Item G2
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: June 16, 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
ROGO 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 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: On March 17,2004 the Board deleted this item from the meeting
agenda at the request of the City of Marathon. The City has since nominated the property (see
attached resolution).
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)
Executive Director Approval:
County Lan~ _'
~. ~a~ J. Rosch
To Follow: Not Required:
Approved By: Attorney ~
Documentation: Included: X
Disposition:
Agenda Item LA #2
~5/12/2004 21:43
305-28'3-4131
ClTV CLERK CODE ENF
PAGE 02
RESOLlJTION 2004~035
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MARATHON, FLORIDA, REQUESTING THE ASSISTANCE OF THE
MONROE COUNTY LAND AUTHORITY IN THE ACQUISITION OF
LANDS IN THE CITY FOR AFFORDABLE HOUSING
WHEREAS, prior to and subsequent to the incorporation of the City of Marathon.
Florida (the "City"), certain funds in Monroe Cou.nty, Florida's (the County) possession were
derived from taxes and assessments and other revenues originating from taxpayers and properties
located within the City and remained in the County's budget and treasury; and
WHEREAS, prior to the City's incorporation. certain funds were budgeted by the
County for acquisition of properties within the City for affordable housing, conservation of
environmentally sensitive, open space and recreational purposes; and
WHEREAS, additional state and federal programs are available to fund land acquisition
projects; and
WHEREAS, such funds were budgeted but not expended by the County; and
WHEREAS, the Monroe County Comprehensive Land Authority (the "MCLA!t) is the
County agency responsible for the acquisition of land for various purposes, including, but not
limited to, affordable housing, conservation of environmentally sensitive land, open space and
recreational purposes; and
WHEREAS, it is the desire of the City to provide additional affordable housing,
conservation, open space an.d recreational lands within the City.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF MARATHON, FLORIDA, AS FOLLOWS:
Section 1. The City Council requests the assistance of the MCLA in identifying and
acquirin.g lands within the City to be used for affordable housing pmposes.
Sedion 2.
Staff is directed to pursue a land acquisition by the MCLA.
Section 3. Exhibit "A" describes the property the City would like acquired for
affordable housing purposes.
Section 4.
This Resolution shall become effective immediately upon its adoption.
PASSED AND AP.PROVED by the City Council of the city of Marathon, Florida, this
27th day of April, 2004. .
THE CITY OF MARATHON, FLORIDA
~5!12!2004 21:42
305-289-4131
AYES:
NOES:
ABSENT:
ABSTAIN :
Bartus, Bull, Mearns. Miller. Pinkus
None
None
None
ATTEST:
(City Seal)
CITY CLERK CODE ENF
Je
APPROVED AS TO FORM AND LEGALITY FOR THE USE
AND RELIANCE OF THE CITY OF MARATHON, FLORIDA ONLY:
PAGE 03
e5/12/2804 21:43
305-28g-4131
CI TV CLERl< CODE EJ~F
F'A'~E:.. ':.14
EXHffiIT A
A parcel of land in Section 11, TO\\'IlShip 66 South, Range 32 East; Key Vaca~ Monroe County,
Florida, more particularly described as follows: Commencing at the intersection of the East Hne
of said Section t 1 and the Southeasterly right of way line of U.S. Highway 1; thence continue
South along the said East line of Section 11 for 285 feet to the Point of Beginning; thence
continue South for 854.00 feet: thence West fOr 231.55 feet; thence North for 854.00 feet; thence
. . .
East for 231.55 feet to the Point of Beginning.
Containing 197,744 square feet or 4.54 acres~ more of less.
g
'~
l"V'C;D. Jj:\N 'l '2. lU~~
\\ECEl r.,
THE CARLISLE GROUP
o CORPORATE OI;nCE
2950 S.W 2-'TII A \'1::-':1 II', 51'ITI' 200
~IIMlI, FL 331 33
PIIONE 305-476-8118
FAX 305-476-1557
J;AX 305-476-5240 CI')\1
CARLISLE PROPERTY MANAGEMENT, INC.
CARLISLE DEVELOPMENT GROUP, LLC
CARLISLE CONSTRUCTION, LLC
""1 A U..\ II ASSEt: OH;ICI:
_~96.j. \'\'ITII:-':,:T():-': CI~('LE, SIIITI' 1
1",\11.\11\:':'11, FL 32309
I'II():-':I (850) 222-l)022
h'\ (850) )22-9110
January 21, 2004
Mark Rosch
Monroe County Land Authority
1200 Truman Avenue
Key West, Florida 33040
Re: Falcon Pass Apartments on Marathon
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
information.
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)
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 Imal 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 IQtaL 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
1/21/20042:59 PM
1 of 1
Falcon Pass" Marathon, FL
1) Project Setup
Project Name
City, Stale
County
Ownership Entity
DDNQCT (yes=1 ,no=2)
Falcon Pass
Marathon, FL
Monroe
Limited Partner
1
Timina Date IMMlYYI Elapsed Cumulative
Financial Projection Revision Date 16-Feb-02 Months Months
Closing Date Feb-05
First Unij Leased Feb-06 12 12
Last Unij Leased Mar-06 1 13
Permanent Loan Closing Date JuI-06 4 17
NO
Dep<cciation Slart (A VG.) 0 25%
Depreciation Start (A VG.) - 75-;..
1!1/2004
1/1/2004
IBond Deal:
Proiect Tvoe
New Construction
ACQuisitonlRehabilitation
Rehabilitation
1"x"1
X
60
40
"x"
Financina Vehicle "Y" or "N" Credit %
L1HTC 9% y 8.01%
TE Bonds/4% L1HTC N 3.43%
Units
X
100.00%
Distribution % Units %SF % Income
VLI 14.44% 14.35% 6.53%
LI 85.56% 85.65% 93.47%
MKT 0.00% 0.00% 0.00%
County Name: Monroe
Median Incom. 56,500 % of AMI I
Income Eligib~' 120% 60% 30%
1 bedroom Income 75% 50,850 25,425 12,713
Monlhlv Rents 1271.25 635.63 317.81
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
Monthlv 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.FL
Studio 0
1 bedroom 84 608
2 bedroom 102 888
3 bedroom 133 1,057
4 bedroom 0
# of Unit Type Rent Unit HUD Actual Net Total Rent Total Rent Total Rent Rent
Rent Schedule Units VLI/LI/MKT Limit 5o.Ft. Rents Rent Rent Monthlv Annual SQoFt. P.S.F. Per Unit
1 Bedroom VLI 30% 608 318 0 0 0 0 0.00 0
1 Bedroom VLI 60% 608 636 0 0 0 0 0.00 0
1 Bedroom LI 120% 608 1,271 0 0 0 0 0.00 0
2 Bedroom 7 VLI 30% 888 381 381 279 1,953 23,436 6,216 3.77 3,348
2 Bedroom 38 LI 60% 888 763 763 661 25,118 301,416 33,744 8.93 7,932
2 Bedroom LI 120% 888 1,526 0 0 0 0 0.00 0
3 Bedroom 6 VLI 30% 1.057 441 440 307 1,842 22,104 6,342 3.49 3,684
3 Bedroom 39 LI 60% 1,057 881 881 748 29,172 350.064 41,223 8.49 8,976
3 Bedroom LI 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 LI 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
lrentablel
Administrative 32,580 362.00 0.37
Management Fee 34,427 382.52 0.39 5.00%
Utilities 27,270 303.00 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 Coverage 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 .
1 Vacancy Rate
5%1
34,8511
Falcon Pass - Marathon, FL
6) Sources & Uses
Pennanent Phase Construction Phase
~ BfIt. hl1ai " ElILJJni1 IataI " eJHJJni1
Permanent 1st Mortgage 2,500.000 17.50% 27,778 2,500,000 20.20% 27,778
SAIL Loan 2,000,000 14.00% 22,222 2,000,000 16.16% 22,222
SHIP Loan from Monroe County 40.000 0.28% 444 40,000 0.32% 444
0
Construction Loan 0.00% 0 0 0.00% 0
Bridge Loan #1 0.00% 0 630.000 5.09% 7,000
Interest Income 0 0.00% 0 0 0.00% 0
NOI During Construction 0 0.00% 0 0 0.00% 0
Impact Fee Waivers 0.00% 0 0 0.00% 0
Other 0 0.00% 0 0 0.00% 0
Limited Partner Equity 7,289,000 51.02% 80,989 6,195,650 50.05% 68,841
General Partner Equity 0 0.00% 0 0 0.00% 0
Deferred Deve r Fee 1,445,890 10.12% 16,065 0.00% 0
Total Sources 14,287,390 100.00% 158,749 12,378,150 100.00% 137,535
Permanent Phase Construction Phase
Uses Total % Per Unit Total % Per Unit
Hard Construction Costs 7,605,923 53.24% 84,510 7,605,923 61.45% 84,510
GC Profit 474,355 3.32% 5,271 474,355 3.83% 5,271
GC General Requirements 474,355 3.32% 5,271 474,355 3.83% 5,271
GC Overhead 158,118 1.11% 1,757 158,118 1.28% 1,757
Accessory Buildings 150,000 1.05% 1,667 150,000 1.21% 1,667
Recreational/ Owner Items 150,000 1.05% 1,667 150,000 1.21% 1,667
Off-Site Improvements 0.00% 0 0 0.00% 0
Hard Cost Contingency @: 3.0% 232,678 1.63% 2,585 232,678 1.88% 2,585
Other 0.00% 0 0 0.00% 0
Construction Interest Expense 0.70% 1,116 72,594 0.59% 807
Brid e Loan Interest Ex nse 0.40% 633 6,588 0.05% 73
Permanent Loan Origination Fee 0.17% 278 25,000 0.20% 278
Permanent Loan Closing Costs 0.05% 83 7,500 0.06% 83
Construction Loan Origination Fee 0.17% 278 25,000 0.20% 278
Construction Loan Closing Costs 0.00% 0 0 0.00% 0
Bridge Loan Origination Fee 0.04% 70 6,300 0.05% 70
Cost of Issuance Fees 0 0.00% 0 0 0.00% 0
Other Loan Closing Costs 34,258 0.24% 381 34,258 0.28% 381
Reserves Re uired b Lender 43,200 0.30% 480 43,200 0.35% 480
Accounting Fees 25,000 0.17% 278 25,000 0.20% 278
Application Fees 5,870 0.04% 65 5,870 0.05% 65
Appraisal 6,500 0.05% 72 6,500 0.05% 72
Architect Fee-Design 300,000 2.10% 3,333 300,000 2.42% 3,333
Architect Fee-Supervision 45,000 0.31% 500 45,000 0.36% 500
Builder's Risk Insurance 150,000 1.05% 1,667 150,000 1.21% 1,667
Building Permit 42,300 0.30% 470 42,300 0.34% 470
Brokerage Fee 0 0.00% 0 0 0.00% 0
Credit Underwriting Fee 13,504 0.09% 150 13,504 0.11% 150
Engineering Fee 80,000 0.56% 889 80,000 0.65% 889
Environmental Report 8,325 0.06% 93 8,325 0.07% 93
FHFC Administrative Fees 72,000 0.50% 800 72,000 0.58% 800
FHFC Application Fees 2,000 0.01% 22 2,000 0.02% 22
FHFC Compliance Mon. Fee 70,000 0.49% 778 70,000 0.57% 778
Impact Fees (Detail) 82,080 0.57% 912 82,080 0.66% 912
Inspection Fees 140,000 0.98% 1,556 140,000 1.13% 1.556
Insurance- Property/Liability 40,000 0.28% 444 40,000 0.32% 444
Legal F ees- Partnership 80,000 0.56% 889 80,000 0.65% 889
Legal Fees- Other 44,000 0.31% 489 44,000 0.36% 489
Market Study 6,000 0.04% 67 6,000 0.05% 67
Marketing & Advertising 140,000 0.98% 1,556 140.000 1.13% 1,556
Operating Deficit Reserve 50,000 0.35% 556 50,000 0.40% 556
Property Taxes 85,000 0.59% 944 85,000 0.69% 944
Soil Test Report 5,000 0.03% 56 5,000 0.04% 56
Survey(including as-built) 18,000 0.13% 200 18,000 0.15% 200
Title Insurance & Recordin9 90,329 0.63% 1,004 90,329 0.73% 1,004
Utility Connection Fee 225,000 1.57% 2,500 225,000 1.82% 2.500
Other (explain in detail) 0 0.00% 0 0 0.00% 0
Cantin enc Soft Cost 73,873 0.52% 821 73,873 0.60% 821
Sub- Tota/ 11,443,871 11,365,650
Existing Buildings, Owned 0 0.00% 0 0 0.00% 0
Existing Buildings, To be Acquired 0 0.00% 0 0 0.00% 0
Other Ac uisition Costs 0 0.00% 0 0 0.00% 0
Land, owned 0 0.00% 0 0 0.00% 0
La nd. To be Acquired 1.012.500 7.09% 11,250 1,012,500 8.18% 11,250
Other Land Costs 0 0.00% 0 0 0.00% 0
Developer's Admin & Overhead 4.0% 457.755 100.00% 5,086 0.00% 0
Developer's Profit Acquisition 5.0% 0 0.00% 0 0.00% 0
Develo er's Profit 12.0% 1,373.265 9.61% 15.258 0.00% 0
Total Pro 'ect Cost 14,287,390 196.80% 158,749 100.00% 137,535
~i.!:!.!l Gap surplus/(short) 01 (0)
C
QI
E
QI
~N
.00
CO!
o C
=:;:2
III III
ii
,0
III ....
III III
III QI
0..>-
C-
O l!!
0-
_u.
III ~
u.cn
~..,;;;
0_
......
g~
~g2
..~
~~
~:;lf~
"'..
i~
~t;;R
..~
~~
:Ji~
~U.
~"'M
8~
M.n
:;l:!.
iR~
..-
~!
';J~~
~~~
~:lli
"''''
i,~
...-
~~~
"'0
..ow
...-
ii:::i1.i
OWN
~~
-;JH
J!lR!
~iil~
~'"
E~
~~~
~~~
Ig~
j~~
.:8
i;f
#.
o
on
III
~[
g>
i2
if C .
~H
~~~
"'0
CON
~.g
~~
N'"
~g)
NOW
"'N
....
~ai
~~
~oi
:\l;:
00
~a;
"'...
;!i
~ai
C;;t;
OW'"
~a:i
8g
::ai
~~
c;!.- ai
"''''
"'N
OW"
g,.:
0...
"''''
-'"
g..:
"''''
"'...
"'..,
0)":
..~
;1;~
0;,.:
0'"
...'"
N'"
mrti
~~
8~
or qj
~ . ~ .
~ ~ g Ii
~- ;~
H;~
1LlClO
is
~
s
'"
':!
~
':!
R
"t
N
...
N
"t
...
'"
..
~
:z
OW
~
8
~
..
'"
:i
..,
~
::l
~
g
::
...
'"
~
'"
:;:
;i
~
~
'"
;i
'"
...
..
l:!
~~~~~88~O~
aiN~riwiu:iui"': e'll
..,.on"~2fOtON ~
'"
N
0>
~
lEl~~!88~O~
~g!i1~~:8$~ ::
m
..
;:
..
....
..
OW
:g
~m~~5~~~O~
~!:i~sfg~r.j~ ~
re
i!l
~~i~;~~~O!
1~1Ii;;;ligg~ ~
:;:
&1
~~i~:~~!O~
~-:~g~~~~ g
....
l;l
'"
g
~~~~~8820~
;!i~~irart1~ ~
~
'"
~
8~~~51!~O~
~.!i~:ig~~~ ;
..,
'"
OW
....
...
:i~Sl~~E~~OCD
~;.fig2:;f:ir; ~
~
il:
....
~~iiS!~~lOa;
~~~,~g~fi~ ~
'"
'"
OW
~
s~~~~i~~O~
~~g:e~ggg ~
~
~
~~~8~~SiO~
~~~i~!t~~ ~
N
~
~
~~~~i~~gOm
~~~~f!~~$! 0
'"
'"
'"
'"
g
~~~g~~~~O!
~~~~i~~.~ ~
g
..
...
~~~~~~~~o~
..,
1ll
'"
~
..
~~~~m~880~
~~L~~~~m~~~ ~
'"
I
,!;
!!
o
t-
~
~ 1 ~!
. m ;~~
:1. -5 ;:0..",
-. ! i S ~ 1i ; ~
I~~ ~ QI!!~!jg,
55'6 ~.~ :a :! i LD :i -g w
S!~~I:~~ls~
III
o
..;
III
lll~oog:
",i::: ~
NlIl co
N~ ;;;
~
~
~~OO~
~~ ~
....
'"
'"
,..:
..
'"
lll;:oog:
"'... ~
g~ ~
..,
'"
'"
~
CO~OOQlo
~n:: ~
g~ ~
~
'":
~
"'~o
::li:::
NlO
N~
l;;
'"
.;
::;
lll;:oo~
"'... -
~~ ~
s
'"
:!!
'"
G)~OOQlo
"'... 0
...... -
NaO co
N~ ;;;
g
OW
g
:g;:o
"'...
ritti
~o
N_
...
~
~
lll~o
",i:::
rilli
N~
1:
'"
III
lll-o
",i:::
t'oiwi
_0
N~
ill
N
III
ar:OOg!
E~ ::
'"
o
N
.;
:!l
lll;:oO~
"'... -
~~ :
....
:!!
'"
:!l
~r:oog
"'... ~
N~ co
~o ~
N~ '"
....
N
'"
~
~;:::oog
..,... -
rilfi 10
_0 ~
"'~ '"
'6"
fz-!i
~.;!!
#..,.#.#."-
$~~~~~
Ci,...........~..,..
~
..;
"''''o~'''
"'... '"
..,~ '"
N"..,..- (")
~~oog
"'... ~
f'ilri Q)
_0 _
N ~ '"
~
..
.;
;1;
~ee~
.
E
~
'"
&
.
~
o
..
j
c tl
'. ~ ~
ei~&~~
, OlE'&i)n
U)h~~t!l
!~~~!~
.
z
...
~
..
..,
;;
15
~
OW
...
"'#.#.#.
.."..,.........
~t'o!r"!f'o!
r!
~
#.#.#.#.
..~t")C')
CC:~r"!f'o!
!
'"
'"
#.#.'If.#.
MNNN
CC:C'<o!"!~
OW
t;;
g
HH
~~~~
'"
'"
'"
'"
~~i!i~
~~~~
:s
'"
o
'"
#.#.#.#.
~~~~
....
..
OW
lO
#.#."'"'
~~~~
~
;1;
#."'#.#.
U'),...,...,...
~:::
cr;
o
;;;
#.#.#.#.
~~~~
'"
'"
....
OW
#.#."'#.
~~:~
0>
to
OW
OW
#.#.#.#.
....-.r......,.
,...............
.....:"...:"...:,..:
g
#.#.#.#.
~~~~
....=.-:"...:.-:
;;
..
....
"'
....
'"
#.#."'"'
CONNN
~::::::
....
N
~
"'#.#.#.
l8~~~
~
'"
N
...
g
I
Ll
.
D
~
.0
~
6
.
co
e
!
;;;
CL
~
N
on
~
~
.
o
~
Jl
~:!:e:Q!
~ Rent Income Calculator
Page 1 of2
Novogndu &; Company LLP
Affordable Housing Resource Center
Rent & Income Limit Calculator
Previous Page
. New Cc::tlculaHon
Step 3 of 3: Rent & Income Limits
Program and Location Information
Affordable Housing IRS Section 42 Low-Income
Program Housing Tax Credit (UHTC)
Year 2003 (effective as of 2/20/03)
State FL
Statistical Area Monroe County
Area Name (NONMETROPOLITAN AREA)
Based On 50% HUD Income Limits
Persons / Bedroom 1.5 Person / Bedroom
4-person AMGI $56,500
Print Page
Close Window
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 ~.imits (Based On 50% HUD Published Income Limit)
60.00% 30.00% 35.00% 40.00% 50.00%
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)
Bed rooms 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) 962 491 573 655 818
5 Bedrooms (7.5) 1,085 542 633 723 904
http://calc.novoco.comlrentincome/z4.j sp ?useTwentyFifty=false&scenario 1 =30&scenari... 12/1912003
~ Rent Income Calculator
Page20f2
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 AMGI.
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.com/rentincome/z4.jsp?useTwentyFifty=false&scenario 1 =30&scenari... 12/19/2003
}>()
:::tJ}>
OCO
I:::tJ
-m
-l:::tJ
~}>
-l:::tJ
(f)}>
-- 5:
20
Ow
I~!
k____~
"', -, ~\ ~- ~ ,-., ~-,""" ....
"-~"""....,
I
3:
)>
-I :;c
:I: ~
N m "1J
n~
o ...... 0 :I: ::0
(") C/) :t=- O 0
o. "'0
;, :E
e. :::c ::u -0
-N m Z
G)...... r- en 0
... -
o ::r m
<' - Z (J)
_C1l ~ CJ) -I J:
"T1C1l r- m m
-;, 0 0
o e m 0
::::!. C1l OJ
0.-
D) C/) C) ~ C
we
w;::;:
-'(1) :::c en
Ww
We 0
w -
c: Z
"'tJ G)
~, (',- ~ ~~ ~ · w .. ., " . . .. w .. W ti (,.; \.J f:JI V ~ !ililitI ftW -. . w .. . oW .., .. \i..i "" ~ W fI ~ lijjI .., 'WI W .. .. .. ttI .. ..,J .J ~ >..; ...,
}>()
Al}>
()CD
IAl
-m
~~
--I;lJ
(J)}>
--s:::
ZO
0cn
~
3:
-I )>
:I: ~
rv m
to
:'")(".) n
:) -.... "1J
.., (J)
:) ~ J:
.~ ~ "'0 ;0
~,..., ~ ;0
Gl-.... m 0 0
.., ... I (j)
~ ~ m "1J
< - Z
1) )> en z 0
< --1
"M (1) r- m
-~ J: (J)
~ ,- 0
.., - m
3: ~(1) OJ m
~ (f) G) ~ 0 0
.JJ :::
~;;:;:
~1(1) :xl c:
~<..)
<:) 0
I":JJ en
c
-
-c Z
G)
" ~,~. ~'. '-'
~.~ ~ ~ d OJ OJ -I OJ OJ OJ -I -l
:ll'~ '< C C 0 "'llcn
! 0 m ~ F F ~ CC C ~ ~ ~iil s:
'. "'ll ~ ~ r Q Q 66 r= -U
z z r __ 0
~ ~ ~ ~ OJ G) G) OJ zz - OJ "'ll ~ ~ I
c cc t5
r= ~ ~ c C J) 2J~
0 r= ~~ ~ - 0 ~~ -; )> )> :D
a t5 ~ jJ "'ll ~ 0 6 "'ll
Z m ~ ~ ~ ~~
Q I\) ~ ~~ m en I ~ 0
~ ~ "'ll ~ ~ I I ~ 1\)..... en 5:j~ m 0
~ ~ ~ ~ ~ Q ~ ()~ G)~ ~ 0 ~ :D
"ii3'Q5 t3 13 ~ i~ :::c C
~ "'ll I -..I 0-..1 8 .. ~~ 0 )> ~ 0 ~ -U
J) m I I I I I ~ .....
t; 0 0 I\)W I\)W ~-h Z
~ ~ I' ~u~ ~~ en
G) 01 m~ ~~ C ::IJ c 0
~ i! ~~ ~~ ro $ !:( ;a 1" ""U r ~ 'TI
"" en Jl c~ - 5 -
m ; iil en I
il_li'l;;i ~ ~ 01 P en Z en
8 :!J 0 ...~ r
I ~ S ' m :IJ
...... ~ ~ m
~ ~ - 0 m
L S ~ ~l ~~~\ ~ en ~ G)
J~ 0l0l P 01
.......:-J :!J :~
S~~S:: z ~ ~ 0
~ ~~ ~ Z
~ l!! l!! ~ il il ~ ~ m
~ f1> f1> 8 . CIl
:TI "Tl"Tl ~
I
I
I
I
I
I
I
I
I
I
I
I
I
f--
~
'"
1]
n1
\1
m
lJ'
~
~
:l>
~
:l>
~CJ)
~iil
i""tJ
IS>
qz
~()
nED
J:::O
-JT1
~~
~~
Zo
0Ul
o
. \
I, : ,:", , ,~ , ,~ , ,
~
L~J
~L~
CH_El
I
I
I
I
I
I
I
I
I
I
I
I
I
~
~TUAL WATER LINE
S~
:.;.m
II" ""tJ
!~
r~
I -
i
~~
oo"'tJ
.~ ~
~r
m
r
~
::I
'0
IZ
fen
)>()
~6:;
*::0
-l/TI
~~
.us ~
-3:;
Zo
0cn
~
...4 _- ..n' ~
\.rI"'; #1
.... .., ...;
->-' ~;... "':l> -.1.;>-"...-"<.' ..' ...'. -~-- ......' -~ ,'(;-;;., ,,# ...+ -r ~
~()
()~
J::::O
-fTl
i1l~
~~
Zo
0cn
I~l
tl)~~
Ull>F
)()( 0
l\)l\)l~
\JI . .
.... "'U> ~
c -'~1I
~ Ull> m
--i _
(fl
cnm
~~
..r
;0
PjZ
qG)
.:<
1-0
m
~
1-
.0
I>
I.
I"
Ir
10
10
JJ
-0
>
6
152'-3"
.
\)l
(fl
-t
o
~
ffi
(J>
I" l.f
-.J '] , " "
!' I' I'
I <--
: f1 'J I'> <
~c ~f)r~ I~ ~c ~c rl
) <I ~
I~o ~z " G'\ A::J. ~n mZ mZ r:: \ "
tg=l ~ t 0-' ~=I ~=I ~ ~"- :J
)~D~ ~. . ~ ~r1 ,,\0 <: 0( 0
11\ )I=.'<.I,*, 11~ )I
~. . . IC
~c L2J iCJ'( \J IU
V f\~ ~\ ~-> <- O(P~(N
mZ ~c ~c ~t(il
-=I
l1;! L.. LJ <~ mZ mZ "'--L--" ~DVV
~c \:: l ~ V ~=I ~=I "f tJ11
mZ ;> < -
-=I ~
tQ ~~ \ -
)~ ; +>.
~ ~=I
7 ~c
~'IoI!l ~
mZ
~ ~D -=I
C;!
\jbJ ). h r g , 'as
<ir- L . .
, III '"
!
~ O:;rrf
[?o
i ~ ]:> .~
I ~o o <!>J7 v e1/
tv~ :y
~
f\I v , I
I'
~~ ~~
~=I C ~ ~=I 1
1
~~ \:: 7 ~~
~=I ~=I
(Jj
() ,/\ ~1r1 {I A.
I\J ~ ~^
, - I
G"' ~~n
\ ~~ ~
DO "'o<!>
.(
7 ~
/D! ~
~~
)li ,'I )1
1;-,.,.101
~~ ~
: ~a(
1 <n . .
~~ ~~ l)
()
-=I --I \
D;! c: ~ D;! I\J
~c \:: "7 ~~
~Z
-=I -=I
D;! D;!
)ll~l ; ~ :as
~'-tol!l f\ I
~ !l~( I
or.> 't
\J~ ~u
W
~c \:: /1 l
mZ
-=I
tg LJ~c <- 0 ~(N
)~ ; ~~
mZ '--1
~=I
~
~'-.o, 0 ,
~ I I
I
! ~ )1 I i
B I
! I
I
_.~ -.J
(Jj
()
I\J
G"'
--J..
~
~ t
~~
:r::::a
-JT\
~~
~~
Zo
0cn
1-
1-
: 1
\)J
C)
to
I
1'1' 11 CJ'
-tJ)1Jl
~l>~
I 01 r
x lJ
r :\>l~
;1 ~ ~;~
I C{JJl>rn
~ '"
i -1
(J\
l>> II
lJ'l
.-1
()
~
m
(J\
~!~
ml-
....,r
-;0
111-
~~
~I I
"'U:
m!
I\:)i
.~: IL,
-c
-
~
r
"T1 I ,
r
,iOI
0'
:D
"'U
.):, -,
iZI
I i
1,-" ,
~ 1
[~J___m _~
..,.r --;I ....... _
~
~
21c;OCOI
): ~
I
-
~ r
o ~}C ~~
\... ~o I,
Dl"
Z-
<i
(17]
<: ~ 0
I~oll
~ \10
): ~
~~
-~ ~
lJ;! ...6
~
~~
m~
)~' i CF
'Jn1)t5
~'\ F o(
'-J~
~
-
I
~c
""Dz
~~
~ -
-
~c
;:Rz
-~
I:Q
~" :~
~
'= 0 Q
~
l()
~
,~
'- 0, fQi 1\ I.
"'~
DpvV1
~
1 ~ ~~
>-~
~c
~z
-~
~
"'\
F\~ ^
~~
IUZ]
~
.I
'\ W
-
-
11
R
~ttnll~
~ro~l~
I ~ ~ur
~ J. II' oLr? I I
~E ~~
1:: ~=l
~ lJ;!
? ~c
mZ
-=l
: :~
lo'r?
lie JI L? III;
reu~
~c
mZ
>-~
~c
mZ
>-~
<
.dE
t:"\ ~ JT
< gU%\' I
ID t:::-'
"
R ~ ~-
~ /-ys =
~I~~ ~ ==s- ~
i1~
:<c
""lJz
~~
I:Q
)~Ict (
~I~g~
~ ~IWl
\Jlj
S=:J
~o
(" ~o
rll~
I ~~
>-~ ..b ~
~ 7
<
&u
c, ~
JI g ~\j
<" o( [)o
11'\ O,e--'
~c ~,,-
~~ b ~ P
~ ~~
~ <;: ~IT III~ '==-
~ICJOli ~~"'~)
}: v n : n;
:<c ~~
~z J _~
D2~ -C ~ I:Q
~ :7
JLnl rj ~J r- fl ;;>
- . --S.... adll II LJ. I /" r\~ ~ If
. mHI Jj " .:J
~~ -: , \./ . --' "fV
~~ ~P?
r
\JlILJ
~!
~~
r--
.-
A
JI I
- --S.... ~I& N
~c - ~./
~ ~ r=\ff
..s.u--
,
I
I
!
i 1 I
I ~ '\I
! ~ ~
.AL
151' 0"
(J:)
CJ'
Ul
C)
to
,
CJ'
"~ c
~ ~ z ~I
I;) _ i
~5 ~
~ en ~
~ Ii
=i .... ""(J
~ Q m
)>
I~
.... co c
m~ z
G m_
~ .. ~
~5
~ ~ ~
=i .... ""(J
~ Q m
m
~I
I~
u
~()
o(D
:1:::0
~fT1
Q~
~~
Zo
0cn
~l
Ii
~
~
I
-
,
::!!:It)
::!!:co
<(
0>-
5::<{
000
....J
l..L.
==It)
==~
~Z
I-<{
Zw
~g
::!!:o
==~
~,~~'
\.
~
d'
<b"
I......
Mile Marker
50.6
Vaca Key
Island
Property
Amended Plat of Marathon Shores - Falcon Pass
.
c-
~
~
~
P
:.0
c- 10
~
V'
po.
11 II
HI 14
14 tI
" "
11 17
17 11
I
I
,______...1
I
I
I
I
I
_ _ _ _ _ . .J
.A."'~. :jii',.:J.'. ...
. ~ ~,. rc
j' . 1 .L-l"...l
... f;,__"i<~"'"
. " ,,#
."'4'
"".
'4.
9
'\
;