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Housing Bond Proiect Summary <br />Applicant: <br />Affordable Rentals, Inc. <br />Project Title: <br />Abbey Court Condominiums <br />Request for Bond Funds: <br />$364,000 <br />Total Project Costs: <br />$682,666 <br />Bond Fund Leverage: <br />53% bond funds; 47% other funds <br />Project Description: <br />Affordable Rentals, Inc. is requesting $364,000 to assist in the acquisition of 13 rental <br />units at Abbey Court Condominiums. After purchase, the property would be rehabilitated if <br />necessary and leased to low-income families. <br />Target Population/Projected Outcome: <br />Thirteen (13) families that are in the 30% to 50% of median annual income category <br />Bond Committee Recommendation <br />The Bond Committee does not recommend this project for funding at this time due to the <br />incompleteness of the submitted funding proposal. <br />