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pf_02355
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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 />Page 2 <br /> <br />t <br />f <br />L <br /> <br />J <br /> <br />· Under the Federal Tax Credit and Agency programs, the tenant is ll.Q1 required to move if they <br />become over income. Note: Currently, there is a conflict between HOME and LlHTC regulations <br />on this general requirement which Congress is currently addressing with the LlHTC regulation <br />likely taking precedent. <br /> <br />Persons Per Unit <br /> <br />· Neither the Agency or LlHTC programs require a minimum number of tenants per unit, though <br />the intent is to provide family oriented housing. Currently, the LlHTC family portfolio is averaging <br />approximately four persons per unit. <br /> <br />· I assume the five person per unit minimum figure is based on the HOME requirement for new <br />construction developed under the special need category. If this is true, the requirement is only <br />that the unit be initially occupied by families of five or more. <br /> <br />StructurinQ the Development to be Partially Assisted by HOME Funds <br /> <br />· Due to the more restrictive HOME requirements (Le. 20% at 50% median income limit and <br />minimum five or more person occupancy) it may make sense to have the HOME funds subsidize <br />only 15% - 25% of the development. <br /> <br />HOME Loan vs. Grant <br /> <br />· Whether Ramsey County structures the HOME funds as a loan or grant is their decision, the <br />Agency allows for subordinated loans under its programs. <br /> <br />· Loans which require monthly or annual payments out of development cash flow, other than <br />developer return (if available) will require the Agency's mortgage to be decreased accordingly. <br /> <br />Currently, the development will be re~e~ving funds from f <br />programs. -tMJ ; If 1ft <br />- . A I W V-J\fII <br />-J fhNew Construction Mortgage Program" <br />-New Construction T~x Credit Bridge Loan Program _ <br />Low Income Large Family Loan <br />Federal Low Income Housing Tax Credits <br /> <br /> <br />.j\ s.H f )o~ <br />ncy administered <br /> <br />"""--4<eJ ò/IJ <br />1 ,336,030 ~::e lÍo".c Ai -4 ffaJ¡J <br />7'~~g:ggg-j ;oyT ÿ lrPþM <br />357,093/annually <br /> <br />Agency Program Resources <br /> <br />') (j t:r J ,('0 <br />~ /' lrz>C ) ?) ()6 ,r- <br /> <br />GAf <br />
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