1.
Approval be
given to the group to obtain secondary financing to undertake the
necessary repairs.
PROS
- Project improvements will be
realised therefore improving the health and safety of
tenants and protecting the assets of the housing corporation.
- Costs associated with the secondary financing will not jeopardise the
project's
viability.
- The Board of Directors has approved the 2nd mortgage financing and
debt service.
- our office's inspection reports support this repair work.
CONS
- None, repairs are required.
2. Reject
group's request. This alternative is not recommended.
The project requires the repair work and has the capability to
carry additional debt load.
PROS
- None.
CONS
- the Board might resign,
leaving the project without management.
- building will deteriorate further, thus increasing the cost of
repairs if done later.