CHANGES TO 2018 MARKET STUDY GUIDELINES M I S S O S O U R I H H O U S I S I N G D D E V E L O P M E N T C C O M M I S S I S S I O N D E P A R A R T M E N T O F O F R E N TA L P P R O D O D U C T I O N J A N U A R Y 1 8 , 1 8 , 2 0 2 0 1 8 Presented b by Mark E E. B Boettche her, M MAI, C I, CCIM IM MHDC Mark rket S Stud udy A Ana nalyst
PLEASE BE CERTAIN THAT THE MARKET STUDY YOU PROVIDE INCLUDES THE FOLLOWING ITEMS MHDC n no longer a accepts m market s studies f from t those who o are n not ot g generally c certified a as s appraise sers. The li list o of a appraisers approved b by y MHDC t to d develo lop market studies for 2 2018 a applications i is on our w website. 2
CRIME RATES Crime me data m must s show violent ent crime r e rates f for the e subjec ect neighbor orhood ood a as defined and p provided ed b by Area eaVibes es.com. YOUR M MARKET S STUDY SH SHOULD NOT QUOT OTE NEIGHBORHOODSCOUT.COM The prior service greatly increased their subscription rate, so we changed to AreaVibes which is, as we speak, is free of charge. I compared the rates for a sample area from the old service to that provided by AreaVibes and though the measurement is different, the trend was the same. 3
PICTURE CAPTIONS The he guideli lines n now p pro roscri ribe the c content of picture re cap aptio ions. 4
POVERTY RATES The he market s study dy s should d provide de househol hold pove verty ra rates, n , not family ly p pove verty. 5
SCHOOL DISTRICT RATINGS As s befor fore, t the s school ol d district r ratings m must b be i included fo for b both h famil ily A AND senio ior p proposal als. 6
SORT TABLE DATA As s befor fore, s sort d data i in tables ( (such a h as number e employed per in industry o or media ian/average w wag ages) b by a a pertin inent var ariab able so the d dat ata is a is eas asie ier to in interpret. 7
MIGRATION DATA An n exam ample of the r required format at f for m mig igratio ion d dat ata is a is provide ded in in the M Mar arket St Study G Guid idelines. 8
CENSUS DATA As s before re, c census tra ract d data i is NOT re required for a r all o l of the t tra racts in th the P PMA, j just th t the o ones th that a t abut th t the s subject’s tr tract, t, and th that t is is only for p proposals in in the St St. L Louis is o or Kan ansas C Cit ity r regions (as as defin ined in in the g guid idelin ines). 9
SECTION 8 DATA LINK An n exam ample o of where t to fin ind Se Sectio ion 8 8 in information is is provide ded d in in the M Mar arket St Study Guid idelines. 10
ONE-MILE RADIUS RULE The he one ne-mile radius rule ha has been s simplified t to o whe here the he report shou hould d describe i if f the he p prop oposal i is withi hin a on one-mi mile ra radius of any S State LI LIHTC, F Federal LI l LIHTC, , HOME, o or r Fund Balance financed ( (all c considered t to be MHDC f funded) deve velo lopments deve velo loped within t the p pre revi vious t two fiscal y l year r funding cy cycl cles. The occu ccupancy cy o of all of t of the hese properties should b be p prov ovided. . 11
COMPS REQUIRED Both h the he marke ket rent an anal alysis an and t the afford rdable rent an anal alysis is must st b be b base sed on comps. Bo Both a analyse ses now w require t the u use se of ad adju justment g grid ids an and r reas asons for an any ad adju justments. As s before, the he report m must con ontain a a profi ofile for or a all c com omps. 12
REAL ESTATE RENT The he rent c comps s should NOT b be adj djusted f for proposed s special needs o or r servi vice e enri richment. . Any ny con ontributory v value of t of the hese items s shou hould be discussed i in a separ arat ate p par aragraph b below the ad adju justment g grid id, showin ing t the ‘real estate’ rent ( (fr from t the he g grid) and the he ‘ ‘enhanced’ r rent, if f any. 13
ALTERNATIVE HOUSING ANALYSIS The he alterna native h housing ng ( (sing ngle-fam amil ily) analysis is is n no l longer re require red. 14
SHOW THE MATH! As b before, an any n numerical conclusio ions in in an any p par art o of t the s study are t to b o be supported by t the he for ormula or or m math h used to c o create tha hat conclusio ion. 15
QUESTIONS? Presented b by Mark E E. B Boettche her, M MAI, C I, CCIM IM MHDC Mark rket S Stud udy A Ana nalyst 816-759 759-66 6664 64 mboettc ttcher@mhdc.com
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