14490 full.pdf - Georgia Department of Community Affairs

ecipient) is 1 to 2 per month. However, HUD Section 8 Voucher holders could also
change their place of residence at the end of a lease term, becoming a potential
source of supply.
There is a list of 73 applicants waiting to join the Dougherty County HUD Section 8
Voucher program. The number of Vouchers currently available is perceived as stable.
There was an increase of 10 Vouchers in September 2001.
The proposed project includes 40 Rental Assistance units, which will draw some
tenants from the waiting list for housing assistance.
COMPARABLE MARKET RENT ANALYSIS
Comparable market rent analysis establishes the rent potential renters would expect
to pay for the subject units in the open market without income restrictions.
Comparable market rent is based on a regression analysis for the area apartment
market. For each unit type, the regression analysis compares net rent by
comparability index for all market-rate developments. This evaluation provides a
comparison of existing market rents to those at the proposed project. A variety of
factors influence a property’s ability to actually achieve the comparable market rent,
including the number of units at that comparable market rent, the step-up support
base at that rent range, and the age and condition of the subject property and
competitive units.
Considering the proposed unit and project amenities and an appealing aesthetic
quality, the proposed South Albany Village Apartments is anticipated to have an
overall comparability rating of 26.0. The overall rating is based on ratings of 9.5 for
unit amenities, 8.5 for project amenities, and 8.0 for aesthetic quality.
Rents within the Albany Site EMA have increased at an established annual rate of 3.1%
over the past few years.
There are 1,354 one-bedroom units within the Site EMA. Rents for these units range
from $277 to $537. Based on the current rent structure of one-bedroom units,
present-day rent for a development comparable to the one proposed is $510 per
month. Based on the established rate of increase (3.1%), probable one-bedroom rent
is $540 at the anticipated opening in June 2004. The proposed rents of $384 to $485
are below the market-driven rent.
There are 2,298 two-bedroom units within the Site EMA. Rents for these units range
from $304 to $674. Based on the current rent structure of two-bedroom units,
present-day rents for a development comparable to the one proposed are $610 to
$640 per month. Applying the average annual increase in the Site EMA yields two-
IV-47