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

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Allen Wilson Phase III, Decatur, GA; Market Study 60%AMI Calculation of Potential Household Demand by Income Cohort by % of AMI Percent of AMI Level 60% Minimum Income Limit $0 Maximum Income Limit $44,940 5 Persons Income Category New Renter Households - Total Change in Households PMA 2000 to Prj Mrkt Entry June 2014 Income Brackets Percent within Cohort Renter Households within Bracket $0-9,999 452 14.0% 9,999 100.0% 452 $10,000-19,999 471 14.6% 9,999 100.0% 471 $20,000-29,999 398 12.3% 9,999 100.0% 398 $30,000-39,999 374 11.6% 9,999 100.0% 374 $40,000-49,999 358 11.1% 4,940 49.4% 177 $50,000-59,999 249 7.7% 0.0% 0 $60,000-74,999 208 6.4% 0.0% 0 $75,000-99,999 218 6.8% 0.0% 0 $100,000+ 497 15.4% 0.0% 0 3,227 100.0% 1,873 Percent of renter households within limits versus total number of renter households 58.04% Check OK Calculation of New Renter Household Demand by Income Cohort by % of AMI Percent of AMI Level 60% 0% Minimum Income Limit $0 $0 Maximum Income Limit $44,940 5 Persons $0 Total Renter Households PMA Prj Households within Income Category Mrkt Entry June 2014 Income Brackets Percent within Cohort Bracket Income Brackets $0-9,999 2,925 14.0% 9,999 100.0% 2,925 0 $10,000-19,999 3,048 14.6% 9,999 100.0% 3,048 0 $20,000-29,999 2,574 12.3% 9,999 100.0% 2,574 0 $30,000-39,999 2,421 11.6% 9,999 100.0% 2,421 0 $40,000-49,999 2,313 11.1% 4,940 49.4% 1,143 0 $50,000-59,999 1,612 7.7% 0 0.0% 0 0 $60,000-74,999 1,346 6.4% 0 0.0% 0 $75,000-99,999 1,410 6.8% 0 0.0% 0 $100,000+ 3,216 15.4% 0 0.0% 0 20,864 100.0% 12,110 Percent of renter households within limits versus total number of renter households 58.04% Check OK Does the Project Benefit from Rent Subsidy? (Y/N) No Type of Housing (Family vs Senior) Family Location of Subject (Rural versus Urban) Urban Percent of Income for Housing 35% 2000 Median Income $44,023 Projected Mkt Entry June 2014 Median Income $66,317 Change from 2000 to Prj Mrkt Entry June 2014 $22,294 Total Percent Change 50.6% Average Annual Change 8.4% Inflation Rate 8.4% Two year adjustment 1.0000 Maximum Allowable Income $44,940 Maximum Allowable Income Inflation Adjusted $44,940 Maximum Number of Occupants 5 Persons Rent Income Categories 60% Initial Gross Rent for Smallest Unit $0 Initial Gross Rent for Smallest Unit Inflation Adjusted $0.00 Persons in Household 0BR 1BR 2BR 3BR 4BR 5BR Total 1 0% 90% 10% 0% 0% 0% 100% 2 0% 20% 80% 0% 0% 0% 100% 3 0% 0% 60% 40% 0% 0% 100% 4 0% 0% 0% 80% 20% 0% 100% 5+ 0% 0% 0% 70% 30% 0% 100% Novogradac & Company, LLP 54
Allen Wilson Phase III, Decatur, GA; Market Study STEP 1 Please refer to text for complete explanation. Demand from New Renter Households 2000 to Prj Mrkt Entry June 2014 Income Target Population 60% New Renter Households PMA 3,227 Percent Income Qualified 58.0% New Renter Income Qualified Households 1,873 STEP 2a. Please refer to text for complete explanation. Demand from Existing Households 2000 Demand form Rent Overburdened Households Income Target Population 60% Total Existing Demand 20,864 Income Qualified 58.0% Income Qualified Renter Households 12,110 Percent Rent Overburdened Prj Mrkt Entry June 2014 33.1% Rent Overburdened Households 4013 STEP 2b. Please refer to text for complete explanation. Demand from Living in Substandard Housing Income Qualified Renter Households 12,110 Percent Living in Substandard Housing 0.4% Households Living in Substandard Housing 48 STEP 2c. Please refer to text for complete explanation. Senior Households Converting from Homeownership Income Target Population 60% Total Senior Homeowners 0 Rural Versus Urban 2.0% Senior Demand Converting from Homeownership 0 Total Demand Total Demand from Existing Households 4,062 Adjustment Factor - Leakage from SMA 115% 609 Adjusted Demand from Existing Households 4671 Total New Demand 1,873 Total Demand (New Plus Existing Households) 6,544 By Bedroom Demand One Person 44.8% 2,930 Two Persons 27.3% 1,789 Three Persons 12.1% 790 Four Persons 8.0% 522 Five Persons 7.8% 513 Total 100.0% 6,544 Novogradac & Company, LLP 55
Page 1 and 2:
A MARKET CONDITIONS AND PROJECT EVA
Page 3 and 4:
Mr. Douglas S. Faust Executive Dire
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author or the firm with which he or
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TABLE OF CONTENTS A. EXECUTIVE SUMM
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EXECUTIVE SUMMARY AND CONCLUSIONS A
Page 11 and 12: Allen Wilson Phase III, Decatur, GA
Page 17 and 18: B. PROJECT DESCRIPTION
Page 19 and 20: Comp # Subject Effective Rent Date
Page 21 and 22: C. SITE EVALUATION
Page 29 and 30: Novogradac & Company LLP 21 Allen W
Page 31 and 32: D. MARKET AREA
Page 33 and 34: Comparable Properties Allen Wilson
Page 41 and 42: F. EMPLOYMENT TRENDS
Page 51 and 52: PROJECT-SPECIFIC DEMAND ANALYSIS
Page 61: Allen Wilson Phase III, Decatur, GA
Page 69 and 70: Novogradac & Company, LLP 61 Allen
Page 71 and 72: Allen Wilson III, Decatur, GA; Mark
Page 73 and 74: Comparable Rental Property Map Alle
Page 75 and 76: SUMMARY MATRIX Comp # Project Dista
Page 77 and 78: Effective Rent Date 5/23/2012 Locat
Page 79 and 80: Allen Wilson Phase I, continued Tre
Page 81 and 82: Auburn Glenn, continued Unit Mix (f
Page 85 and 86: Columbia Village, continued Trend R
Page 89 and 90: Retreat At Edgewood, continued Amen
Page 91 and 92: Robins Landing Apartments, continue
Page 95 and 96: Archstone Decatur Crossing (fka Gra
Page 97 and 98: Ice House Lofts, continued Amenitie
Page 101 and 102: Jackson Square, continued Trend Rep
Page 103 and 104: Villages Of East Lake I And II, con
Page 105 and 106: Villages Of East Lake I And II, con
Page 107 and 108: 2. The following information is pro
Page 111 and 112: Allen Wilson Phase III Allen Wilson
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Allen Wilson Phase III, Decatur, GA
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I. Education STATEMENT OF PROFESSIO
Page 135 and 136:
H. Blair Kincer Qualifications Page
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STATEMENT OF PROFESSIONAL QUALIFICA
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