br />existing projects to fund uplifts or remodeling costs. <br />