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)pe(.,ng incoroe. losS and credit reported on the annual federal Incoroe ta" eturn will be allocated 99% to the llroited partner and 1 % to the general partner. It'S antiCipated that the proiect will qualitv for the loW incoroe housinl¡ t~" credit provided bV the Internal Revenue C?de. G~n~r~IIV. a de:"el,?proent qualltvlng tor the loW incoroe ta" credit is occupied bV ,ndIV,duals with Incoroes beloW a certain percentage of the applicable area roedian groSS incoroe throughout a 35 Vear comp\\ance per\od. speciflcallV. to satisfy this occupancY requireroent 100% of the vacant unitS in the developroent will be rented to individuals with incoroes equal t~ or less than 60% of the area roedian groSS inCOroe. The roonthlV rent pavable with respect to these unitS cannot e"ceed 30% of 60% of the area roedian gross. incO"'" ~':'iC~ is presentlV $25,900 for a faroilV of three. The present t~nant Inco,!,e I~roltatlon ranges froro $15.300 to $33.400 per Musehold depending on farollV size. The present roonthlV rent liroitation rangeS froro $574 for a tVl/O_bedrooro to $655 for a three-bedrooro unit. Rents do not include heating and electric costs. A tenant who qualifiés under theSe incoroe IiroitatiOns when initiallV occupying the rental unit will continue to be qualified even tMUgh their incoroe e"ceeds the ceiling IiroitatiOns. All vacancies will be filled bV onlV tenants with incoroes at or beloW 60% of roedian. . ( pl\OPERTY MANAGEMENT Twin Cities Housing oeveloproent corporation will be the property roanageroent coropanV' The coropanV resuroe is enclosed. The site i~ designed to includ~ a townMuse unit and site office for a resident roanager to Insure good responsive roanageroent for the cororounitV and calibre Ridge residents. CONSTRUCTION MAR\(ETIN construction is scheduled to begin in late winter with the duple" on Minnesota Street. It is antiCipated that roarl<eting will begin in late spring when the duple" is coropleted. Rent uP and constructiOn sMuld be coropleted bV earlV fall 1 ~~92. CHEQULES Ca\\bre Lenders comparab\e schedu\ed Max\mUm Apartment l # of # of Unit MonthN A\\Owab\e Market ~ ~ ~ ~ ~ ~ 2 28 ,,023 Sq' $510 $574 $590 3 30 1,310 Sq' $610 $655 $770 ~ Calibre Ridge is proposed to be set UP as a lease.Mld Co-oP and all townMroes will be roarl<eted to faroilies with children. The financing sources requ"e that rents be affordable to faroilies at 60% of roedlan paving onl" 30% of their incoroe for housing. Residents will pay their own heat and electric. Keeping theSe considerations in roind, the proposed rents are as follows: Gross rent including utilities is estiroatedat $572. for tWO bedrooro unitS and $682 for 3 bedrooro townMroes. The roa"irouro allöwable incoroe according to '\" ~i7P. is as to\\Ows: - 3 ~