EXECU-TECH, INC. 101 Willow Grove Drive + Lincroft, New Jersey 07738 (732) 219-0628 cell (201) 725-1997 August 1, 2011 Brandy Forbes Director of Community Development City of Hoboken 94 Washington Street Hoboken, New Jersey 07030 Re: Workforce Housing at Metrostop Dear Ms. Forbes: “The City of Hoboken has engaged our services in order to market the remaining, workforce housing units at the Metrostop condominium complex. We initially advertised for the 5 workforce units in 2008. We received 51 applications for these units wisich were placed into & random lottery on 11/13/2008. All of the applicants were vetted according to the city’s adopted “Operating Manual.” This process resulted in the sale of 3 of the 5 workforce units. Our firm was requested to undertake the marketing process again, in 2011, in an effort to sell the remaining 2 units. Information about the program and how to apply was distributed to all municipal, school and Housing Authority employees. This marketing effort resulted in 16 applications that were placed into a lottery that was conducted on. 3/21/11. All of the applicants were notified, in writing and by telephone that they must provide all the documentation detailed in the “Operating Manual.” We were unsuccessful in getting any of the applicants to purchase the remaining units, The reasons for the inability to find buyers for the remaining units are as follows: 1) No longer interested 2) Unable to obtain a mortgage commitment; 3) Not income eligible. ‘There is currently one applicant (Donna Aleman) that is working with the developer in order to purchase one of the two remaining units. We have been verbally informed that the applicant has received a mortgage commitment.Itis our opinion that the current economic environment has severely lisnited the number of applicants that would be eligible to purchase these units, The severe restrictions placed on the units, coupled with a very difficult mortgage market have resulted in an inability to sell the remaining workforce units. Thave attached the following documents for your review: 1) Applicant lists for both marketing efforts; 2) “Operating Manual”-marketing requirements; 3) 2009 letter regarding initial marketing; 4) 2011 Applicant Notice regarding lottery. We diligently tried to work with the applicants in an effort to encourage interest and to assist them with working directly with the developer. These additional efforts still resulted in an inability to sell both units. Ttis our recommendation that the city reconsider its options with regards to these restricted units in light of the inability to sell the units. We remain available to meet with you in order to discuss your options. Please feel fice to contact me if you have any questions regarding this matter. With best regards, I remain Very jaaly yours, y President Enclose. Xe: fileLottery # 1 10 13 5 " 12 City of Hoboken Workforce Applicant List Applications recolved by 311741 by 4:00 PM vz at 3:00 PK Number Applicant Name/Address Phone # 1 Thiana Salvatierra 2 Albert Delgado 3 Marni Rosenblum 4 Donna Aleman 5 Dene Alison 6 Fran Mussara 7 Vanetla Rivera 8 Britten’ Tamborra 9 Anthony Diaz 40 Francis X. Azzarto 411 Alysia May Proko-Smickley 12 David Oilvera, Jr. 43 Maegen Alt 14 Joseph Cascatt 16 Dilip B. Soni 16 Maritza Emanue 26 Columbia Terrace 201 816 9578 324 Monroe St 201 862-5908 316 Jefferson StApt. 1R_ 201 798-4234 303 Jefferson St, Ant. 227 201 656-3638 501 Marshall Dr, 3A 201 683-768 201 420-2069 320 Garden St 201 663-4623 812 Grand Street 809 558.4897 1030 Washington St, #1 201 782-5109 680 Anderson Ave 201 803-4414 $43. Columbia Terrace 201 892-8528 217 Willow Avenue #4 201 518-7308 10 Church Towers #61, 335 Garden St, Apt. #7 201 420-1919 1121 Jefferson St w604 Round 2 Income $122,200.00 82,000.00 74,310.00 90,000.00 45,000.00 0,000.00 17,352.00 84,000.00 81,000.00 49,000.00 84,116.00 97,000.00 § 145,958.00 $92,000.00 3 22,416.00 8. 75,906.00 Family size pts GNARRO@GsaGR Rawson First-time Home