a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
a market conditions and project evaluation summary of - Georgia ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Allen Wilson Phase III, Decatur, GA; Market Study<br />
� Strengths <strong>of</strong> the Subject will include its new construction design <strong>and</strong> location near<br />
downtown Decatur, retail, <strong>and</strong> public transportation. Additionally, all <strong>of</strong> the Subject’s<br />
units will operate with a public housing subsidy. Currently, there are 2,500 households<br />
waiting for public housing in the City <strong>of</strong> Decatur <strong>and</strong> all are pre-qualified to live at the<br />
Subject. The fact that the Subject will target very low income individuals <strong>and</strong> will help<br />
to fill a housing void in the <strong>market</strong> is also considered a strength <strong>of</strong> the development.<br />
� Based upon our <strong>market</strong> research, demographic calculations <strong>and</strong> analysis, we believe there<br />
is ample dem<strong>and</strong> for the Subject property as proposed. The Subject will be replacement<br />
public housing for the existing Allen Wilson Terrace, which will be demolished. A total<br />
<strong>of</strong> nine buildings (56 units) at the existing Allen Wilson Terrace will remain occupied<br />
until the completion <strong>of</strong> Allen Wilson Phase III. Of these occupied units, 21 are seniors<br />
who will relocate to Phase II <strong>and</strong> 35 are families who will relocate to the Subject (Phase<br />
III). After all <strong>of</strong> the current residents have moved to Phase II <strong>and</strong> the Subject, these nine<br />
buildings will be demolished. As proposed, the Subject will contain 71 units. Tenants<br />
for the remaining 15 units at the Subject will likely come from the housing authority’s<br />
waiting list, which contains 2,500 households, all <strong>of</strong> which have been pre-qualified to live<br />
at the Subject. Three <strong>of</strong> the LIHTC comparables <strong>of</strong>fer subsidized units, Allen Wilson I,<br />
Auburn Glenn, <strong>and</strong> Villages <strong>of</strong> East Lake I <strong>and</strong> II. None <strong>of</strong> the comparables have any<br />
vacant subsidized units, further illustrating a need for additional subsidized units in the<br />
<strong>market</strong>.<br />
Overall the local affordable housing <strong>market</strong>, <strong>and</strong> the subsidized housing <strong>market</strong> in<br />
particular, appear to be performing well. Given the low subsidized vacancy rate, the<br />
significant waiting list for public housing, <strong>and</strong> the relocation plan in place for the current<br />
residents <strong>of</strong> Allen Wilson Terrace, we believe that the Subject will be successful in the<br />
local <strong>market</strong> as proposed.<br />
Recommendations<br />
� We recommend the Subject as proposed.<br />
Novogradac & Company, LLP 108
Change language