08-04-04 Meeting of the Tax Increment Reinvestment Zone Number One minutes

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le '. i. :~'1. e e PUBLIC NOTIFICATION __", ~_.__.'~' ,_~ .,.. ... __"...__..._ _...._.._...__.._ __._'_M_'~~'" __ __ __~ ~._'U'_.. - ----- Bayforest Ranch, Ltd. is making an application for Housing Tax Credits with the Texas Department of Housing and Community Affairs for Bayforest Ranch, 2600 SH 146 South, La Porte, Harris County, TX 77571. This new to be built development will consist of 100 single family homes for rental, including 80 low income units. 12% of the units will target tenants with incomes less than 40% of the area's median income, 20% of the units will target tenants with incomes less than 50% of the area's median income, and 48% of the units will target tenants with incomes less than 60% of the area's median income. 20% of the units will be market rate units. The number of units and proposed rents (less utility allowances for the subject property's tax credit units) are: $894 ft . "'Y'f~'" i>c..c. --......", ') JYtp;r $721 '\ ""b j'i)' $549 \ > l The development will also offer market rate units to the general public. The numbh of I units and proposed rents for the subject property's market rate (non-tax credit prpgram) units are: . / ,...-/ t:- 'lid', , ':1\, '!:J!I If t")}'I> ..:.:::. h \<i' .~? {"\ P-. W "".... "~"'" I.':"J i:"\ '1-.1 t. .'.). ~.~ p,t;r r b .'~ . "."" \ ") !;.wt." I. 0 ,,-,. j f."';<'. ~..1tJ' "->-.. *"t,$ ~.~!u!) 48 4 Bedroom/2 Bath Homes for 20 4 Bedroom/2 Bath Homes for 12 4 Bedroom/2 Bath Homes for .,', t1"\\, 6+~1 . i. ~: r"] r.. 1-'; ",.." 20 '.....)1..... (Y" $-L-' "'. .... 4 Bedroom/2 Bath Homes for $950 If awarded credits, this development is expected to be ready for occupancy by March of 2006. For more information on this notice, please notify Isaac Matthews, lYE Bayforest, LLC, 5325 Katy Freeway, Suite One, Houston, Texas 77007, (713) 871-0063.