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8. One illustration of this is that in our November 15, 1968,
Report we dropped from the list, a recently completed 400 unit apart-
ment development because we learned that the minimum rents were $145.00
per month for an Efficiency unit. This is above the highest rent
category under the FHA insured mortgage program,which is Rent Supple-
ment. However, the amount of Permit taken out on this project was only
$5,000 per unit (for construction only ~ does not include land).
Maximum allowable rents under the Rent Supplement program are: .
Efficiencies ‘ $ 85.00 per month —
1 Bedroon $105.00 * =
2 Bedroom $120.90 “" -
3 Bedroom or more $140.00 " x
it appears therefore that projects with rentals above these figures
should not qualify for the low and medium income housing program.
9. Thus, by not having information on bedroom composition and
proposed rentals on most conventionally financed projects, we have had
to rely exclusively on construction costs, as determined from the
Building Permits. In the absence of other criteria, in order to have
a consistant basis for reporting, we have limited inclusion in the
program to the following:
Multi-family (apartments and town houses) having
construction costs of not more than $10,000 per unit
Duplexes ~ not more than $12,000 per unit
Single-family - not more than $15,000 per unit.
(Maximum FHA 221 d(2) mortgage in Atlanta area)
10, However, even with the above criteria I have revently learned
that another 400 unit conventionally financed project, which we have
been carrying “Under Construction" has recently completed 236 units
(of which 180 are already occupied) at rentals as follows:
24 units 1 Bedroon $145.00 per month
196 units 2 Bedroon $175.00 per month
2 Bedroom « 2 baths $180.00 per month
os units 3 Bedroom $205.00 per month
units (above prices include all utilities)
The remaining 164 units (some of which will be completed by July 15
and remainder by mid+fall) have now been reduced to:
41 wnits 1 Bedroom
64 units 2 Bedroon
unite 3 Bedroom
1 Total additional units
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The permit taken out on this project originally was for $5,000 per
unit. Itiis thus apparent that amount of monthly rentals or purchase
payments should also be a determining factor for inclusion in the
low-income housing program and that constant follow up on original
information is necessary to maintain accurate data on the various
projects.
11. The above is a typical example of the need for timeliness of
accurate detailed information on all projects, which we have thus far
been unable to obtain in many instances, because of the lack of a
person to gather, evaluate and record it.
12. If the Housing Resources Committee is to continue to function
effectively in promotion of the low and medium incomue housing program
and be able to determine where we are, how far we should go and in
which directions, then the continudus updating of the Low-Income
Housing Status Reports, is essential. This cannot be done adequately
with the existing staff of two people in the HRC office.
Respectfully submitted,
vats
Malcolm D. Jones
Housing Coordinator
MDJ/mc
(3-28-69)