Houston Apartments | Striking a Deal in a Competitive Market
Author: michael russell
Apartments here are numerous. But the challenge is securing the best one possible, especially in a city that has a high tenant turn over rate. In today's economy, it is important to make your apartment your home. That way you can avoid the high costs of moving often and settle into a routine that allows you to focus on the next chapter in your life. But there are always obstacles. Just be sure to prepare for them.
Watsonville will lend the owners of a Rodriguez Street apartment complex $1.2 million to purchase the city-owned land underneath the buildings.
The City Council approved the deal on a 6-1 vote Tuesday after the owners of Evergreen Apartments agreed to make more of the units available to low-income residents, to pay some interest and to freeze rents for two years.
"I'm really pleased with how the far the property owners have come to address our concerns," said Councilwoman Kimberly Petersen.
The original proposal, designed to keep the complex as affordable housing for 55 years, called for lending $1 million in redevelopment housing funds and $235,000 from the city general fund interest free toward the $1.4 million purchase price. Under the plan approved Tuesday, the city will earn 1 percent interest on the general fund loan, and 1 percent on the redevelopment loan for the first 15 years of the 35-year repayment period and 1.5 percent for the remaining 20 years.
In addition, the number of units available to low-income families - a family of four can make no more than $74,000 - increases from 5 to 19, more than half the 37 units.
Councilman Emilio Martinez said he reluctantly supported the deal because the city's general fund, which is facing a $4.5 million deficit, will immediately gain $1 million from the sale proceeds, less the $235,000 it will lend to the owners.
So there you have it, Houston is on the move. But if you are prepared and working with an apartment professional, you can gain a step up on the competition.
MIchael Russell writes about a variety of subjects. This article discusses Houston apartments. For more information, visit Apartment Finder.
Watsonville will lend the owners of a Rodriguez Street apartment complex $1.2 million to purchase the city-owned land underneath the buildings.
The City Council approved the deal on a 6-1 vote Tuesday after the owners of Evergreen Apartments agreed to make more of the units available to low-income residents, to pay some interest and to freeze rents for two years.
"I'm really pleased with how the far the property owners have come to address our concerns," said Councilwoman Kimberly Petersen.
The original proposal, designed to keep the complex as affordable housing for 55 years, called for lending $1 million in redevelopment housing funds and $235,000 from the city general fund interest free toward the $1.4 million purchase price. Under the plan approved Tuesday, the city will earn 1 percent interest on the general fund loan, and 1 percent on the redevelopment loan for the first 15 years of the 35-year repayment period and 1.5 percent for the remaining 20 years.
In addition, the number of units available to low-income families - a family of four can make no more than $74,000 - increases from 5 to 19, more than half the 37 units.
Councilman Emilio Martinez said he reluctantly supported the deal because the city's general fund, which is facing a $4.5 million deficit, will immediately gain $1 million from the sale proceeds, less the $235,000 it will lend to the owners.
So there you have it, Houston is on the move. But if you are prepared and working with an apartment professional, you can gain a step up on the competition.
MIchael Russell writes about a variety of subjects. This article discusses Houston apartments. For more information, visit Apartment Finder.
Article Source: http://www.a1articles.com/article_949598_15.html