What are backup plans if subsidized budgets fall short of targets?
There are no subsidized budgets or rents in this project. By the nature of the make-up of the project, upon successful award of tax credits, the project will be underwritten by several professionals throughout the country to ensure the development can sustain itself. As part of this underwriting, there is an exhaustive due diligence process that examines all facets and conditions of the project and the market. The Louisiana Housing Finance Agency in its 2009 Housing Needs Assessment Summary cited a need for 2,997 affordable rental units in Lafayette to meet the existing/projected demand between 2008 and 2013. Based on this need by a third-party specialist, we are 100% confident that within 90 days of completion of the development we will reach 100% absorption rate, and maintain that with a sizable waiting list. In respect to a potential development budget shortfall, if we do not receive all of the funding we are projecting/requesting, then we will phase the development over a period of
