Shelbourne Square Apartments consists of 64 units: 2 one-bedroom, one-bath units, each measuring 824 square feet, 58 two-bedroom, two-bath units, each measuring 1,100 square feet, and 4 three-bedroom, two-bath units, each measuring 1,380 square feet. The complex is currently 89.1% occupied. Shelborne Apartments offers affordable, quiet living with a community feel. IPO has projected a Year 1 NOI of $225,244 based on street rents, while accounting for a vacancy factor consistent with historical trends. This NOI also includes a market rate management fee of 5%, a $250 replacement reserve, and operational expenses that are consistent with the historical trends and market averages. The property was developed in 2006 as a Low-Income Housing Tax Credit (LIHTC) property. The Regulatory Agreement was amended on 10/21/21 and will run in perpetuity. 26 units will be rented to families whose income does not exceed 35% of AMI. 38 units will be rented to families whose income does not exceed 60% of AMI.