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May 31, 2007 <br /> RE: City of Pequot Lakes financial support of Trailside Estates Development <br /> To Whom It May Concern: <br /> As a partner in the Trailside Estates Building Better Neighborhoods Development,the Central <br /> Minnesota Housing Partnership would like to state its support of Car-Col Construction, Inc. in <br /> their request for additional city support to assist low and moderate-income buyers achieve <br /> homeownership in your city. <br /> A 2006 Crow Wing County Affordable Housing Study performed by the Minnesota Housing <br /> Partnership stated this fact: <br /> A family of four with two full-time wage earners needs to earn a combined annual salary <br /> of$45,252 to afford the basic cost of living in Crow Wing County. Forty-two percent of <br /> jobs in Crow Wing County and counties nearby pay less than the regional wage required <br /> to afford basic needs. <br /> These are telling statistics, especially when you consider that the study also states a household <br /> would need to earn$45,095 to afford the median priced home ($142,300) in Crow Wing County. <br /> I am writing this letter to support a request for city leverage such as waived fees,to further <br /> reduce the cost of the homes in Trailside Estates. With the assistance of the City of Pequot <br /> Lakes, we will be able to assist more low and moderate-income workforce households achieve <br /> homeownership. The benefits of this initial support will be seen for years to come for both the <br /> families who will benefit from the assistance we provide, and the City of Pequot Lakes as your <br /> city grows. <br /> Sincerely, <br /> Jason Krebsbach <br /> Program Manager <br /> Central Minnesota Housing Partnership <br />