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<br />MEMORANDUM <br /> <br />TO: CRAIG W. <br /> <br />FROM: RICH M. <br /> <br />DATE: December 14, 1992 <br /> <br />SUBJECT: DUFFY FACT SHEET <br /> <br />The loan package that TCHDC and Duffy Development are negotiating <br />with Ramsey County is for the amount of 218,000 of HUD HOME funds. <br /> <br />There will be 49 total units, 48 three bedroom units and 1 two <br />bedroom unit. <br /> <br />The latest pro-forma states that TCHDC will sign the HOME mortgage <br />with an agreement to pay as cash is available. <br /> <br />100 % of the units will be for low and moderate income families. <br />This is how they locked into the Low Income Housing Tax Credits <br />that are value at $357,093. <br /> <br />Other financing sources include; <br /> <br />MHFA First Mortgage $1,523,595 at an interest rate of 8.5% for 25 <br />years. <br /> <br />Family Housing Fund $320,000 with deferred Principal and Interest <br /> <br />MHFA Large Family Fund $360,000 at an interest rate of 2% for 30 <br />years. <br /> <br />I believe Mr. Duffy's contribution is $106,427 which is deferred <br />until the project is rented up and he has seen some cash flow. <br /> <br />The limited Partner Capital which is TCHDC is $1,694,916 which <br />accounts for the largest share of costs for the project. <br /> <br />projected rental rates are $593 per month for the 3 bedroom units <br />and $510 for the 1 unit. ~ <br /> <br />Their total annual operating expenses are projected at $164,325. <br />Their total annual rent income is projected at $347,688. <br /> <br />~ <br />WI <br /> <br /> <br />- tI/ M, Wf.l./J---!.t;! <br />~v<ett ' <br /> <br />. <br /> <br />r, (T~¡ß e2J~lf <br />