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

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Allen Wilson Phase III, Decatur, GA; Market Study Conclusions The Subject will offer 100 percent public housing subsidy and therefore the units are presumed leasable. The capture rate for the Subject is zero percent per GA DCA’s guidelines. Novogradac & Company, LLP 60
Novogradac & Company, LLP 61 Allen Wilson Phase III, Decatur, GA; Market Study CAPTURE RATE ANALYSIS CHART Unit Size Income limits Units Total Supply Net Capture Rate* Absorption Average Market Market Rents Proposed Proposed Demand Demand Rent Band Min-Max Rents 1BR @ 50% (PHA) $0-$27,750 1 2,560 0 2,560 0% 2 months $765 $516-$1,295 BOI 2BR @ 50% (PHA) $0-$31,200 8 1,879 0 1,879 0% 2 months $822 $565-$1,595 BOI 3BR @ 50% (PHA) $0-37,450 2 934 0 934 0% 2 months $896 $725-$1,479 BOI 1BR @ 60% (PHA) $0-$33,300 5 2,995 8 2,987 0% 2 months $779 $516-$1,295 BOI 2BR @ 60% (PHA) $0-$37,440 41 2,198 16 2,182 0% 2 months $867 565-$1,595 BOI 3BR @ 60% (PHA) $0-$44,940 14 1,093 16 1,077 0% 2 months $940 $743-$1,479 BOI 1BR Overall (PHA) $0-$33,300 6 2,995 8 2,987 0% 2 months - - - 2BR Overall (PHA) $0-$37,440 49 2,198 16 2,182 0% 2 months - - - 3BR Overall (PHA) $0-$44,940 16 1,093 16 1,077 0% 2 months - - - Overall Project (PHA) $0-$44,940 71 6,286 40 6,246 0% 2 months - - - *Per DCA guidelines, units that operate with project based rental assistance are presumed leasable and therefore have capture rates of zero percent. Per GA DCA’s guidelines (see addenda) the Subject will have a capture rate of zero percent as it offers 100 percent subsidy and therefore the units are presumed leasable. Demand and Net Demand HH at 50% AMI ($0-$37,450) HH at 60% AMI ($0-$44,940) All Tax Credit Households Demand from New Households (age and income appropriate) 1,601 1,873 1,873 PLUS + + + Demand from Existing Renter Households - Substandard Housing 41 48 48 PLUS + + + Demand from Existing Renter Housholds - Rent Overburdened Households 3430 4013 4013 PLUS + + + Secondary Market Demand adjustment IF ANY Subject to 15% Limitation 521 609 609 Sub Total 5,593 6,544 6,544 Demand from Existing Households - Elderly Homeowner Turnover (Limited to 20% where applicatble) 0 0 0 Equals Total Demand 5593 6544 6544 Less - - - Supply of comparable LIHTC or Market Rate housing units built and/or planned in the projected market between 2000 and the present 0 0 0 Equals Net Demand 5,593 6,544 6,544
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A MARKET CONDITIONS AND PROJECT EVA
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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
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Allen Wilson Phase III, Decatur, GA
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Page 17 and 18: B. PROJECT DESCRIPTION
Page 19 and 20: Comp # Subject Effective Rent Date
Page 21 and 22: C. SITE EVALUATION
Page 23 and 24: Allen Wilson Phase III, Decatur, GA
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 67: Allen Wilson Phase III, Decatur, GA
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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I. Education STATEMENT OF PROFESSIO
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H. Blair Kincer Qualifications Page
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STATEMENT OF PROFESSIONAL QUALIFICA
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