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11/18/2019 <br />IncomeExample <br />ProjectExample:BarryBuick <br />•Incomeofhouseholdoftwomaking80%ofthe <br />AreaMedianIncome:$47,200 <br />•$47,200x30%=$14,160inhousingcosts <br />annually <br />•$14,160/12months=$1,180housingcosts <br />(includingutilities) <br />•Reportingincludesincomebasedverification <br />andrentroll <br />*Itisanoption,notamandate,fordeveloperstoutilize. <br />ProjectExample:BarryBuick <br />ProjectExample:BarryBuick <br />•$30Mestimatedconstructioncost(iftheprojectwasconstructed) <br />•Landvaluecurrentlyat$8/squarefoot.$12/squarefootislikelyafterdevelopmentiscomplete. <br />•140UnitsTotalΑЋБunitswouldhaveincome <br />•$12/squarefootx108,900squarefeet(sizeofallBarryproperty)=$1,306,800landvalue <br />restrictions <br />•$1,306,800x4.03%=$53,000taxesgeneratedfromlandvalue <br />•14unitswouldberentedtoahouseholdmaking <br />esgeneratedwithabatement <br />80%AreaMedianIncome(AMI)•$53K+$71K=$124Ktax <br />•$41,300(1personhousehold) <br />•14unitswouldberentedtoahouseholdmakingup <br />to120%AMI <br />•$41,300$61,900(1personhousehold) <br />•AffordabilityPeriod:15years <br />*Itisanoption,notamandate,fordeveloperstoutilize.*Itisanoption,notamandate,fordeveloperstoutilize. <br />3 <br /> <br />