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<br /> <br /> 2 <br />Bowen National Research <br />155 E. Columbus Street, Suite 220 <br />Pickerington, Ohio 43147 <br />(614) 833-9300 <br /> The subject project is expected to help fill a void in the Mounds View rental <br />housing market, as only one (1) general-occupancy LIHTC property containing <br />16 units exists within the Site PMA. The three remaining LIHTC properties <br />identified within the Site PMA are all age-restricted properties. <br /> <br /> The three comparable general-occupancy LIHTC properties surveyed outside the <br />Site PMA, but within the nearby region, are 99.3% occupied, which is reflective <br />of just two (2) vacant units among these three properties. This is a clear indication <br />of strong demand for family-oriented LIHTC product within the region. <br /> <br /> The subject project is considered very competitive in terms of unit design (square <br />feet and number of bathrooms offered), amenities offered, and price point (gross <br />rent). In fact, the subject’s proposed gross Tax Credit rents will be the lowest in <br />the region, relative to those reported among similar unit types at the comparable <br />properties. The subject’s proposed rents also represent market rent advantages <br />ranging from 27.5% to 28.4%, depending upon unit type. This further indicates <br />that the subject rents will represent significant values within the market. <br /> <br />Subject Development <br /> <br />It is our understanding that the subject project (The Boulevard) will contain a total of 60 <br />units which will target family (general-occupancy) households earning up to 60% of Area <br />Median Household Income (AMHI) under the Low-Income Housing Tax Credit (LIHTC) <br />program. The subject project is expected to offer one- through three-bedroom garden <br />style units. Construction of the subject project is expected to be complete in February of <br />2019. The following table details the unit configuration for the subject project, based on <br />information provided at the time of this analysis. <br /> <br /> <br />Total <br />Units <br /> <br />Bedroom <br />Type Baths <br /> <br /> <br />Style <br /> <br />Square <br />Feet <br />% <br />AMHI <br />Proposed Rents Max. Allowable <br />LIHTC Gross <br />Rent <br />Collected <br />Rent <br />Utility <br />Allowance <br />Gross <br />Rent <br />15 One-Br. 1.0 Garden 690 60% $740 $44 $784 $1,017 <br />30 Two-Br. 2.0 Garden 929 60% $885 $57 $942 $1,221 <br />15 Three-Br. 2.0 Garden 1,045 60% $1,045 $70 $1,115 $1,410 <br />60 Total <br />Source: MWF Properties <br />AMHI - Area Median Household Income (Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area; 2017) <br /> <br />The following are unit and project amenities expected to be offered at the subject project: <br /> <br />Unit Amenities <br /> <br /> Electric Range  Wall-Unit Air Conditioning <br /> Refrigerator  Window Blinds <br /> Dishwasher <br /> Washer/Dryer Appliances <br /> Carpet <br /> <br /> <br />