7.5.12 Rental Units in the Pipeline

A. The market study must include separate estimates of the numbers of rental units currently under construction and in the planning and development process that are likely to enter the housing market during the specified forecast period. These estimates should include all rental developments known, not solely those determined by the analyst to be comparable and competitive. The description of the pipeline activity should clearly identify any significant characteristics of specific developments with rent restrictions or rent limits, such as LIHTC or age-restricted occupancy. The report should provide:

1. An estimate of the number of projects currently under construction, the total number of units, the numbers by bedroom size (number of bedrooms) by rent range, structure type, and amenities (if available).

2. An estimate of the number of projects in planning stages that are likely to be developed, including but not limited to those with building permits or firm financial commitments, with details on the number of units by bedroom size, rents, locations, and stage of development.

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Chapter 7 Valuation & Market Analysis 7.5 Content and Format of the Market Study

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3. A list of LIHTC projects in or near the market area that are not yet placed in service, giving as much known detail as possible on estimated placed-in-service dates, unit mix, and income levels to be served.

4. For senior proposals, a list of all existing and anticipated senior projects within or near the market area, including characteristics such as type of age restriction (55+ or 62+), number of units by bedroom size, income restrictions (if applicable), location, rents, and any features, amenities, etc. included with the rents. For future projects, include as much known detail as possible on estimated placed-in-service dates.

5. A map locating all proposed communities.