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2023-06-21 EDA Packet
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2023-06-21 EDA Packet
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6/19/2023 5:15:00 AM
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Market Analysis for Downtown Redevelopment <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />A.3Affordable Rental Demand in the PMA, 2022 to 2027 <br /> 12 <br />Up to 50% AMI <br />Demand from Household Growth in the PMA50% to 60% AMI <br />Age/income qualified households in 20226,0743,379 <br />Age/income qualified households in 20275,0644,005 <br />Projected growth of the age/income qualified market-1,010626 <br />Estimated percentage that will choose new affordable rental housing33%8% <br />Units needed to meet demand from household growth in the PMA-33853 <br />Demand from Existing Households in the PMA <br />Cost-burdened households that are age/income qualified485226 <br />4 <br />Housing units estimated to be severely inadequate 4241 <br />Estimated demand from mobility from single-family to affordable rental (1%)2534 <br />Units needed to meet demand from existing households in the PMA552300 <br />Demand from Outside the PMA <br />Estimated demand from outside PMA20%20% <br />Units needed to meet demand from outside the PMA5488 <br />Demand in the PMA <br />Total affordable rental demand in PMA268441 <br />Minus existing and planned units at 95% occupancy6868 <br />Units needed in the PMA200373 <br />Estimated demand capturable at the Commercial Zone20%-25%20%-25% <br />Units supportable at the Commercial Zone40-5075-93 <br />1. Age/income qualified households are households under age 65 with incomes below $52,800 plus 80% of households age 65 and over with incomes <br />below $52,800. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. For 2027, income thresholds are increased <br />2. Age/income qualified households are households under age 65 with incomes between $52,800 and $63,360 plus 80% of households age 65 and over <br />with incomes between $52,800 and $63,360. 20% of households age 65 plus are assumed to prefer age-restricted housing with services. For 2027, <br />income thresholds are increased 3% per year to account for inflation. <br />3. Estimated percentage of housing units in rural US that are classified as severely inadequate is 1.1%, according to American Housing Survey, Census <br />Bureau, 2019. <br />Source: LOCi Consulting LLC <br /> <br /> <br />Page | 93 <br /> <br />
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