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Draft –for discussion purposes only <br />CITY OF SOUTH BEND <br />DEPARTMENT OF COMMUNITY INVESTMENT <br />Financials For a Single -Family House (2BR) ~1,100 SQFT <br />Costs <br />Land Acquisition*: ~5-10% <br />Materials: 40-50% <br />Labor: 25-35% <br />Arch. and Eng.: 8-15% <br />Developer fee: 8-10% <br />Total:~ $200,000 <br />Funding <br />Equity (private money): 10 -30% <br />Private Loan: 50 -70% <br />Gap (City): ~ 10-40% <br />Total: ~ $200,000 <br />Costs are roughly equal (except for less expensive finishes and furnishings) for “affordable” and “market” rate housing <br />However, affordable housing needs to be further subsidized covering either part of a mortgage or loan or rent discount