a market conditions and project evaluation summary of - Georgia ...

Villages Of East Lake I And II, continued
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The contact reported that Phase I with 182 units is 94 percent occupied and Phase II with 360 units is 92 percent occupied. Vacancy has increased from two
percent as of the last interview in October 2008 to seven percent in March 2009 due to the state of the economy. The contact reported that there are only
one or two vacant PBRA units and applications are being processed for these units from the waiting list.
The contact reported that management does not accept tenant-based Housing Choice Vouchers as the property offers PBRA units. Occupancy appears to
have remained stable when compared to the last interview in March 2009 when the property was 93 percent occupied. Rents have not changed since the last
interview.
Management noted that the waiting list for PBRA units is currently closed and is not expected to open for five years or more. An estimate on the number of
households on this waiting list was unavailable. Waster and sewer utilities are no longer included in the rent and a flat rate of $25, $35, $45, and $55 is
charged for one, two, three, and four-bedroom units, respectively.
The contact could not provide vacancy by unit type but indicated that none of the four-bedroom units are vacant. The concession is $300 off the first month,
$200 off the second month and $100 off the third month, on a 12-month lease.
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