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Item 4: MUPTE for Student Housing Project
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Item 4: MUPTE for Student Housing Project
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4/20/2012 2:22:28 PM
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4/20/2012 12:10:27 PM
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Agenda Item Summary
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4/23/2012
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<br />The amount of the APL is (1) the net present value (using 10% discount rate) of the <br />o <br />difference between the project’s actual annual cash flows over the exemption period and the <br />proforma projected cash flows for the project that would provide a 10 percent IRR for the <br />exemption period, or (2) equal to the maximum amount of property taxes that would have <br />been assessed if no exemption had been granted, whichever is less. <br /> <br />If the owner elects to not pay the APL, the EUA (15-year affordability period) will be <br />o <br />maintained on the number of units required to reduce the net present value of the project’s <br />cash flows by an amount equal to the APL. <br /> <br />The NMUH program is currently under review with the goal of implementing changes in <br />o <br />July 2012. Some new concepts being considered include: <br />- <br /> <br />Program cap of $1 million in foregone tax revenue annually. <br />- <br /> <br />20% of units to meet affordability requirements <br />- <br /> <br />Add accessibility of units and location considerations to public benefit requirements <br />- <br /> <br />Define types of commercial uses within housing project that would be eligible for <br />the exemption <br /> <br />
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