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Developer Oakwood outlines timeline and budget for 102 housing project; seeks state Prop 123 funds and county support
Summary
Oakwood Homes representatives told commissioners they can self-fund and deliver the West Third/West Sixth housing project using modular construction, outlined a tight timeline to begin foundations this summer, and requested county resolution of support for a state Prop 123 request; presenters noted a large state-required contingency in the grant.
Oakwood Homes representatives presented a timeline, team and budget assumptions for the 102 housing project site to the Lake County Board of County Commissioners during the work session. County and housing-authority staff and the developer discussed next steps for permitting, scheduling and a pending state grant application.
What Oakwood said: Oakwood said it has assembled an experienced team (design, manufacturing and construction leadership) and is prepared to deliver modular homes sourced from Bonneville panels. Oakwood representatives said they can self-fund the vertical construction phase rather than rely on a construction loan, which Oakwood said shortens schedules and reduces lending-related risk. Oakwood also described a homebuyer-support program (homebuyer coaching and an affiliated lender) and work with state programs to buy down rates for eligible purchasers.
State grant request and contingency: Oakwood and county staff said they plan to apply for Prop 123 state funds to subsidize 14 lower-income units (Oakwood and county staff indicated a…
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