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SUBSIDY EXAMPLE <br />100 UNIT DEVELOPMENT <br /> 15% AFFORDABLE <br /> <br />•15 Affordable Units <br />Required <br />•@ Very Low Income = <br />$281,000 per unit <br />•$4.2 Million Subsidy <br />Required <br />•Equals 10% Development <br />Cost = Return Required <br /> <br /> 20% AFFORDABLE <br /> <br />•20 Affordable Units <br />Required <br />•@ Very Low Income = <br />$281,000 per unit <br />•$5.6 Million Subsidy <br />Required <br />•Equals 14% Development <br />Cost – Exceeds Return <br />7