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Case Study –Market Rate vs Affordable Rents <br />•97-unit apartment complex <br />•$200,000/unit in total development costs <br />–Total development costs of $19.4 million <br />•5% vacancy rate <br />•Revenues and expenses increase at 2% annually <br />•Developer cash/equity 20% <br />•Finance/mortgage 80% <br />•Expected return on developer cash/equity 10% <br />7