14490 full.pdf - Georgia Department of Community Affairs

The following table compares the current (2002) maximum allowable gross rents
with the proposed gross rents at the subject site.
PERCENT OF MAXIMUM
MEDIAN
GROSS
HOUSEHOLD MONTHLY PROPOSED
UNIT TYPE
INCOME
RENT GROSS RENT
ONE-BEDROOM 60% $505 $439
TWO-BEDROOM 60% $606
$502
$606
$527
$606
$547
THREE-BEDROOM 60% $700
$609
$700
$639
The maximum allowable gross rents at opening may increase (or decrease) based on
the median income and utility rates at the time. The proposed rents are set $59 to
$104 lower than the current (2002) maximum allowable.
2. AFFORDABILITY
Based on findings from The Danter Company's nationwide telephone survey, we
anticipate that the proposed one-, two-, and three-bedroom units will predominantly
house one- to four-person households. Therefore, the following demand analysis
includes the maximum allowable incomes for four-person households.
Project-Based Assistance Units
Of the 132 units proposed, 40 will offer project-based assistance under the HUD
Section 8 Program. Units that operate under the HUD Section 8 Program rent for 30%
of the adjusted household income of each individual renter household. As a result, a
household could have income as low as $0.
According to a representative of the Department of Housing and Urban Development,
within the HUD Section 8 and Public Housing program guidelines, a tenant cannot
have incomes that exceed 50% of the area median household income. As such, the
maximum allowable income for a four-person household within the Albany MSA is
$22,450.
Our demand analysis for the 40 proposed HUD Section 8 units at the subject site will
consider various demand factors based on those households with incomes between
$0 and $22,450.
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