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1 < <br /> 2 <br /> Carolina Springs Project Summary <br /> First Centrum Corporation of Sterling, Virginia proposes to <br /> build 123 housing units for the elderly on West Poplar <br /> Avenue in Carrboro. The unit and rent distribution is as <br /> follows . <br /> Bedroom # of Monthly Minimum of Area <br /> Size Units Housing Income Median <br /> Costs Required Income <br /> 1 45 513 $20,520 60 <br /> 1 30 385 $15,400 45 <br /> 2 28 615 $24,600 60 <br /> 2 20 461 $18,440 45 <br /> Total Project Costs: $7, 362, 779 <br /> According to the developer, payment of the impact fees would <br /> produce the following results. <br /> Bedroom # of Monthly Minimum $ of Area <br /> Size Units Housing Income Median <br /> Costs Required Income <br /> 1 75 513 $20,520 60 <br /> 2 48 615 $24,600 60 <br /> Total Project Costs: $7, 548, 779 <br /> (an increase of 3%) <br /> Major Difference: Units affordable to families at 45% of <br /> the area median would be eliminated and all units would be <br /> affordable at 60% of median income. This would yield <br /> additional annual rental income of $83, 040. <br /> The increase in project costs caused by the impact fees <br /> would increase the debt service for the project by $17, 836 <br /> annually. <br />