No. This is a market-rate project with no HUD tax credits. To receive the incentive offered by the Development Authority the developer has to meet a very strict investment target of $50,000,000. To meet this investment target the developer would have to build class A units with popular amenities. Put simply, if they build a cheap product they will not meet the investment target and will lose the incentive.
With an average gross monthly rent of $1,456 we can derive the average annual income needed to qualify to lease in the new community is about $62,403 per year.
To embrace our mission of “Diversity, Vitality, and Community” I feel our city has to embrace diversity in mixed-incomes as well. While I am concerned with housing affordability, our city does not currently have any housing options for someone wanting to rent an apartment constructed in the last 30-40 years.