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 ...
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Columbia Village, continued<br />
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Columbia Village is a LIHTC property for households not earning more than 50 <strong>and</strong> 60 percent <strong>of</strong> the AMI. The property <strong>of</strong>fers a total <strong>of</strong> 100 two-three<strong>and</strong><br />
four-bedroom units. There are 70 tax credit units <strong>and</strong> the remaining 30 units are public housing with rental rates based on 30 percent <strong>of</strong> the tenant's<br />
income. The manager reported that approximately 10 percent <strong>of</strong> residents are Section 8 tenants. The property is currently 98 percent occupied compared to<br />
September 2004 when it was 100 percent occupied. Approximately five units are turned each year for an annual turnover rate <strong>of</strong> five percent. The property<br />
currently holds a two <strong>and</strong> a half year waiting list for public housing units <strong>and</strong> six months for tax credit units. Rents have increased by 5-7 percent on two<strong>and</strong><br />
three-bedroom units since we interviewed this property in April 2004 <strong>and</strong> no changes in four-bedroom units. Additionally, there have been no changes<br />
in rents since our last interview in September. Additionally, the property is not <strong>of</strong>fering concessions. Residents tend to come from the area <strong>and</strong> common<br />
employers include daycare centers, hospitals, <strong>and</strong> schools. Tenants are mostly families, the average household size is three, the average age is 30, <strong>and</strong><br />
average income is $20-30,000. Approximately 75% <strong>of</strong> tenants are from Dekalb County <strong>and</strong> the remaining 25% are from other parts <strong>of</strong> <strong>Georgia</strong>.<br />
Current Interview (03/15/2006): Columbia Village is a tax credit property <strong>of</strong>fering two, three-, <strong>and</strong> four-bedroom garden style units restricted at the 50 <strong>and</strong><br />
60 percent AMI levels. The property is 99 percent occupied. Management is currently developing a waiting list because the dem<strong>and</strong> has been high in<br />
recent months. Management reported that the property reached full occupancy in less than one year but exact figures were not available. The rents all<br />
increased by $25 dollars per unit per month. This represents an average increase <strong>of</strong> 3.3 percent since the original interview in May 2005.<br />
Original Interview (05/19/2005): Columbia Village is a LIHTC property for households not earning more than 50 <strong>and</strong> 60 percent <strong>of</strong> the AMI. The property<br />
<strong>of</strong>fers a total <strong>of</strong> 100 two-three-<strong>and</strong> four-bedroom units. There are 70 tax credit units <strong>and</strong> the remaining 30 units are public housing with rental rates based<br />
on 30 percent <strong>of</strong> the tenant's income. The manager reported that approximately 10 percent <strong>of</strong> residents are Section 8 tenants. The property is currently 98<br />
percent occupied compared to September 2004 when it was 100 percent occupied. Approximately five units are turned each year for an annual turnover<br />
rate <strong>of</strong> five percent. The property currently holds a two <strong>and</strong> a half year waiting list for public housing units <strong>and</strong> six months for tax credit units. Rents have<br />
increased by 5-7 percent on two-<strong>and</strong> three-bedroom units since we interviewed this property in April 2004 <strong>and</strong> no changes in four-bedroom units.<br />
Additionally, there have been no changes in rents since our last interview in September. Additionally, the property is not <strong>of</strong>fering concessions. Residents<br />
tend to come from the area <strong>and</strong> common employers include daycare centers, hospitals, <strong>and</strong> schools. Tenants are mostly families, the average household<br />
size is three, the average age is 30, <strong>and</strong> average income is $20-30,000. Approximately 75% <strong>of</strong> tenants are from Dekalb County <strong>and</strong> the remaining 25% are<br />
from other parts <strong>of</strong> <strong>Georgia</strong>.<br />
The contact reported that dem<strong>and</strong> is highest for the 60 percent AMI units <strong>and</strong> that the waiting list is a combined one. The contact also reported that dem<strong>and</strong><br />
for affordable housing is very high in the area in part because <strong>of</strong> the high foreclosure rate in the City <strong>of</strong> Atlanta.<br />
The contact stated that they have one vacancy in the one-bedroom units, two vacancies in the two-bedroom units <strong>and</strong> one vacancy in the three-bedroom<br />
units, but could not confirm if they were at the 50% or 60% restriction. The contact also noted that they typically stay around 99 percent occupied, <strong>and</strong><br />
noted that sometimes they just get unlucky with tenants moving out all at once. The current concession is $300 <strong>of</strong>f the first month, $200 <strong>of</strong>f the second<br />
month <strong>and</strong> $100 <strong>of</strong>f the third month. The contact noted that they have a waiting list that is currently closed. The contact also stated that there is a very<br />
strong dem<strong>and</strong> in the area for low-income housing units.<br />
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