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12/05/2001 16:02 FAX 320 252 0889 ST CLOUD HRA (1004 <br /> • <br /> • <br /> "Threshold" <br /> Minimum Average Wage <br /> • For Public Assistance for Economic Development <br /> Hourly wage: $12.25 • <br /> Annual Wage: $25,480.00 <br /> %Allocated to Shelter Costs: 30.00% • <br /> Annual Shelter Costs $7,644 <br /> IIP Monthly Shelter Costs $ 637 <br /> Formula: <br /> Annual computation.using the Fair Market Rent (FMR) for a three bedroom <br /> apartment. <br /> The Threshold Minimum Average Hourly Wage for Public Assistance for Economic <br /> Development activities would establish a base level hourly wage, which economic <br /> development project(projects in which the major public benefit would be job creation) <br /> would have meet or exceed to quali fy for local public financial assistance. <br /> • <br /> The use of the FMR's provides for an automatic annual adjustment based on localized <br /> data <br /> • <br />