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Trailside Estates Building Better Neighborhoods Development <br /> `— Pequot Lakes, Minnesota <br /> Through a cooperative effort between Car-Col Construction, local government and Central <br /> Minnesota Housing Partnership, Trailside Estates will provide an affordable homeownership <br /> option to households in the Pequot Lakes area. The development has been awarded$150,000 in <br /> gap financing funds to assist low and moderate-income households purchase a home in Trailside <br /> Estates. Lower interest rate first mortgage products and entry cost assistance will also be <br /> provided through Minnesota Housing and USDA Rural Development to eligible buyers. <br /> Presently, homes available through the BBN program will be priced upwards of$164,000. <br /> Targeted households are those with annual gross incomes of 80% State Median Income or less. <br /> (Please see table below) Unfortunately, even with the availability of the above listed financing <br /> products and assistance there is still an affordability gap between home prices and the <br /> households we strive to serve. <br /> Household Size 80% State Median <br /> Income Limits <br /> 1 $38,500 <br /> 2 $44,000 <br /> 3 $49,500 <br /> 4 $54,500 <br /> 5 $59,500 <br /> 6 $64,000 <br /> 7 $68,000 <br /> 8 $72,500 <br /> These income limits are set by fenders, and does not represent the real incomes of households in <br /> and around Pequot Lakes. In fact, 80%of Crow Wing County Median incomes are, on average, <br /> $11,000 less per household size. This means that the incomes we are targeting to serve cannot <br /> afford the "affordable homes" we are creating. The table below shows Crow Wing County 80% <br /> Median Income levels. <br /> Household Size 80% Crow Wing County <br /> Income Limits <br /> 1 $30,850 <br /> 2 $35,300 <br /> 3 $39,700 <br /> 4 $44,100 <br /> 5 $47,650 <br /> 6 $51,150 <br /> 7 $54,700 <br /> 8 $58,200 <br />