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

Allen Wilson Phase III, Decatur, GA; Market Study
Competitive Property Analysis
Total Number of Comparability Units to be Deducted
Property Name
Units*
Factor from Demand
Allen Wilson Terrace I 40 1.00 40
Retreat at Edgewood 100 0.00 0
Retreat at Edgewood II 40 0.00 0
Total To Deduct 40
*Total number of comparable units by bedroom type
The following table illustrates the total number of units removed based on existing properties as
well as new properties to the market area built since 2010.
Additions To Supply (Cumulative)/Existing Units 50% 60% Overall
One Bedroom 0 8 8
Two Bedroom 0 16 16
Three Bedroom 0 16 16
Total 0 40 40
Rehab Developments and PBRA
For any properties that are rehab developments, the capture rates will be based on those units that
are vacant, or whose tenants will be rent burdened or over income as listed on the Tenant
Relocation Spreadsheet.
Units that are subsidized with PBRA or whose rents are more than 20 percent lower than the rent
for other units of the same bedroom size in the same AMI band and comprise less than 10
percent of total units in the same AMI band will not be used in determining project demand. In
addition, any units, if priced 30 percent lower than the average market rent for the bedroom type
in any income segment, will be assumed to be leasable in the market and deducted from the total
number of units in the project for determining capture rates.
The Subject will offer 100 percent public housing assistance and the units are therefore
presumed leasable.
Capture Rates
The above calculations and derived capture rates are illustrated in the following tables.
Novogradac & Company, LLP 49