You can get CD credit for these--you just need to demonstrate that expected rents should fall below HUD FMR, and that a percentage of rents will fall below rent affordability thresholds. Say something along the lines of,
"This development is located in a low-income census tract in XXXXX, XX and consists of 74 one-bedroom units, 107 two-bedroom units and 19 three-bedroom units with 85.50% of the actual rent rates below the 2018 Fair Market Rent for the area, and 95.00% of the units affordable to tenants earning between 34.78% and 73.62% of the 2018 area median family income of $69,000.00."
You discover the rent affordability threshold by taking the AMI multiplying it by 80% and then multiplying the result by 30% and dividing that result by 12. so
then determine how many units fall below that rate (95%). Then determine the lowest rent paid and the highest rent paid that is below the affordable rent threshold. For example the lowest rent rate was $600 and we would multiply 600 by 12 and multiply that result by .3, eg.
((600*12)*.3)=24,000/69,000=34.78%
.
Then in your write up quote the following statement from the Q&A:
According to the most recent interagency Q&A under subsection .12(g)(1)-1, "For projects that do not yet have occupants, and for which the income of the potential occupants cannot be determined in advance, or in other projects where the income of occupants cannot be verified, examiners will review factors such as demographic, economic, and market data to determine the likelihood that the housing will ‘‘primarily’’ accommodate low- or moderate-income individuals. For example, examiners may look at median rents of the assessment area and the project; the median home value of either the assessment area, low- or moderate-income geographies or the project; the low- or moderate-income population in the area of the project; or the past performance record of the organization(s) undertaking the project. Further, such a project could receive consideration if its express, bona fide intent, as stated, for example, in a prospectus, loan proposal, or community action plan, is community development."
Then if your appraisal is attached they can utilize that document for the market analysis, or otherwise if your narrative document states why they used the rents they did that should be enough ammo for an examiner.