City of Berkeley and Bayer Corporation - Bayer Healthcare ...
City of Berkeley and Bayer Corporation - Bayer Healthcare ...
City of Berkeley and Bayer Corporation - Bayer Healthcare ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Affordable housing<br />
CommunIty suppoRt<br />
“ The program objective is to increase the supply <strong>of</strong> permanently affordable housing, in the<br />
city <strong>of</strong> <strong>Berkeley</strong>, by 21 units with an average size <strong>of</strong> two bedrooms . . . for a total not to<br />
exceed $615,413.”<br />
Over the first ten years <strong>of</strong> the Development Agreement, <strong>Bayer</strong> paid a total <strong>of</strong> $884,140<br />
to the <strong>City</strong>’s Housing Trust Fund. No further payments were required after 2002.<br />
The funds were used to increase affordable housing throughout the city—with at least<br />
50 percent earmarked for West <strong>Berkeley</strong>—through the provision <strong>of</strong> two first-time<br />
homebuyer’s loans, three mortgage interest subsidies, <strong>and</strong> the rehabilitation <strong>of</strong> four<br />
existing homes to provide housing for individuals including very-low-income developmentally<br />
disabled children <strong>and</strong> homeless families.<br />
43
Change language