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S1ars sr�esr <br />HOUSING <br />Development Description <br />The project will be located on a 5 acre tract located on Highway 82. The project will be 80 units <br />of new construction of either a family or senior community. Like our other communities, this <br />will be a Class A property that we will be proud to own for years to come. <br />Rents / Income / Operations <br />Rents <br />The project is designed to offer affordable rents for working individuals, families and seniors (55 <br />years and older) in a Class A community. The projected rental rates are detailed below. <br />Units <br />Affordable Rent <br />Market Rent <br />1 Bedroom <br />$609.00 <br />$ <br />2 Bedroom <br />$730.00 <br />$ <br />3 Bedroom <br />$843.00 <br />$ <br />Income <br />The Area Median Income (AMI) for a family in County is $51,600.00 according to Housing and <br />Urban Development's publication. Our property will target families and seniors making 60% of <br />the Area Median Income in the Paris area. <br />Operations <br />State Street Housing has a strict leasing policyfor each and everyfamilythat desires toliveinour <br />communities. An in -depth background check is performed on every applicant. This includes afull <br />criminal background check, credit check, employment and income verification. No applicant will be <br />accepted with a criminal history. <br />Page 3 <br />