pf_02355 - Laserfiche WebLink

Home

area median gross income. The monthly rent payable with respect to these units cannot exceed 30% of 60% of the area median gross income which is presently $25,900 for a family of three. The present tenant income limitation ranges from $15,300 to $33,400 per household depending on family size. The present monthly rent limitation ranges from $574 for a two-bedroom to $655 for a three-bedroom unit. Rents do not include heating and electric costs. A tenant who qualifies under these income limitations when initially occupying the rental unit will continue to be qualified even though their income exceeds the ceiling limitations. All vacancies will be filled by only tenants with incomes at or below 60% of median. VBY CDBG FUNDIRG IS RlEDED Calibre Ridge Townhomes has been planned to provide Good 9uality housing with affordable rents that meet the low income housing tax credit program and Family Housing Fund guidelines. This creates a gap in financing since the first mortgage lender requires a 1.15 debt cover ratio thereby limiting the amount of debt that can be serviced. In addition, the syndication package has been presented to potential investors showing cash flow and depreciation benefits as well as tax credits as part of the investor return. Without investor cash flow the projected internal rate of return is lower thereby reducing potential equity. PROPERTY KANAGEKENT Twin Cities Housing Development Corppration will be the property management company. The site is designed to include a townhouse unit and site office for a resident manager to insure good responsive management for the community and Calibre Ridge residents. CORSTRUCTION!KARKETING SCHEDULES Construction is scheduled to begin in March/April 1992 with the duplex on Minnesota Street. It is anticipated that marketing will begin in late spring when the duplex is completed. Rent up and construction should be completed by late fall 1992. VBO BDJ:FITS Calibre Ridge is proposed to be set up as a lease-hold Co-op and all townhomes will be marketed to families with children. The financing sources require that rents be affordable to families at 60% of median paying only 30% of their income for housing. Residents will pay their own heat and electric. Keeping these considerations in mind, the propsoed rents are as follows: Calibre Comparable Estimated Scheduled Net Gross Rent I of , of Unit Monthly Market Including Bedrooms Units Size Net Rent Rents Utili ties 2 28 1,023 sq' $510 $634 $572 3 30 1,310 sq' $610 $813 $682 -3-