This letter to Hollister Mayor and Hollister City Council members was made public by CHISPA.
Dear Mayor and Councilmembers:
Thank you for supporting CHISPA’s development of Sunrise Senior Apartments by loaning the development $1,000,000 from your Low and Moderate Income Housing Fund and by directing $500,000 of Inclusionary Housing funds to us from the Marty Miller development.
I copied below all our funding sources, so you can see how the City funds relate to other funding sources: Bonneville Mortgage is a private mortgage company. The private equity funding of $12,226,940 is from Wells Fargo Bank.
The City is not the largest investor in this development, but your funding was critical, because you were the first to invest. Your funding leveraged all the rest.
Thank you and your housing staff for taking that first step with CHISPA and allowing this development to go forward. You had no idea if we’d be successful in our quest for tax credits, but you took a chance on us, and we appreciate it.
We also thank the Housing Authority of Santa Cruz for assigning our apartments Project-Based Section 8 subsidy. This subsidy will allow us to rent to extremely low and low-income seniors.
Now, I’m updating you about the leasing, which begins today, even though the building is not complete.
Because the Housing Authority is providing the rent subsidy, the leasing process begins with them. On March 5th, they are making available pre-applications. These applications must be returned to Housing Authority by March 19th.
At that time, a computer program will assign a random number to each application to determine the order in which the applications will be reviewed.
Please see the attached description of the leasing procedure. We assume people might ask you questions, so we wanted you to have this document to refer to. We will provide you with postcards that have application information on them. We hope you will hand out the postcards to anyone you think might be interested.
I also attached the pre-application. Please forward to people you think will be interested in applying.
We, of course, want as many local people as possible to live in Sunrise Senior Apartments. So, we will market the apartment building and the Housing Authority’s wait list locally as much as possible.
And, we hope that you will do the same – inform your constituents about the pre-application acceptance time of March 5 – March 19, and encourage them to apply during that two-week time period.
Thank you again to the City of Hollister for your support of Sunrise Senior Apartments.
President / CEO CHISPA
Application can be found at this link: https://benitolink.com/notices/waiting-list-open-sunrise-senior-apartmen...