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9 Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300 Comparable Tax Credit Analysis Due to the lack of family (general-occupancy) LIHTC product surveyed in the Site PMA, it was necessary to identify and survey such product located outside the Site PMA, but within the nearby region, in order to establish a base of comparison for the subject project. Thus, we surveyed three general-occupancy LIHTC properties which offer one-, two-, and/or three-bedroom units targeting households earning up to 60% of Area Median Household Income (AMHI) and are located within the region in the Anoka and St. Paul areas. Note, however, that since these properties are located outside the Site PMA they will not be directly competitive with the proposed subject project. Thus, they have been included only for comparability purposes. These three properties and the proposed subject development are summarized in the following table: Map I.D. Project Name Year Built/ Renovated Total Units Occ. Rate Distance to Site Waiting List Target Market Site The Boulevard 2019 60 - - - Families; 60% AMHI 901 Woodland Park Apts. 1993 / 2012 90 98.9% 12.7 Miles None Families; 60% AMHI 902 Centennial Commons 1966 / 2007 144* 99.3% 7.8 Miles 2 & 3-Br TAX: 3-5 Years Families; 60% AMHI 904 Lakes Run Apts. 2004 52 100.0% 5.9 Miles 35 H.H. Families; 60% AMHI 900 Series Map IDs are located outside the Site PMA OCC. – Occupancy H.H. - Households *Tax Credit units only The three LIHTC projects have a combined occupancy rate of 99.3%, which is reflective of just two (2) vacant units among these three properties. This is a clear indication of strong demand for family-oriented LIHTC product within the region. It is also important to reiterate that all three of the comparable properties are located outside the Site PMA and only one general-occupancy LIHTC property containing 16 units was identified within the Site PMA. Thus, the proposed subject project will help fill a void in the Mounds View rental market. The gross rents for the comparable projects and the proposed rents at the subject site, as well as their unit mixes and vacancies by bedroom are listed in the following table: Gross Rent/Percent of AMHI (Number of Units/Vacancies) Map I.D. Project Name Studio One- Br. Two- Br. Three- Br. Rent Special Site The Boulevard - $784/60% (15) $942/60% (30)$1,115/60% (15)- 901 Woodland Park Apts. - $975/60% (10/0) $1,086/60% (56/1) $1,351/60% (24/0) None 902 Centennial Commons $729/60% (1/0) $945/60% (61/1) $1,157/60% (77/0) $1,270/60% (5/0) None 904 Lakes Run Apts. - - $1,096/60% (39/0) $1,272/60% (13/0) None 900 Series Map IDs are located outside the Site PMA