Item G3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: March 17,2004
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval to add Falcon Pass Apartments in Marathon to the Acquisition List
as an affordable housing site.
Item Background: The Carlisle Group proposes to build an 80 to 90 unit affordable housing
development called Falcon Pass at MM 50.5 on the oceanside of Key Vaca in Marathon between the
Wooden Spoon restaurant and Trailer Ranch by the Sea. Similar to the Meridian West Apartments on
Stock Island, Falcon Pass Apartments would provide rental housing for families and residents making
60% or less of median income by using tax credits and a SAIL loan from the Florida Housing Finance
Corporation to finance construction. The Carlisle Group requests that the Land Authority provide a
mortgage loan equal to the cost of the land (estimated at $1,012,500) after Florida Housing approves
the construction financing in 2005. The property consists of exotic vegetation and is zoned Suburban
Residential (SR). The development will require a rezoning to Urban Residential (UR) and 80 to 90
RaGa allocations, of which only 42 are currently available from Marathon.
The addition of property to the Acquisition List is a preliminary, non-binding step indicating the Board's
desire to pursue acquisition. Further Board action is required before issuing the requested mortgage
loan.
Advisory Committee Action: On February 25, 2004 the Advisory Committee voted 4/0 to approve
adding the property to the Acquisition List.
Previous Governing Board Action: None.
Contract/Agreement Changes: None.
Staff Recommendation: Approval
Total Cost: $ To be determined
Budgeted: Yes
No
Cost to Land Authority: $ To be determined
Source of Funds: Land Authority
(Tourist Impact Tax and State Park Surcharge)
Approved By: Attorney X County Land Steward
Executive Director Approval: ~. ~
ark J. Rosch
Documentation: Included: X
To Follow:
Not Required:
Disposition:
Agenda Item LA #3
II
T'\T'Cf.JD' J~N ~ ~ lU~~
\\'F.C'B1 ~ D
THE CARLISLE GRO'UP
o CORPORATE OFFICE
2950 S. W, 27TH A VEl'll 11'. Sl'ITr 200
MIAHI, FL 33133
PHONE 305-476-8118
FAX 305-476-1557
FAX 305-476-5240 CP1'>1
CARLISLE PROPERTY MANAGEMENT. INC.
CARLISLE DEVELOPMENT GROUP. LLC
CARLISLE CONSTRUCTION. LLC
., T" LL"} I ASSEt: O}~}~ICt:
_~9h..j. Wl'l.l.I:-':l;T():-': elReLr. Sl'ITr I
TAIL\IL\SSrl'. H. 32309
I'II():-.:r (850) 222-9022
F.\\ (850) 222-9110
January 21, 2004
Mark Rosch
Monroe County Land Authority
1200 Tnunan Avenue
Key West, Florida 33040
Re: Falcon Pass Apartments on Maratbon
Dear Mark,
This is the site in Marathon I have been working on for years, and have discussed with you several
times. We will partner with Ed Swift. It is located just behind the now closed "Wooden Spoon" restaurant
(see attached elevation, site plan, floor and unit plans). It will be 90 units of Tax Credit financed rentals,
using the same State programs that financed Meridian West, and the same income and rent limits (See
attached chart).
We have the express support of the City of Marathon (see attached Resolution) who has submitted
Comprehensive Plan amendments to the Department of Community Affairs, and is rezoning the site for
affordable housing. We also have the commitment of the DCA for expedited processing, and the additional
ROGO units we need.
As you will see from the attached proforma, we have negotiated a purchase price of $1,012,500,
which we believe quite reasonable, and which is actually less per unit than was granted for Meridian West
or Trade Winds. We were requesting this amount from the Land Authority. As you will also see from the
attached Sources & Uses and Executive Summary, we cannot build these units without this help.
I am requesting that this proposal be added to the coming agenda, if possible. If not, then at the
next available meeting,
Do not hesitate to contact Ken Naylor or myself with any questions or request for additional
infonnation.
With Attachments (3)
CC: Ed Swift, Historic Tours
Mark Kaplan, The Carlisle Group (w/attachments)
Tom D. Freijo, The Carlisle Group (w/attachments)
Steve Seibert, The Carlisle Group (w/attachments)
Kenneth Naylor, The Carlisle Group (w/attachments)
'11/13/2003 15:24
3052894123
CITY OF MARATHON
PAGE 02
Sponsored by: Jank.e
)
CITY OF MARATHON, FLORIDA
RESOLUTION 2003-138
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MARAmON, FLORIDA, SUPPORTING THE CARLISl-E AFFORDABLE
HOlJSINGPRo.JECT
WHEREASt the Marathon City Council understands that affordable, work force housing has
become a significant problem in Marathon; and
WHEREAS, the provision of affordable, work force housing is critical to the economit;
future of Marathon; and
WHEREAS, the increasing value of land and co.nstroctioD costs makes it extremely difficult
to build affordable, workforce housing in Marathon for families ea.ming between $18,800 and
$33,900 (30% to 60% of the Monroe County Median,Pami1y Income); and
WHEREAS, the City of Mar.atbon has already allotted 59 Affordable ROODs for project"
that will address incomes of up to 120% ($67,800) of the Monroe County Median Family Income~
and
WHEREAS. the Carlisle Group proposal includes 84 affordable housing units for those
earning between 30% lJnd 60% of Monroe County Median Family Income; and
WHEREAS, tbe City of Marathon has 42 Affordable ROGOs available for these need~; and
WHEREAS, the Carlisle Group believes tbat with strong local support the remaining 42
Affordable ROGOs can be made available fTom the State of Florida.
NOWt THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MARAmONt FLORIDAt that:
Section 1. The Ma,athon City Council supports the Affordable Housing project proposed
by the Carlisle Group, contingent. on the acquisition of 42 Affordable ROGOs frolll the State of
Florida, and their ability to satisfy a1l environmental, zoning, and pennitting issues associated with
the property propo$ed for development.
Section 2. The Marathon City Council urges Secretary Castille of the Department of
Community Affairs to do all in her power to helplnsure that this vital project is built, including
~sistance with land costs and the provision of affordable ROGOs.
11/13/2003 15:24
3052894123
CITY OF MARATHON
PAGE 03
Sedion 3.
This re901uti.on shall take effect jrmnedia~ly upon its adoption.
PASSED AND APPROVED by the City Council of the city of Marathon, Florida., this 10th
day of November. 2003.
THE CITY OF MARATHON, FLORIDA
~..~=
Randy Mearns, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
Bartus, Pinlrus~ Repetto~ W o:rtbington~ Meam~
None
None
None
Falcon Pass - Marathon, FL
8) Executive Summary
Project Description
Project Name Falcon Pass
City. State Marathon. FL
County Monroe
New Construction / Rehab New Construction
Total Number of Units 90
Total Square footage in project 87.526
Total Number of Buildings 12
Number of Accessory Buildings 1
Project Costs I2taL Per Unit Per Sq. Ft.
Land 1,012,500 11 .250 11.57
Hard Cost Construction 7,905,923 87,844 90.33
Contingency 232,678 2,585 2.66
Developer Fee 1,831,019 20,345 20.92
Impact Fee & Connection fees 307,080 3,412 3.51
Soft Costs 2,998,191 33,313 34.25
Total Project Costs 14,287,390 158,749 163.24
Project Financing I2taL Per Unit Per Sq. Ft.
Permanent 1 st Mortgage 2,500,000 27,778 28.56
Permanent 2nd Mortgage 0
SAIL Loan 2,000,000 22,222 22.85
SHIP Loan From Monroe County 40,000 444 0.46
Land Authority Loan 1 ,012,500 11 ,250 11.57
Interest Income 0 0 0,00
NOI During Construction 0 0 0.00
Tax Credit Equity 7,289,000 80,989 83.28
Impact Fee Waivers 0 0 0.00
Deferred Developer Fee 1,445,890 16,065 16.52
14,287,390 158,749 163.24
Construction Loan 0 0 0.00
Bridge Loan 630,000 7.000 7.20
Profit Summary
Developer's Fee Acquisition 0
Developer's Fee 1 ,373,265
Developer's Overhead 457,755
Total Available Profit 1,831,019
Less:Deferred Developer's Fee 1,445,890
Net Fee Payable at Stabilization 385,129
Paid Developer's Fee 385,129
Total Profit 385,129
Carlisle Percentage of Profit
J'v, Partner Percenta e of Profit
100,00%
0,00%
FHFC Leveraging Summary
Credit Request x 7,5
6,750.000
DDA Factor (if applicable)
0,7692
Subtotal
5.192,100
Plus SAIL (if applicable)
7.192,100
Leveraging Per Unit
79,912
1 of 1
1/21/20042:59 PM
Falcon Pass - Marathon, FL
1) Project Setup
Project Name
City, State
County
Ownership Entity
DDAlQCT Ives=l,no=2)
Falcon Pass
Maralllon, FL
Monroe
Limiled Partner
1
Tlmin
Financial Projection Revision Date
Closing Date
First Unit Leased
Last Unit Leased
Permanent Loan Closi Date
Depreciation Start (AVG,) - 25",
Depreciation Start (A VG,) - 75'"
Date M
16-Feb-02
Feb-05
Feb-06
Mar.{)6
Jul.{)6
\'\(2004
1/1/2004
Elapsed
Months
Cumulative
Months
12
1
4
12
13
17
I Bond Deal: NO
Pro'ect T
New Construction
AcquisitonlRehabilitation
Rehabilitation
"x"
X
60
40
ram
"x"
Financino Vehicle ("V" or "N") Credit %
UHTC 9% V 8.01%
TE Bondsl4% UHTC N 3.43%
X
100,00%
Distribution % Units %SF % Income
VU 14,44% 14.35% 6,53%
U 85,56% 85.65% 93.47%
MKT 0.00% 0,00% 0,00%
County Name: Monroe
Median Income 56,500 1% 01 AMI I
Income Eliaibili v 120% 60% 30%
1 bedroom Income 75% 50,850 25,425 12,713
Monthlv Rents 1271,2 635.63 317,81
2 bedroom Income 90% 61,020 30,510 15,255
Monthlv Rents 1525,50 762,75 381,38
3 bedroom Income 104% 70,512 35,256 17,628
Monthly Rents 1762,8 881.4 440,7
4 bedroom Income 116% 78,648 39,324 19,662
Monthlv Rents 1966.2 983,10 491.55
Utility Allowance Amount Sq,Ft.
Studio 0
1 bedroom 84 608
2 bedroom 102 888
3 bedroom 133 1,057
4 bedroom 0
#01 Unit Type Rent Unit HUD Actual Net Total Rent Total Rent Total Rent Rent
Rent Schedule Units VU/UIMKT Limit So.Ft. Rents Rent Rent Monthlv Annual Sa. Ft. P.S.F. Per Unit
1 Bedroom VU 30% 608 318 0 0 0 0 0,00 0
1 Bedroom VU 60% 608 636 0 0 0 0 0.00 0
1 Bedroom U 120% 608 1,271 0 0 0 0 0,00 0
2 Bedroom 7 VU 30% 888 381 381 279 1,953 23,436 6,216 3,77 3,348
2 Bedroom 38 U 60% 888 763 763 661 25,118 301,416 33,744 8.93 7,932
2 Bedroom U 120% 888 1,526 0 0 0 0 0,00 0
3 Bedroom 6 VU 30% 1,057 441 440 307 1,842 22,104 6,342 3.49 3,684
3 Bedroom 39 U 60% 1,057 881 881 748 29,172 350,064 41,223 8.49 8,976
3 Bedroom U 120% 1,057 1,763 0 0 0 0 0,00 0
4 Bedroom 0 LI 0 0 0 0 0 0 0 0,00 0
4 Bedroom 0 U 0 0 0 0 0 0 0 0.00 0
4 Bedroom 0 LI 0 0 0 0 0 0 0 0,00 0
Manager Unit
Total 90 7,659 58,085 697,020 87,525 $ 7.96 7,745
Operating Expenses Total Per Unit P.S,F. Notes
'rentablel
Administrative 32,580 362,00 0,37
Management Fee 34,427 382,52 0.39 5.00%
Utilities 'll ,270 303,00 0,31
Payroll, Taxes & Benefits 67,770 753.00 0.77
R&M 69,660 774,00 0,80
Insurance 45,000 500,00 0,51
Real Estate Taxes 45,000 500,00 0,51
Ground Lease Payments 0 0,00
Replacement Reserves 18,000 200.00 0,21
Total 339,707 3,774.52
Debt Service Coveraae 1,10%
Other Income Per Unit Per Annum
Laundry 100 9,000
Cable 75 6,750
Garage 0 0
Other 118 10,620 '
Total Other Income 293 26,370
5%1
34,8511
IVacancy Rate
Falcon Pass - Marathon, FL
6) Sources & Uses
Construction Phase
" ~
20.20% 27,778
16,16% 22,222
0,32% 444
Permanent Phase
" f>MJlnil
17,50% 27,778
14,00% 22,222
0.28% 444
Ill1aI
2,500,000
2,000,000
40,000
BeL
Sl2Il=
Permanent 1 st Mortgage
SAIL Loan
SHIP Loan from Monroe County
o
o
630,000
o
o
o
o
6,195,650
o
o
7,000
o
o
o
o
68,841
o
o
137,535
0.00%
5.09%
0.00%
0,00%
0,00%
0.00%
50.05%
0,00%
0.00%
100.00%
o
o
o
o
o
o
80,989
o
16,065
158.749
0.00%
0,00%
0.00%
0.00%
0.00%
0,00%
51.02%
0,00%
10.12%
100.00%
Construction Loan
Bridge Loan #1
Interest Income
NOI During Construction
Impact Fee Waivers
Other
Limited Partner Equity
General Partner Equity
Deferred De r Fee
Total Sources
o
o
o
7,289,000
o
1,445.890
14,287.390
12.378.150
Construction Phase
Permanent Phase
" Per Unit
53.24% 84,510
3.32% 5,271
3,32% 5.271
1,11% 1,757
1.05% 1.667
1,05% 1,667
0.00% 0
1,63% 2.585
0,00% 0
0.70% 1,116
0.40% 633
0,17% 278
0,05% 83
0,17% 278
0.00% 0
0.04% 70
0.00% 0
0,24% 381
0,30% 480
0,17% 278
0.04% 65
0,05% 72
2,10% 3,333
0,31% 500
1,05% 1,667
0,30% 470
0.00% 0
0,09% 150
0,56% 889
0,06% 93
0,50% 800
0,01% 22
0.49% 778
0,57% 912
0.98% 1,556
0.28% 444
0.56% 889
0,31% 489
0.04% 67
0,98% 1,556
0,35% 556
0,59% 944
0,03% 56
0,13% 200
0.63% 1,004
1,57% 2,500
0,00% 0
0.52% 821
Per Unit
84.510
5.271
5,271
1,757
1.667
1,667
o
2,585
o
807
73
278
83
278
o
70
o
381
480
278
65
72
3,333
500
1,667
470
o
150
889
93
800
22
778
912
1,556
444
889
489
67
1,556
556
944
56
200
1,004
2,500
o
821
"
61.45%
3.83%
3,83%
1,28%
1.21%
1.21%
0,00%
1.88%
0,00%
0.59%
0,05%
0.20%
0,06%
0.20%
0.00%
0.05%
0.00%
0.28%
0.35%
0.20%
0.05%
0,05%
2.42%
0.36%
1.21%
0,34%
0,00%
0.11%
0.65%
0.07%
0,58%
0.02%
0.57%
0.66%
1,13%
0.32%
0,65%
0.36%
0,05%
1,13%
0.40%
0,69%
0,04%
0,15%
0,73%
1,82%
0,00%
0,60%
Total
7,605,923
474,355
474,355
158,118
150,000
150,000
o
232,678
o
72,594
6.588
25,000
7,500
25,000
o
6,300
o
34,258
43,200
25.000
5,870
6,500
300,000
45,000
150,000
42,300
o
13,504
80,000
8,325
72,000
2,000
70,000
82,080
140,000
40,000
80,000
44,000
6,000
140,000
50,000
85,000
5,000
18,000
90,329
225,000
o
73,873
11,365,650
o
o
o
o
1,012,500
o
Total
7,605,923
474,355
474,355
158,118
150,000
150,000
Uses
Hard Construction Costs
GC Profit
GC General Requirements
GC Overhead
Accessory Buildings
Recreational I Owner Items
Off-Site Improvements
Hard Cost Contingency @:
Other
Construction Interest Expense
Brid e Loan Interest Ex nse
Permanent Loan Origination Fee
Permanent Loan Closing Costs
Construction Loan Origination Fee
Construction Loan Closing Costs
Bridge Loan Origination Fee
Cost of Issuance Fees
Other Loan Closing Costs
Reserves Re uired Lender
Accounting Fees
Application Fees
Appraisal
Architect Fee-Design
Architect Fee-Supervision
Builder's Risk Insurance
Building Permit
Brokerage Fee
Credit Underwriting Fee
Engineering Fee
Environmental Report
FHFC Administrative Fees
FHFC Application Fees
FHFC Compliance Mon, Fee
Impact Fees (Detail)
inspection Fees
Insurance- propertylliability
Legal Fees- Partnership
Le9al Fees- Other
Market Study
Marketing & Advertising
Operating Deficit Reserve
Property Taxes
Soil Test Report
Survey(including as-built)
Title Insurance & Recording
Utiiity Connection Fee
Other (explain in detail)
Contin enc Soft Cost
232,678
3,0%
25,000
o
o
34,258
43,200
25,000
5,870
6,500
300,000
45,000
150,000
42,300
o
13,504
80,000
8,325
72,000
2,000
70,000
82,080
140,000
40,000
80,000
44,000
6,000
140,000
50,000
85,000
5,000
18,000
90,329
225,000
o
73,873
11,443,871
o
o
o
o
1,012.500
o
457.755
o
1,373,265
14,287,390
Sub- Total
Existing Buildings, Owned
Existing Buildings, To be Acquired
Other Ac uisilion Costs
Land, owned
Land, To be Acquired
Other Land Costs
Deveioper's Admin, & Overhead
Developer's Profit Acquisition
Deveio er's Profit
Total Pro'ect Cost
o
o
o
o
11,250
o
o
o
o
137,535
0,00%
0.00%
0,00%
0,00%
8,18%
0.00%
0,00%
0,00%
0.00%
100,00%
o
o
o
o
11,250
o
5,086
o
15,258
158,749
0,00%
0,00%
0,00%
0,00%
7,09%
0.00%
100,00%
0.00%
9.61%
196,80%
4.0%
5.0%
12,0%
(0)
01
I Financing Gap surplus/(short)
~g~
,~~
~10l ~
MO
IDN
~ct
8
'!!
~0i5
'-~~.
.~~
0'"
>-m-
...M
;:;:'0;
~ai
~g~
m",
.rim
.~:!...
~~
"''''
~ai
~"'N
"'''
'-~~
"'-
'" "
~;1;
~oi
~M'"
OOM
00'"
.~~
"'-
~b
~ai
~M'"
g~
Mlrl-
. ~:!...
"'...
;!~
...:ai
~g~
"'~
~!
o~
"'"
;:cD
jtn&'l
"''''
~~
mN
8g
.....:c6
~~;::
moo
iili~
>-<...-
"'0
;':8
~rri
~~
~~aiO
00"
...-
"''''
"'N
,,'"
6"":
~i:::l1i
"N
~~
0'"
~m
g,...-
jl:ll:l
",0
~;
w'"
~~
oir-:
~~~
_m
:~t
"'~
~~
ai"":
i~~
m'"
.cilri
.-'"
"'-
0'"
~~
aictS
E
Cl>
E
Cl>
lis
.CI'J
Cel
Oc
s:_
... ...
ell ell
i~
.0
III ...
III ell
elICl>
0..>-
C-
O f
~u::
CIS~
lL 0>
'.;1;::::
f:~
~~
0-
jflU;
.'"
.... '
em"
w!3.
8~
oif15
1f.
o
on
III
cg
E ~
g~
i.2
. ~ ~
e ~ ~
~l~
~ . ~ .
~ ~ ~ ~
~- ;~
5 ~;~
joC)o
~
'!!
N
"
'!!
g
;!
N
'"
N
;!
'"
w
'"
:i
'"
'"
"
~
8
~
w
'"
'"
gt!~8~~~~O~
N_O_C'!.U'l.M.~qN_ f")
C>>N..-NU"IG)COr-- ~
""1l1""S?:~llDfDN tn
~
W
N
m
'"
'"
i~~~~~8~O~
!ig5t~~gg~ !
~
'"
'"
~8~~~~~iO~
~~~ggii~ !
'"
a;
..
::l
~~!~~~~;OfS
~~t;i~8~si~ ~
~
~
~~!~~~~~O~
~~g~~gg~ ~
:!l
0>
N
'"
~~:;~8~~:go:;
:'::~:'6~~~ ;
""....t"')IO())It)It)N ...
'"
N
m
w
o
'"
~~i!~8820~
;~~~:gr;;~~ 6
.0
1::
~
OJ...OJ(bC")......COOS;.
8.;lj.~.~~,~;lj.!2. :::
~~q:~~~:g~~ ~
'"
'"
~
'"
'"
..
...
...
&~iSi~~~!O&1
~;~grJ~fi~ ~
'"
'"
'"
'"
'"
m
:!!
~~~~~~~IO~
~m~~g~t1g ~
'"
'"
m
::
l;l
..
..
'"
i!iH~~!!~O~
~~g~~ggg ~
w
o
.0
.:
~
~
~~~~!:~SIO~
~~~~,zi~~ i:i
'"
~
::
N
'"
~~~~~~~~o~
,;-~~r:ri~ti~ ~
~
~
~
on
N
N
N
R
tn28r:u~~~~o5
aigi?;;; ~
:il
.0
'"
~~i~~~~~O~
'"
l<:
'"
~
13
II:
'"
~~~~$~~80~
f.i"~~~~~~~ ~
'"
~
.s
l!
r=
~.. ..
.0 1 :i
~ ~ il!L
~~: ~-::
IE~ ~ .i~!~
iH;.g::!~.nir\j
:n!j~!~~!I(;!
:!l
o
~
co..-ooCll
~n::: ~
~~ :;
~
~
CO....OOCll
~r:: ~
NlO CD
N~ (")
'"
'"
'"
:;;
'"
~r::O
"''''
rilO
N~
l:l
'"
i
'"
"'~O
::li:::
N.n
N~
re
'"
~
'"
to
.0
I!!
'"
~r:O
"''''
NIti
N~
~
~
~~o
Nan
~o
N~
g
...
g
"'~O
::li:::
ri.n
~O
N~
'"
l<:
~
1ll~0
",i:::
rilli
N~
N
..
oti
~
",_0
"''''
"''''
N"1d
~O
N_
'"
'"
'"
~
.0_0
::li:::
ritCi
N~
~
~
",_0
~r::
r-ill'l
N~
'"
i!!
~
CO"'" 00
~~
rilfl
_0
N~
'"
N
'"
~
",~O
"'...
"''''
N"1ti
N~
~
~ u-t
l; Z' ,t,!.
~!.!.;
#"'##c6.
~~~~~!:!
(i..............or-.....
~
,.;
~go~~_ .
CO....O <>> l")
~n::: ~ ~
~~ ~ g
N
l:l
~
~eQ~
..
i
I ~e
~ i ~UU
i ~~15~U
15 !5:E:E:E."ii
! ~~~~~~
'0
'"
N
..
;!.
1f.1f.1f.1f.
""...,......,
~~~~
'"
'"
N
~
1f.##1f.
.r")~f")
lXlNNN
.,...:.,...:.,...:"...:
1f.###
f")NNN
co."'!"'!~
!!H
~~~~
i!ii!i~~
~~~~
1f.#1f.#
~~~~
1f.1f.##
~~~~
.,...:.,..:.-:.,...:
1f.#1f.#
1Dr--r---r---
~~~:::
~
####
..-meDl[)
~~~::
U;
N
;;;
'"
"
###1f.
Nl,I')l,I')lI)
~::::::::;
~
...
"
"
1f.###
....~..
~~~~
-1.###
C>>MMM
co..............
.-:~.,.;..-:.
1f.#1f.1f.
CONNN
~~::::
####
:g-~~
t
o
e
li
~
<5
.
DO
~
!
~
~
II)
!:!e:Q::!
::!
a.
"
N
W
8
15
~
. Rent Income Calculator
Page 1 of2
Affordable Housing Resource Center
Rent & Income Limit Calculator
. New Calculation.
Step 3 of 3: Rent & Income Limits
Program and Location Information
Affordable Housing
Program
Year
State
Statistical Area
Area Name
Based On
Persons / Bedroom
4-person AMGI
IRS Section 42 Low-Income
Housing Tax Credit (LIHTC)
2003 (effective as of 2/20/03)
FL
Monroe County
(NONMETROPOLITAN AREA)
50% HUD Income limits
1.5 Person / Bedroom
$56,500
Prlnt Page
HUD Published Income Limits
30% 500/0 800/0
1 Person $11,850 $19,800 $31,650
2 Person $13,550 $22,600 $36,150
3 Person $15,250 $25,450 $40,700
4 Person $16,950 $28,250 $45,200
5 Person $18,300 $30,500 $48,800
6 Person $19,650 $32,750 $52,450
7 Person $21,000 $35,050 $56,050
8 Person $22,350 $37,300 $59,650
9 Person $23,750 $39,550 $63,300
10 Person $25,100 $41,800 $66,900
11 Person $26,450 $44,050 $70,500
12 Person $27,800 $46,350 $74,150
LIHTC Income ~jmits (Based On 50% HUD Published Income Limit)
60.00% 30.00% 35.00% 40.00% 50.000/0
1 Person 23,760 11,880 13,860 15,840 19,800
2 Person 27,120 13,560 15,820 18,080 22,600
3 Person 30,540 15,270 17,815 20,360 25,450
4 Person 33,900 16,950 19,775 22,600 28,250
5 Person 36,600 18,300 21,350 24,400 30,500
6 Person 39,300 19,650 22,925 26,200 32,750
7 Person 42,060 21,030 24,535 28,040 35,050
8 Person 44,760 22,380 26,110 29,840 37,300
9 Person 47,460 23,730 27,685 31,640 39,550
10 Person 50,160 25,080 29,260 33,440 41,800
11 Person 52,860 26,430 30,835 35,240 44,050
12 Person 55,620 27,810 32,445 37,080 46,350
LIHTC Rent Limits (Based On 50% HUD Published Income Limit)
Bedrooms 60.00% 30.00% 35.00% 40.00% 50.00%
(People)
Efficiency (1.0) 594 297 346 396 495
1 Bedroom (1.5) 636 318 371 424 530
2 Bedrooms (3.0) 763 381 445 509 636
3 Bedrooms (4.5) 881 440 514 587 734
4 Bedrooms (6.0) 982 491 573 655 818
5 Bedrooms (7.5) 1,085 542 633 723 904
http://calc.novoco.comlrentincome/z4.jsp?useTwentyFifty=false&scenario 1 =30&scenari... 12/19/2003
" Rent Income Calculator
Page2of2
IRS Revenue Ruling 89-24 and the IRS Audit Technique Guide (page 2-4) require that the low-income
housing tax credit rent & income levels start their calculations with the HUD published 50% AMGI (very
low-income) amounts because the HUD published 50% AMGI amounts include certain HUD adjustments
using Fair Market Rents. These adjustments raise income limits and subsequently rent limits for areas
where rental housing costs are unusually high in relation to the median income. The result is that many
counties have 50% AMGI amounts that are greater than 50% of the true statistical AMGI published by
HUD (the 4-person AMGI we have shown above). Our rent & income calculator starts by default with the
HUD published 50% AMGI amounts in accordance with IRS Revenue Ruling 89-24. The rent limits shown
above do not reflect the reduction necessary for utility allowances. The calculations also round down to
the nearest whole dollar.
Please note that although a particular county's four-person AMGI may have decreased from one year to
the next, the 50% AMGI amount mayor may not decrease because HUD requires that in no instance are
50% AMGI amounts less than the state's non-metropolitan AMGl.
This rent calculator does not calculate low-income housing tax credit income limits or rent limits greater
than the 50% AMGI or 60% AMGI limits, depending on the minimum set-aside elected with the IRS on
Form 8609 in accordance with Internal Revenue Code Section 42(i)(3)(A). In other words, if the 20/50
minimum set-aside was elected then 50% AMGI is the maximum allowed to qualify as a tax credit unit; or
if the 40/60 minimum set-aside was elected then 60% AMGI is the maximum allowed to qualify as a tax
credit unit.
The rent & income limits are applicable beginning with the effective date shown above and are good for
45 days after the next effective date. In other words, there is a grace period of 45 days to implement the
new rent & income limits. For more information, see Revenue Ruling 94-57.
Before using these numbers, you should check with your state housing agency to make sure that these
numbers agree with the numbers published by the state. Novogradac & Company LLP does not guarantee
the accuracy of the amounts shown above. This calculator is designed only to be a quick reference tool.
IRS guidelines and actual HUD amounts should be used for any final decisions.
http://calc.novoco.comJrentincomeIz4.jsp?useTwentyFifty=false&scenario 1 =30&scenari... 12/1912003
i
~~~- ~.
i
C)
Z c..
-
en ::)
::J 0 M
OM
0:: MM
0 0 CI>....
C) :!::M
)..: :JM
W enns
J: OJ W -'0
CJ) CI> .-
0 :J ...
0 w ...J c.2
Cl>LL.
Z I- m ~a)
a.. z
0 w - .>
0 (/) ...J .s::: 0
- ...
w 0:: ,...~
0:: J: a:: N_
':J
a.. 0... <( ~ c
!ci: '0
u en (J
,... 0
M()
W Q)
N
I:t: :I:
<C I-
:!:
-.. '.....' I.... ..... ;.,. ..... .... _ _ Io.r ..... '-' _ ..... __ '-' '-' \..I ,->,.-... .... ,,' ",,' _
.. '.. "" ',--, '"J : ,: '
~i
(f)cj
Oz
~ -,
~(f)
err-
~U
erUJ
UJt::
erI
CDU
~er
U~
II
~I
to
Wb
a.. _I "
~ ~~
:CE
~'::~
Z ~@
::> f6 ;
<(
Wb
a.. _I "
....>-
>- ~I ~
~ CO II)
~ ~~
Z ~@
::> f6 ~
~
en'
AU
~~
~t3
w~
D::J:
~u
u~
I
. ~ ~ ~;... ~. """ '....... ',- '- ~ '"' ~ ., ~ .., ~ ~ ~ ~ ~ .:.... ,-,,' ~i L. V ~) '- ~~ we:;; ;;) ....,t '-"I .,..~ ' .-'~, j.'~ "~ ./"', . i
~
~
I~
~I
Ii
aiO
10
~~-
~
I~
1/
... ..., ~
, r
I
~
I
LJ)
i
+-~-
~
'-.Cl
0<
CJ
[f)
~
d:J
~--"
-.. l_ "'_
..... -'-. '......
>
~
(;,."
~L/~~
IL ~DO ~
r1~
; III 'I )1
cJ?I'O ?'
~~ ~
~~. . [
t::Q]
ZW
::J~ C.
t::Q] \:
ZW
::J~
)n~~
~~I,Q
~II < F=)I
~
I::~ I::~
W W
~~ ~~
fllf\
r-CJ
Vf\~ ~ >
"- - \..J
W
>
~
LJ
"O-,ISI
~
~ ~]'\
AJ ~~ I::Q] 1<: I~ III~
C\', L.~ ~ . . ~~ ?'ro~~
< ~~"''jU;!<jjCJ ~.~ r'l ~I~~
.ij;
\jLJ
~ ~R ~(r\ ~
~ ./ 1E1l> \J
~~ ~ r
<
rr
( ~
~ 7
I::~
ZW
::Je..
~
I::~
~ ~~
'"""J
.-/ cD:!
ZW
::J~
~D:~
IQ~rrr?
CJ ;> III;
El>
17
~IQ~
V=lo~~~
r..A"r v
v
c~
~~
C(
t:-
~~
1\
~~D~ ^
~ QrQ )
~o7v
c::::
~
~~
FlI~ III~
O~I~
~D~~
.ij;
t:D:!
ZW
~ ::J~
'7
t:fJl
~~
~ :~
~rrf
o
7
\J
t:~
ZW
::J~
~ :~
o~~
;> III;
~
o
~
1
, ~
,
..-... en'
Z aU
~ ~~
a. ~~
a: wt:
a:::z:
0 ~u
u~
0
...J
u..
...J
C3
-
a.
~
C\I
w
a.
~
C) 9
Z ~
- II
Cl .
...J ,...
- i
::>
m
<fl
UJ
~
;-
<fl
'"
. <l)
N ~
~ '<l: 10 5
}-r-lil r
I--Nr('\ Ll'\
~ " .
ZI1\'"
Ox "
g'<l:lO
(l)(J'l~
'-.Cl
(\J
C)
('f)
t:~ t:~
ZW ZW
::J~ ::J~
[ tIE:.
~~
D
~Ql!..
r
~ ~o
rv VCfy-
I~ IV
I::~
~~
I::~
~~
I::~
~~
;Th: : I
r;1^
~~
~
r~J
ffV
I>
,
.. .. 1IIiIl' .., W W """, -. c.;, ~_ ~ -' '-' ..., '_ ...... w ,_ c-' ,...; ;,) '~ .....' _ .... ..' .;." .,; -' ,:",' "_'
r----
,
I
._~,.'''''=....,." "_._".~,,,..~ ,,'" . m.
~-~---
1>
r:J'
~~l; III~
TI~~
l~uf
t::tD
ZW
~ ::J~
1>
[\:r\
~LL> ,ut
rb'~
\
l~uf
t::tD
~ ~~
7
'>
I ~
I
I t::~
I r~
N L/~ ~ ZW
O[ 0 -;. :)~
'--- ~ fl
"l
\
C)
IJ
~
'"
C)
['()
~
" .
- I
01
~ J I
" .,
I
~~~~~-~~~~__~~W~W~~~~~~~___~~~~~___
I
I
,
C( ~ t::~
1=-
~~ L ~ ~~
I=~ \:: -:; C(
t::-
~~ ~~
,(\ ^'
~~~ "....~~^
~~fC.:i~
Oo~
~
II II 1>
L ~r\
./
f=
>~
lo~
~ Va(
. . ,(?
,1 D!
) ( )1
~I 'IT .?<;
/""
~~ ~
;~.
Eo
t:-
ZW
::J~
c
~
<c
1::-
Z~
::>~
(\
Afli<
,/\ -41 ~\... [Ql Q
~o;=
LS'
~
~f\~ ~ ~
\.. \... /'
~
1>
L
/1t;!
:11 < ~
C~I'o'1
\m~ ~
~. . I
1=ii1
~~ C
1=ii1 \:
~~
)~ ~
~~"=<
O[
~
51
/~I
v ~>~ :lJ1
fV
>
~f\
-"H
t~g~t.,
t::~ I=~
W W
~~ ~~
rllf\
<
A t= L
c'\ " n/ r'
< ~~"-LJ ~
\JIU
<~Ii~Nr&uf J' .
"-..4. ./ ~? . .
~ ~r
<;
l;:CP
ZW
::>~
t::~
~~
t::~
ZW
::>~
f1~-,C:SI
t::tD
~~
~ :~
t\
O~'~
rr'~T> III;
Bl/
IC
S
,.. Q IQ
o~~~
v t/V - v
t::Q.:!
ZW
~ ::>~
7 t::tD
ZW
::J~
\j ~ :~
Df\
l~~nf
t:ru
W
...... _J ~~.).
z
~
a..
a:
o
o
-I
L1..
-I
<(
o
-
a..
~
w
a..
~
C).
Z~
0.11
,...
-I ..
5~
m~
-
~
I
<I)
w
~
()
I-
<I)
'"
-
\'l
()
['()
<I)
;;; '<t 10 i
ILlSlr:J
~ rt) N r-
t- III .. d)
~"''''
o x x
:::l'<t1O
iil~(fl
~
tn'
aU
~;
~~
wt:
IX:!
~~
',- 'i.,_
,,-. -- , -- '- -. "-
!~ ~: ~~
!d 1m 1m
~ l'l ~
~
~ lp ~ lp !%
II' ' ~ ~
~ II I ~ i 01
i! 15 l'l
~ !s ~
~
\!Ji
~I
I
CIJ
Z
o
~
~
...J
W
...J~
~~
a. ..
~~
_.~~~~~------~-~-~~~~-~-
~'l
.....;. .....i ....r '-J -..I ......'
~I
U)"
OU
::E~
~~
~~
wc
c:::r
IIlU
t3~
C)
z c..
-
en :J
::J 0 M
OM
c:: MM
0 0 (I).....
C) ~M
:>: ::SM
W U)ns
J: CO W -"
en (I) .-
0 ::s ~
0 LU ..J co2
(l)LL.
Z ~ en > -
a.. z <( (I)
0 LU - .>
..J .c 0
0 CI) - ~
LU c:: ""e>
cr:: J: a::: N_
'::S
0... <( ~ c
a.. ~ '0
(J U) ()
,... 0
M()
W en
N
:I:
<( .-
:E
I
I
L
i~
wo
Oz
::.;;: --
<(Cf)
0:::.-
~trl
Wt:
0::: I
COU
<(0:::
U<(
l \~ ,"" ,_ '-- '- '- \-. '-- .... .... _ ,.' VIi WiI ~ ~ .... :-. ~ '- ...... '..; ~ -' ...... _ ...... '..
--::- ~.0tfIWI ~............. "'"'~ '..."
..', :,J '" ,1
.._...... .~.~"'_'.n"~'._
~
en'
OU
I : ~~
~~
,,~' we
a:::;r
~ ~ ~; "L- 9i: ~~
Zf?
~~ a.. ~I I
W;. ~fi1
~a I 0...
~;.
I <( CI.lS
~ I
<(
~
~
I ~
It' I
Sl
I I
I I
I I
I I
I I
I I
I I
I I
I I
g I
I
13l11N't' to
';"'7~
0 z ~ ~ u,u, u: ~ ~ l~""~
en . en en cri
w & ~ ~~ ,...
~ t ,... )~~ ::s g I! S
CJ ~ tL -~ ~.
W 0 "" '\ o-:-u.:C\l
~ LO . d coco 0- u, cri I
~ g en ,...
- W i ~ I
en Z a: C')~ '1"'-
I ...J g,... w IL g ~S ~S :e ii I!
0 0
en ~~ ii5 d'!j
ii un~ w ~ ~ i I ! ~
0 ~ - ~:Ja. a: en
en urif >- l8 w
o a: ::::> 2~ dw LO C) ~ ~ ~~ I ! ~ I
a. 2 ~<(O !~ ~a g~
::l ... ~ M C\l C')C\l 10 0
0 'J: I I I I W a: ~
~Oa: ~II] i5 8 t 1"'-0 ~I"'- I g Q.
0 a: :::c jj ~{2 ~ ~ ~ ~ ~
0 ~ wG ~Cl ~d ~ b fA rg
.~ z
<( :c U ~~ U ~ ~~ ~ I I ::J 5 Q. ~ ~
a: ,... C\l ~ U ;;
:r: <( f- ~m ~~ -l ~ ~ is
~ ~ a: j " "" :s ....J ~ ~ ~ i
:s
a. ~~ 0. II] ~ zz II] ~ C) II]
~ ~ o -- -l Z
5 99 ~ D D ....J
CI.l~ g Q ::::l::::l 0 ....J ....J ~ ~ ~ ~ ~
II] II] al l- S S g ~ :
al al
.l L
,",--,,-',"-,-"-L.' ~_ f.~
- ... .... ... _ ...., w ~ '-' "'"" .", '.' . ' ,
~ ~ ...... .........- ,.ut '-' . - . - . ~ < ,.'.-
'-" ...... _. _--.. .... ',':Q.oI "-' ___4 ........; '.....".. .~.
" ,
" '