RSG has partnered with the City of Cypress to assist with the loan processing of the 50 below-market-rate units. The Project is restricted by land use covenants and must sell 50 units at an affordable sales price to purchasing households at moderate income levels. RSG has assisted the city with drafting the Covenant Agreement for this project. RSG has also administered the set-up of the eligibility guidelines, loan application, housing cost estimate for the approved affordable sales price, and pre-approval memo. In this role, RSG pre-underwrites loans based on the borrower’s income and asset eligibility for the approval of the maximum purchase price, including the ratio determination of housing and income. RSG also assists the City with the preparation of loan documents and coordinates the closing of escrow (or transaction) with the mortgage lenders, escrow office, and title company.
