New Braunfels Herald Zeitung, October 17, 2000, Page 5

New Braunfels Herald Zeitung

October 17, 2000

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Issue date: Tuesday, October 17, 2000

Pages available: 28

Previous edition: Sunday, October 15, 2000

Next edition: Wednesday, October 18, 2000

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New Braunfels Herald Zeitung (Newspaper) - October 17, 2000, New Braunfels, Texas Tuesday, October 17, 2000 — Herald-Zeitung — Page SA LESSONS/From 1A WARNING/From 1A Oct. 16, 2000 CLOSE ■ 10,238.80 NET CHANGE +46.62 % CHANGE +0.46 HIGH 10,272.09 LOW 10,177.76    —— ~— RECORD HIGH ' Sfg Jan. 14,2000    __ 11,722.98 12,000 . i - JULY AUGUST SEPTEMBER OCTOBER 7,000 ll Stock mil .......... ES , '■fv 52-Week YTD 12-mo High Low Name Last Chg %Chg %Chg %Chg 11,750.28 9,731.81 Dow Industrials 10,238.80 +46.62 +.46 -10.94. +1.21 3,102.47 2,260.78 Dow Transportation 2,438.14 +7.96 - +.33 -18.11 -14.27 403.72 268.59 Dow Utilities 394.05 +5.30. +1.36 +39.06 +32.00 681.19 572.38 NYSE Composite 641.67 +4.06 +.64 -1.33 +10.71 1,043.46 769.64 Amex Market Value 907.60 -6.85 -.75 +3.49 +17.19 5,132.52 2,632.01 Nasdaq Composite 3,290.28 -26.49 -.80 -19.14 +22.35 1,553.11 1,233.70 S&P 500 1,374.62 +.45 +.03 -6.44 +9.61 549.63 366.05 S&P MidCap 503.04 +1.78 +.36 +13.13 +36.14 614.16 406.33 Russell 2000 481.75 +1.36 +.28 -4.56 +17.82 14,734.25 11,446.60 Wilshire 5000 12,831.42 +28.17 +.22 -7.10 +12.01 NYSE 641.67    +4.06 I Amex 907.60 -6.85 I NASDAQ 3,290.28 -26.49 Gainers ($2 or more) Gainers ($2 or more) Gainers ($2 or more) Name Last Chg %Chg Name Last Chg %Chg Name Last Chg %Chg Simula 2.75 +.69 +33.3 DigPwr 5.75 +1.88 +48.4 ConvGrp n 7.81 +3.09 +65.6 WilsonGrn 29.88 +5.94 +24.8 QueryOb n 2.31 +.50 +27.6 Rainmkr n 2.47 +.97 +64.6 SpclEqp 30.13 +5.94 +24.5 Identix 10.79 +2.04 +23.3 24/7 Med 6.69 +2.38 +55.1 ThreeFS s 35.88 +6.63 +22.6 ATechC s 17.00 +2.39 +16.4 Sheldl 3.16 +1.03 +48.5 vjGCCos 2.13 +.38 +21.4 Team 2.13 +.25 +13.3 Breakwy s 4.69 +1.31 +38.9 Skechers 14.56 +2.44 +20.1 Photoelctr 4.25 +.50 +13.3 AlphHsp 2.50 +.63 +33.3 GettyMkt 3.13 +.50 +19.0 Depomed 4.38 +.50 +12.9 OrlndPred 2.00 +.50 +33.3 ModisProf 4.94 +.75 +17.9 StavElec 10.00 +1.13 +12.7 Glblmg 4.75 +1.19 +33.3 LTC Prp 3.63 +.50 +16.0 AndreaE 5.89 +.63 +12.0 ThStreet 3.75 +.94 +33.3 Cryolite 31.69 +4.31 +15.8 Bionova 2.38 +.25 +11.8 DetSys 11.38 +2.81 +32.8 Losers ($2 or more) Losers ($2 or more) Losers {$2 or more) Name Last Chg %Chg Name Last Chg %Chg Name Last Chg %Chg NS Grp 10.30 -6.25 -37.8 FrontAdj 2.00 -.75 -27.3 Organic n 2.50 -1.50 -37.5 Xerox 7.75 -2.69 -25.8 On2.com 2.50 -.50 -16.7 OnCo wtB 2.63 -1.38 -34.4 CortXRX27 14.00 -4.75 -25.3 fireside 2.00 -.31 -13.5 AvadoB pf 2.50 -1.00 -28.6 Polaroid 9.25 -2.31 -20.0 SonusC g 2.75 -.38 -12.0 BioShld n 2.88 -1.06 -27.0 GlobVac 2.25 -.50 -18.2 booktech n 2.38 -.31 -11.6 infoUSA 2.75 -.94 -25.4 UtdMicro n 9.88 -1.94 -16.4 OCH Tch n 4.69 -.56 -10.7 Tknwldg 2.75 -.94 -25.4 HeclaM pf 7.50 -1.44 -16.1 ShefldPhm 4.19 -.50 -10.7 SciQst n 3.00 -1.00 -25.0 ChesEn pf 54.69 -9.75 -15.1 Boundls 5.25 -.50 -8.7 Alamosa n 10.75 -3.38 -23.9 Weirt 2.13 -.31 -12.8 NTNCom 2.00 -.19 -8.6 AdvRadio 4.34 -1.34 -23.6 Systemax 2.38 -.31 -11.6 WldWire n 2.69 -.25 -8.5 SecNtl 2.31 -.69 -22.9 Most Active ($1 or more) Most Active ($1 or more) Most Active ($1 or more) Name Vol (OO) Last Chg Name Vol (OO) Last Chg Name Vol (OO) Last Chg Xerox 316475 7.75 -2.69 Nasd100T S275415 81.63 +.88 Intel s 894721 35.69 -4.69 Lucent 206270 22.25 -1.00 SPDR 56586 138.19 +.63 Microsft 580691 50.38 -3.38 Motorola si77472 22.38 +.25 Nabors 12617 53.05 -.90 Cisco s 496981 54.50 -1.56 LibtyMA s 166414 16.13 -.88 FAusPr 11099 3.94 +.02 Oracle s 355627 34.56 -1.06 HcmeDp si65343 37.69 +1.38 BiotechT n 9548 172.75 +5.69 WrldCom S334238 23.00 -1.31 AT&T 152540 24.00 -.63 IvaxCp s 8265 45.54 +1.94 SunMic s 322693 114 56 +3.56 NortelNw 141685 67 44 +2.00 SemiHTr n 6670 61.05 -3.70 DellCptr 289740 25.36 -1.95 GenElec si 29826 57.75 +.75 PhmHTr n 6656 104.75 +1.75 ApidMat s 213606 48.75 -4.75 Texaco 123174 59.00 +3.88 DJIA Diam 5664 102.70 +.83 Qualcom st96781 77.00 +7.06 Citigrps 121350 50.81 +1.06 DevonE 5502 60.50 -1.57 JnprNtw 170837 243.00+14.50 Diary Diary Diary Advanced 1,400 Advanced 312 Advanced 1,907 Declined 1,486 Declined 315 Declined 2,012 Unchanged 446 Unchanged 171 Unchanged 975 Total issues 3,332 Total issues 798 Total issues 4,894 New Highs 35 New Highs 5 New Highs 40 New Lows 103 New Lows 31 New Lows 237 Volume 1,194,737,860 Volume 62,118,625 Volume 1,736,771,400 Name Ex YTD Div Yid PE Last Chg %Chg Name Ex AT&T    NY AXA Fn    NY AMDs    NY Albertsn    NY AlteraCp s    Nasd AmOnlne s    NY AppleC s    Nasd ApidMat s    Nasd Anba    Nasd Atmel s    Nasd BEA Sys s    Nasd BellSouth    NY BrMySq    NY BroadVis s    Nasd Cabl&Wrts    NY ChaseM s    NY Chevron    NY CienaCp s    Nasd Cisco s    Nasd Citigrp s NY CocaCI NY CdgPal NY ComOne s Nasd Compaq NY CnEpfA NY Comino s NY CovadCms Nasd DellCptr Nasd DbleClck EMC s EnterPT EricTel s ExodusC s Nasd ExxonMob NY GenElec s NY GlblCrss Nasd HomeDp s NY InfoSpce s Nasd Intel s Nasd IBM NY JDS Un! s Nasd JohnJn NY Nasd NY NY Nasd 88    3.7    12 10    .2    21  12 .76    3.4    12  45 "...    ...    ii ...    ...    24 I 35 76    T9    19 .98    1.6    27 11    2.0    Z 1.28    3.2    IO 2.60    3.2    15 .56    1.1    20 68    1.2    90 63    1.2    32 .10    4    37 416    8.2    ... .24    .2    ... I    I    38 1.76    16.0    7 .06    4    ... 1.76    20    24 .55    1.0    47 .16    4    33 .2 32 .5 28 1.28 1.3 36 24.00 51.63 20.38 22.25 32 44 52.61 21.50 48.75 131.38 12.31 8150 40.50 60.00 23.81 38.63 39.56 82.00 135.17 54.50 50.81 58.63 51.65 68.63 25.41 51.00 98.31 8.94 25.36 12.13 96.69 11.00 14.86 38.13 87 81 57.75 24.63 3769 22.38 35.69 111.13 94.44 96.94 -.63 -52.8 +.63 +51.8 -1.50 +40.5 +.25 -31.0 -.50 +31.1 -.39 -30.7 -.56 -58.2 -4.75 -23.1 +9.69 +48.0 -.81 -16.5 +4.25+1329 +.13 -13.5 +1.50 -6.5 +1.81 -57.9 -1.50 -27.0 -.06 -23.5 -2.25 -5.3 +7 30 +370.2 -1.56 +1.6 +1.06 +21.7 +144    +.6 +1.23 -20.5 +5.81 -30.2 +.21 -6.1 ... -15.0 +5.44+128 7 -1.13 -76.0 -1.95 -50.3 -.31 -904 +1.75 +77.0 -.06 -16.6 -.08 -9.3 -2.38 -14.1 -2.69 +9.0 +.75 +11.9 -1.13 -50.8 +1.38 -45.2 +3.19 -58.2 -469 -13.2 +2.00 +3.0 +.31 +17.1 +1.13 +4.0 YTD Div Yid PE Last Chg%Chg JnprNtw    Nasd LibtyMA s    NY Lucent    NY McDnlds    NY Merck    NY MicronT s    NY Microsit    Nasd MMM    NY Motorola s    NY NasdlOOTs    Amex NetwkAp s    Nasd NextelC s    Nasd Nokia s    NY NortelNw    NY Novlus s Oracle s Palmn PepsiCo Pfizer PhmRes ProclG .08    .4    24 .20    .7    20 1.36 1.8 29  13  30 2 32    2.5    20 .16    .7    32 Nasd Nasd Nasd NY NY NY NY PrchPro s    Nasd Qualcom s    Nasd ReliantEn    NY SBC Com    NY SiebelSyss    Nasd Staples    Nasd SunMic s    Nasd Sycamre s    Nasd TXI) Corp    NY TrraNtw n    Nasd Texaco    NY Texlnd    NY Texlnst s    NY Ventas s    Nasd VerizonCm    NY WalMart    NY WellsFrgo    NY WrkJCom s    Nasd Xerox    NY Yahoo s    Nasd .56    1.2    33 .36    .8    47 1 40 1.9 29 1.50 3.2    6 1.02 2.0 27 240    6,6    9 .07    .3    ... 1.80    3.1    17 .30    1.0    8 09    .2    25 1.54    3.3    13 .24    .5    34 .88    2.0    18  14 .20'    2.6    ll 243.00 16.13 22.25 29.00 76 88 33.69 50.38 92.19 22.38 8163 133.56 34.50 32.94 67.44 34.88 34.56 54 94 46.63 4369 7.13 71.94 44.75 77.00 46.31 50.75 103.63 1106 114.56 85.13 36.63 23.38 59.00 29.63 43.56 150.27 46.44 47.31 43.56 23.00 7.75 55.25 +14.50+328.2 -.88 -43 2 -1.00 -68.3 + 13 -28.1 +.69 +144 -2.69 -13.9 -3.38 -56 9 +1.19 -5.8 +.25 -54.5 +.88 -10.7 +12.13+221.8 -3.75 -33,2 -.19 -31.0 +2.00 +33.5 -5.63 -14.7 -1.06 +23.4 +1.75 -42.2 +1.13 +32.3 +1.06 +34.7 +.31 +44.3 -.69 -34.3 +9.69 -34.9 +7.06 -56.3 +1.63+102.5 +.63 +4.1 +4.75+146.7 -1.38 -46.7 +3.56 +47.9 -.36 -17.1 -.75 +3.0 +1.31 -57.3 +3.88 +8.6 -.31 -30.4 -.94 -9.9 +9.45 +57.6 -.06 -24.6 +2.31 -31.6 +.19 +7.7 -1.31 -56.7 -2.69 -65.8 -4.75 -74.5 Money Rates Last Pvs Week Prime Rate 9.50 9.50 Discount Rate 6.00 OOO Federal Funds Rate 6.625 64375 Treasuries 3-month 6.08 6.06 6-month 509 6.06 5-vear 5.75 5 87 10-vear 5.73 582 30-vear 5.81 5 85 Currencies Last Pvs Day Britain Canada France Germany Italy Japan Mexico 1 4476 1.5196 7.7108 2.2991 2276.09 108.05 95250 1.4529 1.5071 7.6764 22888 2266.23 107 71 9.5300 British pound expressed in U.S. dollars All others show dollar in foreign currency Mutual Funds Total Assets Total Return/Rank Pct Min Init Name Ob] ({Mins) NAV 4-wk 12-mo 5-year Load Invt Vanguard Idx Fds: 500 SP 104,791 126.92 -4.8 +11.6/A +155.6/A NL 3,000 Fidelity Invest: Magelln LC 103,647 127.20 -5.7 +13.3/C +124.8/D 3.00 2,500 American Funds A: ICAA p LV 56,187 31.50 -3.5 +13.0/B +132.1/B 5.75 250 Janus: Fund LG 48,145 4254 -6.7 +24.5IC +198 0/B NL 2,500 American Funds A: WshA p LV 45,828 28.75 -2.0 +3.5/E +104.8/D 5.75 250 Fidelity Invest: Contra XG 43,800 55.74 -3.1 +15 3/E +143 1/D 300 2,500 Fidelity Invest: Grolnc LV 41,946 43.40 -2.2 +12.6/B +134.6/A NL 2,500 Amer Century Inv: Ultra LG 41,075 41.26 -5.8 +20.9/C ♦147.6/D NL 2,500 Janus: WrldW GL 39,900 70.14 -71 +31.2/A +204 6/A NL 2,500 American Funds A: GwthA p XG 39,661 32.49 -5.6 +41.3/C +215 8/B 575 250 Fidelity Invest: GroCo XG 35,536 88.84 -2.1 +56.4/B +245.3/B NL 2,500 Amencan Funds A: EupacA p IL 34,438 36.07 -5.9 +78/B ♦102.3/A 5.75 250 American Funds A: N PerA p GL 33,411 26.87 -7.0 +11.5IC +126 2/B 5.75 250 Janus: Twen LG 33,208 70.77 -8.7 +17,3/D +310.2/A NL 2,500 Fidelity Invest: BluCh LC 30,019 57.01 -4.4 +19.5/B +142.1/C NL 2,500 Vanguard Instl Fds: Instldx PIMCO Funds Instl: TotRt SP 29,389 125.71 -4.8 +11.7/A ♦157.2/A NL 10,000,000 IB 27,794 10.09 +1.0 +8 2/A +41.2/A NL 5,000,000 Putnam Funds A: VoyA p XG 25,373 2825 -6.9 +29 7/D ♦170.9/D 5.75 500 Vanguard Fds: Wndsll XV 23,605 26 54 -1.2 +12.4/C + 1047/B NL 3,000 Vanguard Fds: Prmcp XC 23,054 63.78 -9.2 +25.2/B +203.9/A NL 3,000 Vanguard Fds: Welltn Fidelity Invest: Eq Inc BL 22,161 27.70 -0.4 +4 4/E ♦79.2/C NI 3,000 El 21,370 52.32 -1.3 +105/B + 104.1/A NL 2,500 Fidelity Invest: AggrGr r XG 21,359 5414 -6.1 +40 7/C +262 2/A NL 2,500 Fidelity Invest: Puritn BL 21,298 1850 -1.0 +10.0/C +81 5/B NL 2,500 Vanguard Fds: USGro LG 21,151 4461 -3.0 +249/B +194 1/B NL 3,000 Putnam Funds A: NwOpA p XG 20,939 86 06 -7.1 +42 0/C +197.3/B 575 500 AIM Funds A: Const p XG 20,621 43.83 -4.8 +50 2/C + 145 2/D 550 500 Vanguard Idx Fds: TotStk XC 20,106 30.94 -5.4 +13.8/C ♦ 138 9/B NL 3,000 UL Balanced, GI -Global Stock, IL -International Stock, LC -Large-Cap Cofe, LG -Large-Cap Growth, LV -Large Cap Val., MT Mortgage, SB -Short-Term Bond, SP -SAP 500, SS Single-State Muni, XC -Multi-Cap Core, XG -Multi-Cap Growth, XV -Multi Cap Val Total Return Chng in NAV with dividends reinvested Rank How fund performed vs oth ers with same objective A is in top 20%, E in bottom 20% Min Ink Invt Minimum $ needed to invest in fund NA » Not avail NE = Data in question NS * Fund not in existence Source: Lipper, Inc Stock Fo^totee: A * Div or earns to Ccitt $, stock in U.S. I o « New to past 52 weeks pf * Preferred ai«. Split or Block dry of 2C pct or more to past 52 weeks cc » PE over 99 dd * toss to last 12 months rf rn Righto u - Units v m Trading hatted on primary market vj wt b Warrants ww » With warrants m In bankruptcy or receivership, wd * When drstrtouted wi« When issued. Mutuel Fund Footnotes x ■ Ex cash dividend NL * No up-front sales charge, p * Fund assets used to pay distribution costs r m Redemption fee or contingent deferred sales load may apply, t * Soto p and r. Gamers and Losers must be worth st toast $2 to be listed in tables at left Moat Actives most ba worth *! toast $1, volume to hundreds of shares. Source: The Associated Press Sales figures ate unofficial not speak more than a few minutes before remembering a person who helped diem escape the rising water; or a business that helped them piece together what was left of their possessions; or a group that descended upon their neighborhood to help rebuild. The water climbed six feet in Sue Puetz’s home. “We had a lot of volunteers come from outlying communities,” said Puetz, who still gets moved when she remembers a group of children walking up her street singing “Onward Christian Soldiers.” “After a flood, there’s nothing clean to start with — there’s no starting point,” Puetz said. Muddy water from the swollen Guadalupe River burst as high as two stories in some of the homes in the Summerwood subdivision. Several residents did not have flood insurance, and one resident said several of the survivors had their mortgages double trying to repair their homes. Dan Beard, who has worked in the Austin Fire Department for 15 years, said he never had seen destruction like the aftermath of the flood two years ago. “This is more devastating than what a fire could be, because a fire will consume everything. This left everything behind, in a big mess,” Beard said. Higher on the hill, the president of the Summerwood Properties Homeowner’s Association, Dean Saputa, said he knew something serious was about to happen when he saw cars floating down the street. He ran down the hill and into some of the side streets to warn people a flood was building. He turned off the electricity and gas in the homes he could get to. “Some of the families didn’t even know what was going on,” Saputa said. “Just in IO minutes, we couldn’t even cross back,up (to his house) again.” The Saputa home never got flooded, at least not with water. Eventually, his house served as one base point for families evacuating their homes. Neighbors brought what they had grabbed — pictures, blankets, family pets — and took a breather in his home. “We’re a very close neighborhood here,” he said. “I know they’d do the same for us. We thought, ‘We didn’t lose anything. Why not open up our house to our neighbors?”’ One neighbor stopped in the middle of the evacuation to tie down her son’s basketball hoop. “People just clicked. You just did whatever you had to do,” Brucks said. “Everybody was looking out for everybody else. You looked back on those little things, and you know everybody was looking out for everybody else.” In the early stages of reconstruction with evidence of the flood making it hard to forget, Puetz and her husband Rob would sit in lawn chairs, pull a soda out of a mini-refrigerator and do crossword puzzles together. “We’re surrounded by bare walls sitting here like we have this big screen TV in front of us,” Puetz said. “Like everything is normal. It was kind of funny.” “There are still scars,” Rob said. “But we’re doing great.” Erasing signs of the flood was important to Brucks, who said she cried a little more since the flood. “We’ll never forget the smell,” Brucks said. “That was my constant reminder. We couldn’t get rid of it; it took forever. You just have to make sure you get rid of all those things that hurt. I still have a tub of pictures underneath the bed that the rest of the family can go to that I can’t.” The survivors in the Summerwood subdivision learned different lessons from the flood. Some laugh bitterly about flood insurance; others talk about taking in life at a more leisurely pace; and those like Puetz and Brucks learned just how much they could lean on their neighbors. “We’ve seen everything,” Brucks said. “There are no secrets. Our friends and family know more about us than we want them to. They got a hold of your laundry.” Several families — even families whose homes did not flood — pack their photos and sentimental items differently now. Sue Puetz said she thought twice before saving paperwork. “I’ll ask myself, if I had a flood tomorrow, would I need it?’ If the answer is no, then I get rid of it,” Puetz said. Brucks said everyone who helped her family walked away with a refreshed sense of what it was important in life. “It hasn’t just affected me. It’s affected their lives,” Brucks said. “I think the flood kept us straight.” Systems range in terms of type, complexity, and of course, cost. Collier said the city was considering a number of ideas. Possibilities include siren systems or public address broadcasts that could be issued from the city’s emergency center using the siren systems. Consulting companies that offer systems are evaluating the needs of New Braunfels, Collier said. “They’re just another tool to provide for early warning, which is the name of the game when it comes to saving lives,” Collier said. Current system The GBRA and Comal County are looking for money from the Federal Emergency Management Agency to upgrade a flood warning system on the Guadalupe. GBRA’s Judy Gardner said a system installed by the Edwards Underground Water District, forerunner to the Edwards Aquifer Authority, provides some advance flood warning. The system involves rain gauges around Comal and Kendall counties. In the mid-1990s, Gardner said, it became apparent that the River Road area upstream from New Braunfels needed additional attention. The two entities joined in a project to fund and develop a system of flood warning gauges along River Road. Data from three sites along River Road is transmitted to the Comal County Sheriff’s Office and the GBR A and can be accessed by the National Weather Service in New Braunfels. With future funding, the system will be expanded, Gardner said. “The object was to save lives and provide the National Weather Service with additional data for more comprehensive flood forecasting,” Gardner said. ‘Stay tuned’ Nezette Rydell, hydrologist with the National Weather Service in New Braunfels, urges residents to go to electronic or hardware stores and buy National Oceanic and Atmospheric Administration weather radios. Many different versions are available, the newest of which cost $40 to $60. They broadcast weather or flood warnings that can be locally specific — say for Comal County or the Guadalupe River basin. “One of our biggest problems during the October flood was that when we told people to get out, they’ said, ‘No, I ’rn not going, I was here in ’72 and I came through that.’We wound up going back three and four times to some of the same places:’ Jack Collier New Braunfels Fire Chief The most important thing in this flood-prone area is to keep informed Rydell said. “When we’re experiencing heavy rain, stay tuned. Don’t go out and do your shopping without listening to your radio," Rydell said. “When as much water comes down as fast as it did in the October 1998 flood, it’s a unique situation. There will be warning, but sometimes very little warning.” Collier said, “Given the same set of conditions as occurred on Oct. 17, 1999, if the same things come together again, we’re going to have another flood.” In terms of flood consciousness, Collier said, everybody’s was raised by the memory of what happened in New Braunfels and down river two years ago today. “Nobody who went through that flood, I don’t believe, can experience a significant rain without wondering, ‘Is it happening again?”’ he said. Collier echoed the weather service in urging that people pay attention when the weather’s bad — listen to radio, watch television and stay informed. And, if the unthinkable happens again, Collier urges people to listen to public safety officials. “One of our biggest problems during the October flood was that when we told people to get out, they said ‘No, I’m not going, I was here in ’72 and I came through that.’ We wound up going back three and four times to some of the same places,” he said. “Finally, when th£ Avater was up under their arms, they’d say, ‘OK, I’m ready to go.’” And by that time, of course, rescue officials had the high water to contend with when what should have been an orderly evacuation turned into an emergency rescue. “When we tell you it’s time to go, listen to us!” Collier said.    / ROSEDALE/From 4A ty had a two-year waiting list for people who want to live in the low-income housing facilities. The Texas Bond Review Board oversees allocation of the bonds under the private activity bond allocation program. The program is broken into various categories. MAGI is asking for an allocation of bonds under the multi-family category. The multi-family category is broken into priority levels based on the percentage of units reserved for low-income families. MAGI intends to reserve IOO percent of the units for low-income families, or families whose incomes are 50 percent or less of the area median family income. That places MAGI in the highest priority category - priority I. The rents will be capped at 30 percent of half of the area median family income, according to information from MAGI. Steve Alvarez, administrator for the private activities bond allocation program, said the state received a $1.2 billion allocation of the tax-exempt bonds from the federal government to distribute this year. Of that, the Legislative reserved 16.5 percent, or more than $165 million, for multi-family projects. The bond review board received 150 applications for those bonds that totaled more than $1.6 billion. “There’s a lot of demand for that kind of money, and not enough to go about,” Alvarez said. He said the bond review board estimated it would have more than $166 million for multi-family projects this next year. Applications for the bonds are accepted through Friday. Applications for bond allocations during this year, which actually were made this past year, were allocated under the priority system for the first time. “This past year, our experience was that all of the multi-family projects under priority I eventually got a reservation for allocation, and we went a little bit into priority 2,” Alvarez said. He said believed the program would see an increase in the number of applications for priority I projects for 2001. Krape said the quality of the new apartments would not be affected by the fact that they would be targeted for low-income families. “It’s basically the equivalent of a market-type project,” he said. “It’s just you have a financial route that’s a little different. Your avenue for the financing is augmented enough that it justifies the rent you get.” The area where the apartments will be built is a low-income area, Krape said. Because of that, the developer could not charge a rent high enough to cover the costs of land and construction. “You’d have to be doing something on the river or other avenues, but because of that location, you’re not going to get the rent necessary to justify the financing,” he said. If MAGI gets an allocation of bonds to issue, they will be low-imerest and tax-exempt. That means the people who buy the bonds, or in effect loan the company money to help build the apartments, will not pay taxes on the interest on the bonds. MAGI also is exploring other types of financing. Krape estimated the apartments would cost in the high $3 million range, but that did not include land costs and other expenses. “Without this type of scenario, they’re not going to get a market developer in there,” Krape said. He also said that any type of development there probably would pursue the same type of financing options. ^ U.S.A. Mini Storage Opp i & Covered RV Storage ^ 452 FM 306 On Site Resident Manager Security Gate & Fence • MOVE IN SPECIAL • Call or Come By 830-625-2872 IRS PROBLEMS? 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