14490 full.pdf - Georgia Department of Community Affairs

edroom rents of $650 to $680 at opening. The proposed rents of $430 to $590 are
well below the market-driven rent.
There are 1,052 three-bedroom units within the Site EMA. Rents for these units range
from $363 to $743. Based on the current rent structure of three-bedroom units,
present-day rents for a development comparable to the one proposed are $715 to
$735 per month. Applying the average annual increase in the Site EMA yields threebedroom
rents of $760 to $780 at opening. The proposed rents of $520 to $690 are
well below the market-driven rent.
The following table compares the market rents at opening with the proposed rents at
the subject site for one, two-, and three-bedroom Tax Credit and market-rate units.
Rents are gross, including all utilities except telephone and cable television.
PERCENT OF
MARKET RENT AT
OPENING AT 26.0
PROPOSED
MEDIAN COMPARABILITY PROPOSED GROSS RENT AS
HOUSEHOLD RATING OPENING A PERCENT OF
UNIT TYPE INCOME NET GROSS GROSS RENT MARKET RENT
ONE-BEDROOM/
60% $540 $595 $439
73.8%
1.0 BATH
MR $540 $595 $540
90.8%
TWO-BEDROOM/ 60% $650 $722 $502
69.6%
1.0 BATH
GARDEN
MR $650 $722 $617
85.5%
TWO-BEDROOM/ 60% $680 $752 $547
72.7%
1.5 BATH
TOWNHOUSE
MR $680 $752 $662
88.0%
TWO-BEDROOM/ 60% $670 $742 $527
71.0%
2.0 BATH
GARDEN
MR $670 $742 $637
85.8%
THREE-BEDROOM/ 60% $760 $849 $609
71.7%
2.0 BATH
GARDEN
MR $760 $849 $739
87.0%
THREE-BEDROOM/ 60% $780 $869 $639
73.5%
2.5 BATH
TOWNHOUSE
MR – Market-rate
MR $780 $869 $779
89.6%
With the proposed Tax Credit rents ranging from 69.6% to 73.8% of market-driven
rents, these proposed units will be perceived as a substantial value within the market.
The market-rate rents range from 85.5% to 90.8% of market-driven rents, and will also
be perceived as a significant value within the market, since there are no income
restrictions.
IV-48