Agenda Packets - 2021/11/22 - Laserfiche WebLink

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THE VILLAS OF MOUNDS VIEW PROJECT NARRATIVE October 4, 2021 OVERVIEW MWF Properties is proposing to develop a 120-unit senior (55+) affordable apartment building. The building will include a mix of 1, 2 and 3 bedroom units across four stories of apartments over one level of underground parking. OFFr)PnARII ITV The project will be affordable housing with average household incomes limited to 60% or less of the current Area Median Income, and with most (108) units averaging 50% or less of the AMI: Income Limits per Household Size 1 2 3 4 5 6* 30% AMI $22,050 $25,200 $28,350 $31,470 $33,990 $36,510 50% AMI $36,750 $42,000 $47,250 $52,450 $56,650 $60,850 60% AMI $44,100 $50,400 $56,700 $62,940 $67,980 $73,020 * Note: max occupancy for 3-bedroom unit Due to the structure of the project financing, the breakdown of the current maximum rents (which is based on AMI and unit size) will be as follows: Max Rents Per No. of Bedrooms # of units at this % AMI 1 Bedroom 2 Bedrooms 3 Bedrooms 30% AMI 3 $590 n/a n/a 50% AMI 108 $984 $1,181 n/a 60% AMI 9 n/a $1,417 $1,636 Based on the total unit mix (68 1BR, 44 2BR and 8 3BR units) and the maximum rents above, the effective average maximum rent will be approximately $1,021/mo. OMFAIITIFC The indoor amenities will include: • Community Room — including kitchenette, multiple seating and table areas • Private Dining Room — where residents can host dinners with family and friends • Guest Room — for limited overnight stays by visiting family or friends • Package Room — secured package receiving and holding • Library— quiet reading by a fireplace 1