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Project Benefit: <br /> This project will allow all 16 units to remain on the Town's SHI and also provide LHA with five <br /> additional rental properties. Funds will also allow for much-needed capital repairs on the five <br /> units acquired by LHA. <br /> Funding Request: <br /> Total estimates for the project exceed $1.75 million of which $1,048,000 is requested in CPA <br /> funds. This includes the payments to existing co-op owners for new affordable housing <br /> restrictions based on appraisals of the current market value of the units with and without the <br /> restrictions ($703,687), the purchase of five rental units ($4,875) and their renovations <br /> ($323,438) and an estimated $16,000 in legal costs incurred by the Town. The remaining funds, <br /> approximately $700,000, will come from a loan from MassHousing and the Pine Grove Village <br /> co-op. <br /> 13 <br />