Let's see... Assume that the rent is no more than $800 per month, gives you $9,600 a year towards repaying the investment and all maintenance costs and at least some utilities. $192,000 divided by less than $8,400 a year (VERY generous) gives you 23 years with NO interest to pay back the initial investment.
There must be something else that I don't see, beyond the $515,000 subsidy, that makes this work for the developer. Bruce Gaarder Highland Park Saint Paul [EMAIL PROTECTED] From: Craig Miller <[EMAIL PROTECTED]> > > form Greg Luce: > > East Phillips Commons, Phase I: 29th Street and Bloomington (East > > Phillips)/$515,000. Developer: Sherman Associates. Project: $5.4 million > > construction of 28 unit apartment building and 4 live-work > > owner-occupied units (all units proposed as affordable to families at > > 50% MMI. Site assembly not complete and $1 million budgeted for > > acquisition and demolition). > ++++5.4 million for 28 units = 192,000 per unit. _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
