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pf_02355
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Last modified
7/17/2007 11:48:43 AM
Creation date
12/8/2004 11:10:09 AM
Metadata
Fields
Template:
Planning Files
Planning Files - Planning File #
2355
Planning Files - Type
Planning-Other
Address
2231 RICE ST
Applicant
DUFFY DEVELOPMENT COMPANY
Status
APPROVED
PIN
122923440027
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<br />area median gross income. The monthly rent payable with respect to these units <br />cannot exceed 30% of 60% of the area median gross income which is presently <br />$25,900 for a family of three. The present tenant income limitation ranges <br />from $15,300 to $33,400 per household depending on family size. The present <br />monthly rent limitation ranges from $574 for a two-bedroom to $655 for a <br />three-bedroom unit. Rents do not include heating and electric costs. <br /> <br />A tenant who qualifies under these income limitations when initially occupying <br />the rental unit will continue to be qualified even though their income exceeds <br />the ceiling limitations. All vacancies will be filled by only tenants with <br />incomes at or below 60% of median. <br /> <br />VBY CDBG FUNDIRG IS RlEDED <br /> <br />Calibre Ridge Townhomes has been planned to provide Good 9uality housing with <br />affordable rents that meet the low income housing tax credit program and Family <br />Housing Fund guidelines. This creates a gap in financing since the first <br />mortgage lender requires a 1.15 debt cover ratio thereby limiting the amount of <br />debt that can be serviced. In addition, the syndication package has been <br />presented to potential investors showing cash flow and depreciation benefits as <br />well as tax credits as part of the investor return. Without investor cash flow <br />the projected internal rate of return is lower thereby reducing potential <br />equity. <br /> <br />PROPERTY KANAGEKENT <br /> <br />Twin Cities Housing Development Corppration will be the property management <br />company. The site is designed to include a townhouse unit and site office for <br />a resident manager to insure good responsive management for the community and <br />Calibre Ridge residents. <br /> <br />CORSTRUCTION!KARKETING SCHEDULES <br /> <br />Construction is scheduled to begin in March/April 1992 with the duplex on <br />Minnesota Street. It is anticipated that marketing will begin in late spring <br />when the duplex is completed. Rent up and construction should be completed by <br />late fall 1992. <br /> <br />VBO BDJ:FITS <br /> <br />Calibre Ridge is proposed to be set up as a lease-hold Co-op and all townhomes <br />will be marketed to families with children. The financing sources require that <br />rents be affordable to families at 60% of median paying only 30% of their <br />income for housing. Residents will pay their own heat and electric. Keeping <br />these considerations in mind, the propsoed rents are as follows: <br /> <br /> Calibre Comparable Estimated <br /> Scheduled Net Gross Rent <br />I of , of Unit Monthly Market Including <br />Bedrooms Units Size Net Rent Rents Utili ties <br />2 28 1,023 sq' $510 $634 $572 <br />3 30 1,310 sq' $610 $813 $682 <br /> <br />-3- <br />
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