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Staff reports Lennar meeting compliance on Ridgeland workforce-housing sales; staff outlines monthly review process
Summary
City staff told council that Lennar is complying with the Ridgeland agreement that governs net sales price calculations for workforce housing, outlining a monthly review process that uses settlement statements and a custom template to quantify mortgage-interest credits.
City staff briefed the Kerrville City Council on Feb. 11 about monitoring and compliance for the Ridgeland subdivision sales agreement with Lennar, and described the monthly process staff uses to confirm net sales prices for workforce-housing units.
Staff member Julie (identified in the workshop as Miss Barrons) explained the city's interpretation of "net sales price" under the Ridgeland agreement and described how staff and Lennar use settlement statements and a shared compliance template to calculate incentives and mortgage-interest credits. "The agreement defines net sales price as any incentive or closing assistance that developer pays on behalf of the…
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