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Mi'. Brian Swift <br />May 16, 2001 <br />PaSt~ of 11 <br /> <br />At~hstone Cormnunities does not want ~it in~ bud~tinS and profonn~ <br />n~hmtolo~, to be displayed as publi~ hit0r~ so they have requested us to keep <br /> <br />their documents confidential. However, we am able to share the conclusions and the <br />major asann~om~ The ptimary information is as follows with more beclrgtound <br />provided h Attachment A. <br /> <br />Total units: <br />Ty~e of units: <br />Number of affordable units: <br />T~al project cost <br />Land coat: <br /> <br />Ot~,r co~ts: <br />Stsbiliz~d mmual cash flow: <br /> <br />Required yield: <br /> <br />130 <br />60-1 bed~l bath, 60-2~2's, 10-3~2's <br />19 (9-1/1's, 9-2/2% 1-3/2's) <br /> <br />$ 4,500~00 <br />S17~.00,000 <br />$ 6,700,000 <br />$ 2,051,606 <br />7.22% <br />95-I0~ <br /> <br />Tht ca,tnt tparmiant nmtket is still bealthy, and aceording to Archatone, apartment <br />d~Vel~peTM are able to make proj~ms fea~ at 9.5~ Io t0~.. yields~ Th~ 7.22~ yield <br />~c-is W~il below what is needed for the project to be feaalblc, and Archetone would <br /> <br />Imve no in~ in pursuing our property. <br /> <br />Wltile Archstone looked at madtet rate housing, the non-profit affo~nhle homing <br />sponsor evaluated the feasibility of an affordable multi-family project on thc site. They <br />also developed detailed project budgets and cash flow analysis, and they looked at 2 <br />di~rent density SCel~rios,,.'70 units and 130 units in a podium buildin~ In the analysis, <br />the sponsor took full advantage of thc state and federal financing programs avallablc for <br />affordable housing. Specifically, they USed a f'manclng structure incorporating 4% tax <br />credits and tax excmpt bond financing through thc state (CHFA). Per thc affordability <br />requirements of tax c~edit and tax excmpt bond financing, thc affordability mix for each <br />scenario includes 50% of the units as affordable to Iow income families (families with <br />60~ of median income) and $0% of the units as affordable to very low income families <br />(families with 50% of mcdian income). <br /> <br />Tl~y concluded that for thc 70 unit scenario a permanent public subsidy from the city <br />would be nec~ in the amount of approximately $9,600,000 and that for the 130 unit <br />scenario a $15,100,000 permanent public subsidy from the city would be necessary. A <br />summary of thc information follows. <br /> <br /> 7{) Units <br />Totel units: 70 <br />Type of units: <br />1 bedroom 22 44 <br />2 bedroom 22 44 <br />3 bedroom 26 42 <br /> <br />130 Units <br />130 <br /> <br /> <br />