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10 Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300 As the preceding illustrates, the subject rents will be the lowest in the region, relative to similar unit types offered among the comparable properties surveyed. It is also important to note that the subject project will be significantly newer than each of the comparable properties, which were originally built between 1966 and 2004. In addition, the subject project will offer some of the largest units in terms of square footage and generally a greater number of bathrooms within its two- and three-bedroom units, as compared to similar unit types offered among the comparable properties. The amenity package to be offered at the subject project is also considered superior to those offered among most of the comparable properties surveyed. Most notably, in-unit washer/dryer appliances will be offered, a feature which is not offered among most of the comparable properties. Based on the preceding factors and considering our demand estimates included later in this letter, the subject rents are considered marketable and will likely represent a significant value within the Mounds View Site PMA. The unit sizes (square footage) and number of bathrooms included in each of the different LIHTC unit types offered in the region are compared with the subject development in the following table: Square Footage Map I.D. Project Name Studio One- Br. Two- Br. Three- Br. Site The Boulevard - 690 929 1,045 901 Woodland Park Apts. - 600 - 624 810 - 884 1,000 - 1,248 902 Centennial Commons 338 650 - 700 836 - 890 974 - 1,672 904 Lakes Run Apts. - - 914 1,205 900 Series Map IDs are located outside the Site PMA Number of Baths Map I.D. Project Name Studio One- Br. Two- Br. Three- Br. Site The Boulevard - 1.0 2.0 2.0 901 Woodland Park Apts. - 1.0 1.0 1.0 - 2.0 902 Centennial Commons 1.0 1.0 1.0 1.0 - 2.0 904 Lakes Run Apts. - - 2.0 2.0 900 Series Map IDs are located outside the Site PMA As the preceding illustrates, the subject project will be competitively positioned in terms of unit size (square feet), as the proposed unit sizes fall within range of, or are larger than, those offered among the comparable properties. The number of bathrooms offered is also considered competitive and will contribute to the subject’s marketability within the Mounds View market. The following tables compare the amenities of the proposed project to the comparable Tax Credit projects in the region.