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Case Studies: Tax Credit Apartments

Following is a sample of affordable housing market studies completed by MetroIntelligence staff:

DEVELOPER

COUNTY/CITY

PROJECT NAME

POPULATION

UNITS

Many Mansions

Ventura/Oxnard

110 N. D Street

TAY Homeless & At-Risk Homeless w/mental disabilities

7

Many Mansions

Ventura/T. Oaks

Hillcrest Project

Families, Homeless, Homeless w/mental disabilities

60

Raznick & Sons

Ventura/Oxnard

Sea Colony

Part market-rate, part low-income

160

Continental Mgmt.

Los Angeles/Hollywood

Paseo Plaza

Part market-rate, part low-income

437

Bridge Housing

San Diego/San Marcos

Copper Creek

Families

204

Bridge Housing

San Diego/San Marcos

Sage Canyon

Families

72

Bridge Housing

San Diego/San Diego

Dove Canyon

Families

120

Chelsea Investment Corp.

San Diego/San Diego

Market Square Manor

Seniors

200

Chelsea Investment Corp.

San Diego/San Diego

City Heights Square

Seniors

150

Chelsea Investment Corp.

Imperial/Calexico

Calexico Family Apartments

Families

80

Chelsea Investment Corp.

Imperial/El Centro

Countryside Apartments

Families

72

Chelsea Investment Corp.

Imperial/Heber

Heber Family Apartments

Families

153

Chelsea Investment Corp.

Imperial/Brawley

Brawley Family Apartments

Families

80

Chelsea Investment Corp.

Imperial/Holtville

Holtville Senior Apartments

Seniors

81

Chelsea Investment Corp.

Imperial/Brawley

Brawley Pioneer Senior Apts.

Seniors

64

Copper Creek Affordable Apartments - San Marcos, CA

One of the largest developers of affordable housing in California relies heavily on market studies when applying for tax credit financing through the Tax Credit Allocation Committee (TCAC), the California Debt Limit Allocation Committee (CDLAC) and the California Housing Finance Agency (CalHFA). With its high success rate of establishing the market need for affordable housing built throughout Southern California by a variety of developers, our staff's expertise on meeting and even exceeding the State of California's market study guidelines has made us a leader in affordable housing market research.

For the client's proposed Copper Creek Apartments community San Diego, we first identified current and projected demand for rental households earning from 25 to 60 percent of the countywide median income and then determined the associated housing shortfall. Using a demand model required by TCAC, our staff proved the demand model to undercount demand from adjoining areas, thus increasing actual demand dramatically.

Next, because the subject site was located in a largely undeveloped area of San Diego County and no comparable properties were located within the preferred one-mile radius, our staff personally visited numerous market-rate apartment projects in nearby Carlsbad and San Marcos to demonstrate the acute need for more affordable housing in the area beyond the one-mile band.

A final review of proposed developments within the jurisdictions of Carlsbad, San Marcos and San Diego County showed that the proposed project would be the only affordable housing project serving not just the master-planned comunity of San Elijo Hills itself, but adjoining areas out to a 10-mile radius and beyond.

Hillcrest Affordable Apartments - Thousand Oaks, CA

As one of the key providers of affordable housing in Thousand Oaks, this local non-profit enlisted MetroIntelligence to craft a market study in support of a 60-unit project to serve populations of various income levels as well as homeless individuals.

Not only did out staff manage to prove that demand far outstripped supply for this location, but the market study received a 100% rating as part of the rigorous HOME Funds application.

    
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