14490 full.pdf - Georgia Department of Community Affairs

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The project is proposed as follows: UNIT TYPE ONE-BEDROOM/ 1.0 BATH GARDEN TWO-BEDROOM/ 1.0 BATH GARDEN TWO-BEDROOM/ 1.5 BATH TOWNHOME TWO-BEDROOM/ 2.0 BATH GARDEN THREE-BEDROOM/ 2.0 BATH GARDEN THREE-BEDROOM/ 2.5 BATH GARDEN SOUTH ALBANY VILLAGE AREA BOUNDED BY HIGHLAND AVENUE, WASHINGTON STREET, JACKSON STREET, AND WHITNEY AVENUE ALBANY, GEORGIA *2004 **Rent is based on 30% of income MR – Market-rate GS – Government subsidized N/A – Not applicable PERCENT OF MEDIAN HOUSEHOLD INCOME NUMBER GS 60% MR GS 60% MR GS 60% MR GS 60% MR GS 60% MR GS 60% MR 4 5 3 15 22 2 1 1 2 7 17 12 12 19 6 1 1 2 TOTAL 132 SQUARE FEET 619 619 619 864 864 864 1,038 1,038 1,038 952 952 952 1,082 1,082 1,082 1,198 1,198 1,198 IV-2 MAXIMUM ALLOWABLE GROSS RENT GROSS N/A $505 N/A N/A $606 N/A N/A $606 N/A N/A $606 N/A N/A $700 N/A N/A $700 N/A ** $439 $540 ** $502 $617 ** $547 $662 ** $527 $637 ** $609 $739 ** $639 $779 RENTS AT OPENING* UTILITY ALLOWANCE $55 $55 $55 $72 $72 $72 $72 $72 $72 $72 $72 $72 $89 $89 $89 $89 $89 $89 NET/ COLLECTED ** $384 $485 ** $430 $545 ** $475 $590 ** $455 $590 ** $520 $650 ** $550 $690 The proposed project will be developed within the low-income housing Tax Credit program. The developer plans to offer 65 (49.2%) of the proposed units to households with incomes at or below 60% of the area median household income. An additional 40 (30.3%) of the proposed units will offer project based assistance under the HUD Section 8 program. The remaining 27 units will be market-rate units. These rents are meant as guidelines. Actual rents may vary based on the area median income and utility costs at the time of opening. It should be noted, however, that incomes sometimes increase at a greater rate than market area rents, and arbitrarily increasing rents whenever income guidelines allow may result in a development becoming less of a value. Future increases must always be considered within the context of the existing rental market. Within the Albany MSA, recent median income (as established by HUD) has increased at an annual average of 4.2% compared with
the Site EMA's established annual rent increase of 3.1%. The proposed project is projected to open in June 2004. The proposed project will be 13 newly constructed/renovated two- and three-story (walk-up and townhouse style) buildings on approximately 10.16 acres of land. Each unit in the proposed development will include the following amenities: • Range • Window blinds • Frost-free refrigerator • Washer/dryer hookups • Dishwasher • Patio or balcony • Disposal • Security system • Carpeting • Central air conditioning Project amenities will include the following: • Community building • Central laundry facilities • Picnic area • On-site management • Pool • Playground • Roller blade/bike bath • Security gate • Play field • Exercise room The following supportive services will be available to residents of the proposed subject development: • Rising Expectations self-sufficiency program • Rising Stars After School • Children’s Reading Hour and Youth Enrichment IV-3
Page 1 and 2: National Leaders in Real Estate Res
Page 3 and 4: TABLE OF CONTENTS I. INTRODUCTION..
Page 5 and 6: I. INTRODUCTION A. OBJECTIVES This
Page 7 and 8: II. SCOPE OF SURVEY A complete anal
Page 9 and 10: • Tenants will be responsible for
Page 11 and 12: APARTMENT MARKET AREA SUMMARY UNITS
Page 13 and 14: • The project amenities the propo
Page 15: IV. CONCLUSIONS A. INTRODUCTION Thi
Page 19 and 20: West East Jackson Street is directl
Page 21 and 22: Population and Households The popul
Page 23 and 24: 3. SITE EVALUATION Demand for the s
Page 25 and 26: Convenience to Entertainment The si
Page 27 and 28: e. Site Evaluation Conclusions Base
Page 29 and 30: SOUTH BORDER SITE SITE SOUTHWEST BO
Page 31 and 32: ��
Page 33 and 34: Jefferson Jefferson Jefferson Jeffe
Page 35 and 36: ��
Page 37 and 38: DISTRIBUTION OF POPULATION BY AGE A
Page 39 and 40: There were 39,656 total housing uni
Page 41 and 42: The following table summarizes empl
Page 43 and 44: 44,000 40,000 36,000 EMPLOYMENT AND
Page 45 and 46: ��
Page 47 and 48: The following table compares the cu
Page 49 and 50: Our demand analysis for the propose
Page 51 and 52: DEMAND BY TARGETED INCOME GROUP PER
Page 53 and 54: a. Market-Rate Following is a distr
Page 55 and 56: An evaluation of units renting at o
Page 57 and 58: A comparison of unit amenities at t
Page 59 and 60: TWO-BEDROOM COMPARISON TOTAL VACANT
Page 61 and 62: ecipient) is 1 to 2 per month. Howe
Page 63 and 64: 3. APARTMENT LOCATION MAP Maps desi
Page 65 and 66: 4. FEDERAL AND STATE-ASSISTED PROJE
Page 67 and 68:
6. PLANNED AND PROPOSED According t
Page 69 and 70:
V. FIELD SURVEY OF MODERN APARTMENT
Page 71 and 72:
YEAR OF PROJECT OPENING NUMBER OF P
Page 73 and 74:
RENT AND VACANCY ANALYSIS TWO BEDRO
Page 75 and 76:
MAP CODE PROJECT NAME 1 TOWERING PI
Page 77 and 78:
MAP CODE PROJECT NAME 13 GREENBRIAR
Page 79 and 80:
MAP CODE PROJECT NAME 25 REGENCY CL
Page 81 and 82:
MAP CODE PROJECT NAME 37 THE OAKS 2
Page 83 and 84:
MAP CODE PROJECT NAME 49 MC INTOSH
Page 85 and 86:
MAP CODE 1 2 3 4 5 6 7 8 9 10 11 12
Page 87 and 88:
MAP CODE 37 38 39 40 41 42 43 44 45
Page 89 and 90:
COMPARABILITY INDEX MODERN APARTMEN
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
MAP PROJECT CODE NAME 13 GREENBRIAR
Page 97 and 98:
MAP PROJECT CODE NAME 37 THE OAKS 3
Page 99 and 100:
MAP PROJECT CODE NAME EGNAR UNIT AM
Page 101 and 102:
MAP PROJECT CODE NAME EGNAR ROTAREG
Page 103 and 104:
MAP PROJECT CODE NAME EGNAR 45 HOLL
Page 105 and 106:
UNIT AMENITIES DISTRIBUTION OF UNIT
Page 107 and 108:
MAP CODE UNIT TYPE / UTILITY DETAIL
Page 109 and 110:
MAP CODE UNIT TYPE / UTILITY DETAIL
Page 111 and 112:
1 TOWERING PINES TOWERING PINES LN.
Page 113 and 114:
7 THE WILLOWS 1401 WHISPERING PINES
Page 115 and 116:
13 GREENBRIAR 3110 GRAYSTONE LN. AL
Page 117 and 118:
19 GLENWOOD MANOR 2315 W. GORDON AV
Page 119 and 120:
25 REGENCY CLUB 2000 TOMPKINS AVE.
Page 121 and 122:
31 PRINCETON PLACE 539 N. WESTOVER
Page 123 and 124:
37 THE OAKS 2024 W. OGLETHORPE AVE.
Page 125 and 126:
43 PATE HOMES 200 ARBOR CT. ALBANY
Page 127 and 128:
49 MC INTOSH HOMES 618 N. DAVIS ST.
Page 129 and 130:
55 WOODPINE WAY 421 SOUTH WESTOVER
Page 131 and 132:
VII. HOUSING STARTS In an analysis
Page 133 and 134:
UNITS HOUSING UNITS AUTHORIZED DOUG
Page 135 and 136:
Population Characteristics —2000
Page 137 and 138:
HOUSEHOLD DETAIL REPORT ALBANY, GEO
Page 139 and 140:
B. INCOME MEDIAN PER HOUSEHOLD INCO
Page 141 and 142:
DISTRIBUTION OF TOTAL PERSONAL INCO
Page 143 and 144:
D. RETAIL SALES 2001 VIII-10 DOUGHE
Page 145 and 146:
44,000 40,000 36,000 EMPLOYMENT AND
Page 147 and 148:
UNITS BY STRUCTURE AND VACANCY RATE
Page 149 and 150:
HOUSING QUALITY ALBANY AND DOUGHERT
Page 151 and 152:
OWNER OCCUPANCY SUMMARY ALBANY AND
Page 153 and 154:
Qualifications and Services About t
Page 155 and 156:
for present and future development
Page 157:
Consulting—In addition to market
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