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.' Housing Finance Agency ""B ~,D¡t¡ . STATE OF MINNESOTA 8;P -:-;;\Office Memorandum w 1...1~'\..~~': ~ ~ July 10. 1992 -j( --- f ./J;JI»J"" "- Judy Karon ~ t ð, ,taJ..; Marv Te~ '11 ';::1, -_.. ~J 296-9835 --¡~. (Þu-tJ.v..~~ 0wIJ) Date: (~~, To: From: Phone: Subject: CALIBRE RIDGE, ROSEVILLE MHFA #92-012 14, f-tFi¡ )" 60 Z - l/11c..t:I~ /Sf4-µWcu ~k The following is a response to some of the issues raised in your memo. In addition, Jack Jenkins (296-9828) and Brenda Nieland (297-5136) will be able to address these issues or others at the meeting your staff set-up for July 14, or if you have further questions, give them a call. Development Size · The development was originally proposed as a 73 unit. three story apartment complex with 37 - 2BRs, 23 - 3BRs, and 13 - 4BRs when the developer requested Federal Low Income Tax Credits (LlHTC) from the Agency. The Agency denied the request, due to density issues. The developer, based on input from City of Roseville staff and Agency staff, reduced the number of units to 49 and changed from an apartment style plan to townhouses which is more in keeping with family housing. · This scale, 49 units and density 10.8 units per area. is within Agency guidelines for family developments. The Agency has financed 20 plus similar sized Section 8 developments in the Twin City suburbs from Edina to White Bear Lake. You are correct in that considering the scale of the development, the manager/owner needs to be sensitive to family oriented issues and our management staff will work closely with the owners in this regard. Tenant Income/Rents · The Agency requires that the unit rents be affordable to households with incomes at 50% of median income versus 60% of median as allowed for under the LlHTC Program. The currently proposed gross rent is $663. · The income limit, however, is 60% of median income as provided for in the Federal LlHTC Law, which is $27,500 for three persons, $30.600 for four persons, $33,050 for five persons, and $35,500 for six persons. ,Only the HOME regulations would require 20% of the tenants to be limited to 50% of median income. The LlHTC Program really is a moderate income program which, when used in conjunction with Section 8 certificates/vouchers, can provide a fair range of income eligibility. The average income for Agency financed suburban LlHTC developments including certificate holders is approximately $17,000 - $18,000 which is significantly higher than the average for Agency financed Section 8 developments which is $7,800.