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33-C-B-10 Market Study
- 1 - Truckee Development Associates, LLC 1201 Pine Street, Suite 151 Oakland, California 94607 t: 510 547 2122 f: 510 547 2125 Exhibit C-B-10: Market Study RE: HCD Prop 1c IIG 2013 August 5, 2013 Please see attached market study for the proposed Phase I mixed income housing project. Note that the printed version of the report has been abridged to 24 pages including the executive summary and project detail. The complete report with attachments totals over 120 pages and has been provided as a PDF on the attached CD. AFFORDABLE MULTIFAMILY HOUSING MARKET STUDY TRUCKEE ARTIST LOFTS Church Street Truckee, CA TRUCKEE MARKET AREA NEVADA COUNTY, CALIFORNIA Prepared for TRUCKEE DEVELOPMENT ASSOCIATES AUGUST 2013 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐i August 2013 PAGE COVER LETTER TABLE OF CONTENTS ................................................................................................... i LIST OF TABLES ........................................................................................................... iii LIST OF CHARTS ..........................................................................................................iv LIST OF EXHIBITS ........................................................................................................ v EXECUTIVE SUMMARY ............................................................................................. E‐1 CHAPTER I ‐ THE PROPOSED PROJECT – TRUCKEE ARTIST LOFTS Project Description ........................................................................................1‐1 Project Site .................................................................................................... 1‐2 Adjacent Land Uses ...................................................................................... 1‐2 Services and Facilities ................................................................................... 1‐6 Other Services and Facilities ........................................................................ 1‐6 CHAPTER II ‐ GEOGRAPHIC LOCATION AND AREA DESCRIPTION Nevada County .............................................................................................. 2‐1 City of Truckee / Truckee Primary Market Area .......................................... 2‐2 Truckee Secondary Market Area .................................................................. 2‐3 CHAPTER III ‐ DEMOGRAPHIC ANALYSIS Statistical Methodology ............................................................................... 3‐1 Population ..................................................................................................... 3‐1 Households ................................................................................................... 3‐5 Housing ......................................................................................................... 3‐9 Employment and Economics ...................................................................... 3‐12 TABLE OF CONTENTS Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐ii August 2013 CHAPTER IV ‐ CONCLUSIONS METHODOLOGY AND CAPTURE RATE – CTCAC DEMAND CALCULATION Conclusions ................................................................................................... 4‐1 Methodology for General Occupancy ........................................................ 4‐2 Capture Rate ................................................................................................ 4‐5 Penetration Rate – Market Area ................................................................. 4‐7 Absorption Rate ........................................................................................... 4‐7 CHAPTER V ‐ COMPETITIVE ANALYSIS Survey Methodology .................................................................................... 5‐1 Competitive Offerings .................................................................................. 5‐1 Vacancy ......................................................................................................... 5‐2 Rent Comparability Matrix .......................................................................... 5‐4 Turnover ..................................................................................................... 5‐20 Pending or Proposed Projects .................................................................. 5‐20 Survey of Multifamily Units ....................................................................... 5‐20 ATTACHMENTS Attachment 1 – Works Cited Attachment 2 – Demographic Reports Attachment 4 – Market Study Index Attachment 5 – Resume Attachment 6 – Glossary of Terms Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐iii August 2013 LIST OF TABLES PAGE TABLE 1‐1 – Proposed Project Summary ...................................................................1‐1 TABLE 3‐1 ‐ Population Trends .................................................................................. 3‐2 TABLE 3‐2 ‐ Population By Age – Truckee Market Area ......................................... 3‐3 TABLE 3‐3 ‐ Population By Age – City of Truckee ................................................... 3‐4 TABLE 3‐4 – Households .......................................................................................... 3‐5 TABLE 3‐5 – Persons Per Household – City / County .............................................. 3‐6 TABLE 3‐6 – Persons Per Renter Household – City / County ................................. 3‐6 TABLE 3‐7 – Housing Units By Tenure ..................................................................... 3‐7 TABLE 3‐8 – Households By Income – Truckee Market Area ................................ 3‐7 TABLE 3‐9 – Renter Households by Income ‐ 2010 ................................................. 3‐8 TABLE 3‐10– Proportion of Households Income‐ Eligible – 30% & 60% of AMI ............................................................. 3‐8 TABLE 3‐11 – Households by Income Groups Truckee Market Area 2010 ........................................................................... 3‐9 TABLE 3‐12 – Housing Units by Type – City of Truckee .......................................... 3‐9 TABLE 3‐13 – Renter Households Overpaying by Income Group ‐ City of Truckee ‐ 2010 .................................................................... 3‐10 TABLE 3‐14 – Renter Households Overpaying by Income Group – Nevada County ‐ 2010 ..................................................................... 3‐11 TABLE 3‐15 – Indicators of Substandard Housing ‐ 2010 ........................................ 3‐11 TABLE 3‐16 – 2010 Employment by Industry – Truckee Market Area .................................................................................. 3‐12 TABLE 3‐17 – Civilian Labor Force – City of Truckee .............................................. 3‐13 TABLE 3‐18 – Travel Time to Work – Truckee Market Area .................................. 3‐13 TABLE 3‐19 – Major Employers – Nevada County .................................................. 3‐14 TABLE 3‐20– Crimes Reported by Truckee Police Department .......................................................................... 3‐16 TABLE 4‐1 – 2016 Demand Summary ‐ General Occupancy .................................... 4‐1 TABLE 4‐2 – Absorption Rate .................................................................................. 4‐7 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐iv August 2013 TABLE 5‐1 – Field Study Summary – Truckee Market Area ..................................... 5‐1 TABLE 5‐2 – Vacancy Rate Truckee Market Area ‐ 2013 ..........................................5‐2 TABLE 5‐3– Net Rental Rate Comparison – Non Adjusted Rents ...........................5‐2 TABLE 5‐4 – Rental Housing Units – City of Truckee ‐ 2010 ................................... 5‐3 TABLE 5‐5 – Residential Building Permits Issued – City of Truckee – 2000‐2010 ............................................................. 5‐3 TABLE 5‐6 – Net Rental Rate Comparison – Adjusted Market Rents – CTCAC ............................................................................................... 5‐4 TABLE 5‐7 – Rent Comparability Matrix – Market Rate Studio / One Bath Units ................................................................... 5‐6 TABLE 5‐8 – Rent Comparability Matrix – Market Rate One‐Bedroom / One Bath Units ...................................................... 5‐8 TABLE 5‐9 – Rent Comparability Matrix – Market Rate Two‐Bedroom / One Bath Units ..................................................... 5‐10 TABLE 5‐10 – Rent Comparability Matrix – Market Rate Three‐Bedroom / Two Bath Units .................................................. 5‐12 TABLE 5‐11 – Rent Comparability Matrix – Affordable One‐Bedroom / One Bath Units ..................................................... 5‐14 TABLE 5‐12 – Rent Comparability Matrix – Affordable Two‐Bedroom / One Bath Units ..................................................... 5‐16 TABLE 5‐13 – Rent Comparability Matrix – Affordable Three‐Bedroom / Two Bath Units .................................................. 5‐18 TABLE 5‐14 – Location of Surveyed Complexes ................................................... 5‐20 LIST OF CHARTS PAGE CHART 3‐1 – Population Growth Trends ................................................................ 3‐1 CHART 3‐2 – Housing Units by Type – Truckee Market Area ............................... 3‐9 CHART 3‐3 – Housing Units by Year Built – City of Truckee ................................ 3‐10 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐v August 2013 LIST OF EXHIBITS PAGE EXHIBIT 1‐1‐ Site Photographs ................................................................................ 1‐3 EXHIBIT 1‐2‐ Neighborhood Photographs .............................................................. 1‐4 EXHIBIT 1‐3‐ Site and Adjacent Land Uses ............................................................. 1‐5 EXHIBIT 1‐4 ‐ Location of Services and Facilities .................................................... 1‐7 EXHIBIT 2‐1 ‐ Location of Nevada County .............................................................. 2‐1 EXHIBIT 2‐2 – Location of City of Truckee / Primary Market Area ........................ 2‐2 EXHIBIT 2‐3 – Location of Truckee Secondary Market Area ................................. 2‐3 EXHIBIT 5‐1 ‐ Location of Surveyed Units ........................................................... 5‐36 EXHIBIT 5‐2 ‐ Location of Surveyed Units – Within a One, Two, Three Mile Radius ........................................................................... 5‐37 August 12, 2013 Mr. Greg Pasquali Truckee Development Associates, LLC 1201 Pine Street, #151 Oakland, CA 94607 Re: Truckee Market Area – Truckee Artist Lofts Dear Mr. Pasquali: Enclosed is the Market Study you requested for the proposed affordable multifamily units in the Truckee Market Area, Nevada County, California. A Laurin Associate surveyed the site and surrounding properties on August 7, 2013. The effective date of this Market Study is August 12, 2013. The market study indicates sufficient demand for the proposed project. The market analyst has over 10 years of experience completing market studies, and has completed one report, with one field inspection in this Primary Market Area. The reported analysis, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased, professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of predetermined value or demand that favors the cause of the client, the attainment of stipulated result, or the occurrence of subsequent event. We appreciate the opportunity to be of service to you. If you have any questions, please do not hesitate to call me at (916) 372‐6100. Cordially, ___________________________ Stefanie Williams Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐1 August 2013 A. PROJECT AND SITE DESCRIPTION 1. The subject property, Truckee Artist Lofts, is an 81 unit proposed multifamily project, located Church Street and Donner Pass Road, Truckee, Nevada County, California, 96161, Census Tract 12.06. The project will target general occupancy households with incomes at 30, 40, 50, 60, and 80 percent of AMI. The project sponsor is Truckee Development Associates. Funding sources for the project include 9 percent tax credits, RDA Residual Receipts Loan, HCD IIG funds, and a land contribution. The subject property will be one four‐story building, consisting of 15 studio units with 550 square feet, 32 one‐bedroom units with 600 square feet, 13 two‐bedroom units with 850 square feet, and 20 three‐bedroom units with 1,100 square feet. One additional one‐ bedroom unit will be designated for on‐site management. 2. The Truckee Artist Lofts project is located on 0.92 acres. Primary access will be from Church Street. ADJACENT LAND USES: East: Industrial West: Commercial North: Single Family Homes South: Railroad Tracks B. MARKET AREA 3. The Truckee Market Area consists of the Town of Truckee. 4. In 2010, the Truckee Market Area had a total of 6,343 households. The number increased 0.3 percent to 6,362 households by 2013 and is projected to increase by 1.1 percent by 2016 to 6,430 households and an additional 0.7 percent to 6,474 households by 2018. This corresponds to a current population of 16,373, which is expected to grow to 16,419 by 2016. EXECUTIVE SUMMARY Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐2 August 2013 EXHIBIT E-1 LOCATION OF THE TRUCKEE MARKET AREA C. MARKET RELATED STRENGTHS AND WEAKNESSES 5. The project has a 19.3 percent capture rate and all of the affordable comparables surveyed had long wait lists. With the presence of long wait lists and low vacancies the new construction project will be moderately absorbed into the Truckee Market Area. 6. The subject is on an infill site in an area of planned revitalization, which will enhance the marketability of the complex. D. DEMOGRAPHICS 7. In 2010, in the Truckee Market Area, one‐ and two‐person households constituted 59.2 percent of households combined. One and two‐person households constituted 67.4 percent of the households in the County. 8. Approximately, 17.2 percent (1,094 households) of the Truckee Market Area general households earn less than 50 percent of the 2013 CTCAC designated Nevada County Area Median Income ($69,000). In addition, 19 percent of the households are classified as Low Income (50 to 80 percent of AMI), resulting in 36.2 percent of the households in the Truckee Market Area earning less than 80 percent of the AMI for Nevada County. 9. According to the 2010 American Community Survey, 47.8 percent of the renter households were overpaying, 35 percent or more, for shelter in the Town of Truckee. Of these households, those earning the least experienced the most rent burden. For example, of Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐3 August 2013 those renter households earning less than $10,000, 100 percent were overpaying for shelter, while those earning over $50,000, 11.3 percent were overpaying. 10. In the Town of Truckee, the percentage of overcrowded units was 0.9 percent in 2010. Approximately 1.9 percent of the housing was built before 1940 and 1.2 percent of the units lacked complete plumbing facilities. In Nevada County, 2.4 percent of the housing units were overcrowded, and 7 percent were built before 1940. E. FIELD SURVEY, COMPETITIVE ANALYSIS AND MARKET DEMAND 11. According to the August 2013 survey, the overall vacancy rate for multifamily housing is 1.4 percent in the Truckee Market Area. The overall vacancy rate for income‐restricted complexes is 0.9 percent. 12. According to the Laurin Associates August 2013 multifamily survey, the average turnover rate was 25.0 percent. 13. The weighted average adjusted market rents are significantly higher than the highest proposed CTCAC rents. For example, the highest proposed rents for the one‐bedroom / one bath units are $701 or 33.6 percent less than the adjusted market rents and two‐bedroom / one bath rents are $831 or 33.6 percent less than the adjusted market rents. Based on the adjustment matrices, the rents are achievable as proposed. TABLE E-1 NET RENTAL RATE COMPARISON – ADJUSTED MARKET RENTS Bedroom Type Weighted Average Adjusted Market Rents Average Adjusted Price Per Square Foot Proposed Highest Rents*/Price Per Square Foot Percent Difference for Rent Percent Difference for Price Per Square Foot Studio $1,002 $2.13 $674 / $1.23 ‐32.8% ‐42.4% 1BR – 1BA $1,056 $2.24 $701 / $1.17 ‐33.6% ‐47.9% 2BR – 1BA $1,252 $1.68 $831 / $0.98 ‐33.6% ‐41.8% 3BR – 2BA $1,442 $1.22 $952 / $0.87 ‐33.9% ‐29.3% Source: Laurin Associates, August 2013 *Rents are net rents. Utility allowance: 1BR ‐ $41, 2BR ‐ $51, 3BR ‐ $62, 4BR ‐ $75, and 5BR ‐ $85. **Only one market rate comparable had one‐bedroom units. Therefore, it was necessary to use studio units in the Rent Comparability Matrices. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐4 August 2013 14. At the time of market entry in the year 2016, there will be a projected total demand for 416 rental units in the Market Area with incomes at 30‐60 percent of AMI, and market rate (80 percent of AMI). Specifically, there will be a demand for 27 studio, 97 one‐bedroom, 235 two‐ bedroom, and 56 three‐bedroom units. Given this demand, the project would need to capture 19.3 percent of the income‐eligible households in the market area. TABLE E-2 2016 DEMAND SUMMARY – LIHTC STUDIO 1BR 2BR 3BR TOTAL 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 2 @ $312 2 @ $433 7 @ $553 4 @ $674 ‐‐ 15 2 @ $313 2 @ $442 10 @ $571 6 @ $701 12 @ $1,000 32 1 @ $365 1 @ $521 2 @ $676 1 @ $831 8 @ $1,500 13 2 @ $413 2 @ $593 10 @ $772 6 @ $952 ‐‐ 20 7 7 29 17 20 80* Theoretical Demand (2016) 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 7 5 7 9 -- 27 18 13 19 27 19 97 45 31 46 64 50 235 14 10 14 19 ‐‐ 56 416 Capture Rate (2016) 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 29.3% 42.7% 99.8% 46.9% ‐‐ 55.5% 11.1% 15.4% 51.5% 22.0% 63.5% 33.1% 2.2% 3.2% 4.3% 1.6% 16.2% 5.5% 14.7% 20.1% 72.1% 31.4% ‐‐ 35.4% 19.3% Penetration Rate (2016) 55.5% 33.1% 5.9% 39.0% 20.0% *There will be one additional one‐bedroom unit designated for on‐site management. Rents are net rents. Utility allowance: Studio ‐ $50, 1BR ‐ $75, 2BR ‐ $100, and 3BR ‐ $125. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐5 August 2013 F. SURVEYED MULTI-FAMILY COMPLEXES 15. Laurin Associates was able to locate three market rate complexes for each unit type within a one‐mile radius of the subject property. Below is a summary of the existing surveyed comparable projects in the Market Area: Name and Location Type of Project Existing – Planned Project Distance from Project # of Units by BR Size Rent by Unit Size Project/Unit Amenities Truckee Pines Apts. 10100 Estates Drive General – LIHTC Existing 0.69 miles 8 – 1BR 52 – 2BR 32 – 3BR 12 – 4BR $759 $906 $1,043 $1,154 Central Air, Blinds, Carpet, Storage Closet, Coat Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Surface Uncovered Parking, Community Room, Playground, Picnic Area, Basketball, On‐Site Manager, Laundry Room, Business Center Truckee Riverview Homes 11230 Village Way General – LIHTC Existing 0.8 miles 18 – 3BR 21 – 4BR $550‐$1,070 $550‐$1,070 Central Air, Blinds, Carpet, Ceiling Fan, Storage Closet, Coat Closet, Walk‐In Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Washer/Dryer, Attached 2 Car Garage, Community Room, Playground, Basketball, On‐ Site Manager, Computer Room, Henness Flats 11907‐11956 Waters Way General – LIHTC Existing 0.98 miles 36 – 2BR 56 – 3BR $495‐$906 $568‐$1,043 Central Air, Blinds, Carpet, Storage Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Microwave, Washer/Dryer Hook‐Up, Surface Parking, Community Room, Playground, One‐Site Manager, Laundry Room, Business Center Alpine Apts 10280 Jeffery Pine Road General – Market Rate Existing 1.0 miles 4 – Studio 24 – 2BR $800‐$850 $1,000‐$1,200 Blinds, Carpet, Ceiling Fan, Storage Closet, Coat Closet, Walk‐In Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Surface and Garage Parking, Pool, Basketball, On‐Site Mgr., Laundry Room Frishman Hollow 11008‐11188 Rue Ivy General – LIHTC Existing 1.01 miles 16 – 2BR 16 – 3BR $495‐$660 $568‐$758 Central Air, Blinds, Carpet, Storage Closet, Refrigerator, Stove/Oven, Dishwasher, Disposal, Microwave, Washer/Dryer Hook‐Up, Surface Parking, Community Room, Playground, On‐Site Manager, Laundry Room, Gated Truckee Artist Lofts Truckee Market Area Multifamily Housing Page E‐6 August 2013 Townhome #1 10895 Riverview Dr. # A General – Market Rate Existing 1.02 miles 1 – 3BR $1,850 Blinds, Carpet, Storage Closet, Coat Closet, Fireplace, Refrigerator, Stove/Oven, Dishwasher, Disposal, Microwave, 2 Car Garage Attached Sierra Village Apartments Homes 10081 Martis Valley Road General – LIHTC Existing 1.16 miles 8 – 2BR 56 – 3BR 8 – 4BR $1,100 $1,300 $1,500 Central Air, Blinds, Carpet, Ceiling Fan, Coat Closet, Walk‐ In Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Surface Uncovered Parking, Community Room, Playground, On‐Site Manager, Laundry Room, Computer Room The Boulders Condos 10620 Boulders Rd #6 General – Market Rate Existing 1.58 miles 1 – 3BR $1,900 Blinds, Carpet, Ceiling Fan, Storage Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Microwave, Surface Uncovered Parking, Aspens of Truckee 10130 Donner Trail Road General – Market Rate Existing 1.73 miles 12 – 1BR 16 – 2BR $900 $1,150 Blinds, Carpet, Storage Closet, Coat Closet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Washer/Dryer, Detached Garage, On‐Site Manager Sawmill Heights 7646 Highlands View Rd General – Market Rate Existing 4.96 miles 12 – Studio 48 – 2BR 6 – 3BR 30 – 4BR $900 $1,175 $1,375 $1,450 Blinds, Carpet, Patio/Balcony, Refrigerator, Stove/Oven, Dishwasher, Disposal, Microwave, Surface Uncovered Parking, Community Room, Gym, Picnic Area, On‐Site Manager, Laundry Room, Business Center, Courtesy Patrol, Security Camera 19. Every attempt was made to locate comparables within a one‐mile radius of the site in the Market Area. Sources for our search in August 2013 included field and phone surveys, contacting property management companies, searching classified ads in local and major newspapers. While there were four comparables located within one mile of the subject site, only one had market rate units. Therefore, it was necessary to go beyond one mile radius to find additional market rate comparables During our August 2013 survey a Laurin Associates employee made a physical inspection of each comparable property and spoke with management. For more information on each comparable, including condition, management name, and unit information, please see the summary comparable forms on pages 5‐22 to 5‐37. Truckee Artist Lofts Truckee Market Area Multifamily Housing August 2013 This Market Study is being prepared at the request of Truckee Development Associates, in order to determine the demand for affordable multifamily units in the Truckee Market Area, Nevada County, California. This Market Study has been conducted in accordance the 2013 CTCAC and CDLAC joint market study requirements. This Market Study is effective as of August 9, 2013 and every attempt was made to obtain the most recent and verifiable data. I certify that, to the best of my knowledge and beliefs: A Laurin Associate surveyed the site and surrounding properties on August 7, 2013. the statements of fact contained in this report are true and correct. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased, professional analyses, opinions, and conclusions. Information and opinions furnished from other sources are considered reliable and we assume no responsibility for the accuracy of such items. we have no present or prospective interest in the property that is the subject of this report, and we have no personal interests or bias with respect to the parties involved. our compensation is not contingent upon the reporting of a predetermined value or demand that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event. We assume no responsibility for the business decisions of those who become aware of this report. the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute for a market evaluation report. The report is not intended to establish a value and no representations are made to the value of the property. ___________________ STEFANIE WILLIAMS (916) 372‐6100 NOTE: The data in this study are proprietary. No use of this information by persons other than those named above, is permitted without the expressed written consent of Truckee Development Associates or Laurin Associates, a division of Raney Planning & Management. CERTIFICATION Truckee Artist Lofts Truckee Market Area Multifamily Housing August 2013 1. Unit demand was based on the household growth trends, income, and the number, type, and availability of existing competitive projects in the Truckee Market Area of Nevada County, California. 2. The forecasts, projections, or estimates contained in this study are based on CURRENT MARKET CONDITIONS, anticipated short‐term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. 3. The information provided by others is believed to be reliable, but no warranty is given for its accuracy. 4. All maps, plot plans, and design material are assumed to be correct and are included in this report to help the reader visualize the property. 5. Possession of this report, or copy thereof, does not carry with it the right of publication. 6. Only preliminary plans and specifications were available for use in the preparation of this report. Any subsequent changes to those plans and specifications may affect the Conclusions and Findings and may require an additional or updated market study. 7. The absorption of this project to 95 percent occupancy is conditional upon a comprehensive marketing plan being implemented by the owners/managers. 8. This market study meets or exceeds the requirements of the Low Income Housing Tax Credit (LIHTC) Program for such reports. It is assumed that credits are available and the project sponsors will obtain all other governmental approvals necessary to process the project as defined herein. Changes and modifications to the project may result in different conclusions. 9. Special aggregations, estimates and projections of the 2000 and 2010 Census reports are modeled through ESRI. ASSUMPTIONS AND LIMITING CONDITIONS Truckee Artist Lofts Truckee Market Area Multifamily Housing August 2013 This market study is being prepared to assist Truckee Development Associates in determining if it is feasible to construct a multifamily project using 9 percent tax credits, RDA Residual Receipts Loan, HCD IIG funds, and a land contribution. In order to describe market feasibility, Laurin Associates collects, compiles and analyzes data regarding the project area, market area demographics, comparable and competitive projects, and the proposed project. Finally, Laurin Associates performs a qualitative and quantitative demand analysis for the proposed project. To analyze comparable and competitive projects and market characteristics, Laurin Associates attempted to locate a confident sample of the senior and multifamily units in the Truckee Market Area. This provides a solid base on which to analyze rental rate, vacancy, and turnover trends in the general area. The concepts of comparability and competitiveness are essential to the feasibility of the Truckee Artist Lofts project, but are considered separate concepts. For example, it is possible for a project to be considered comparable but not competitive by virtue of the fact that location, size, condition, and amenities are similar or “comparable” but the rental rate is much higher, and not competitive. To analyze demographics in the Truckee Market Area, Laurin Associates only uses data specifically collected in the field for a particular project or other accepted data providers, such as the California Department of Finance, US Census Reports and Councils of Government. Special aggregations of 2000 and 2010 Census data are performed and/or data is purchased from ESRI. This Market Study targets households with very low and low incomes (30, 40, 50, 60, and 80 percent of AMI) in the Truckee Market Area. The Market Study also theoretically targets only renter households because homeowner households would be less likely to rent and would generally not fall within the required income categories. There are exceptions; but a more conservative estimate of eligible households results in a confident market feasibility study. The intent of the Market Study is to demonstrate whether or not the Truckee Artist Lofts project is needed and will rent‐up within an acceptable period of time once it is completed. Some of the supportable premises are: the housing market area is experiencing steady growth; rental housing construction has been slow or non‐existent; rental housing vacancy is low; the area is experiencing rent increases; there are substantial waiting lists in the area or recent high absorption trends. If these premises are evident, new affordable rental housing most likely can be supported, such as that supported by the California Tax Credit Allocation Committee program. INTRODUCTION Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐1 August 2013 PROJECT DESCRIPTION The subject property, Truckee Artist Lofts, is an 81 unit proposed multifamily project, located Church Street and Donner Pass Road, Truckee, Nevada County, California, 96161, Census Tract 12.06. The project will target general occupancy households with incomes at 30, 40, 50, 60, and 80 percent of AMI. The project sponsor is Truckee Development Associates. Funding sources for the project include 9 percent tax credits, RDA Residual Receipts Loan, HCD IIG funds, and a land contribution. Construction is expected to begin October 2015 and be completed by July 2016. The subject property will be one four‐story building, consisting 15 studio units with 550 square feet, 32 one‐bedroom units with 600 square feet, 13 two‐bedroom units with 850 square feet, and 20 three‐bedroom units with 1,100 square feet. One additional one‐bedroom unit will be designated for on‐site management. TABLE 1-1 PROPOSED PROJECT SUMMARY BEDROOM / BATH TYPE # OF UNITS PROPOSED RENT* UNIT SQUARE FOOTAGE % OF AREA MEDIAN INCOME LIHTC Studio 2 $312 550 30% 2 $433 40% 7 $553 50% 4 $674 60% 1BR – 1BA 2 $313 600 30% 2 $442 40% 10 $571 50% 6 $701 60% 2BR – 1BA 1 $365 850 30% 1 $521 40% 2 $676 50% 1 $831 60% 3BR – 2BA 2 $413 1,100 30% 2 $593 40% 10 $772 50% 6 $952 60% TOTAL 60 MARKET RATE 1BR – 1BA 12 $1,000 600 80% 2BR – 2BA 8 $1,500 850 80% TOTAL 20 1BR ‐ 1BA 1 MGR *Rents are net rents. Utility allowances are: Studio ‐ $50, 1BR ‐ $75, 2BR ‐ $100, and 3BR ‐ $125. PROJECT DESCRIPTION I Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐2 August 2013 Tenants will be responsible for the following utilities: general electricity, and gas heating and cooking. Please see the Tax Credit Allocation Committee’s pre‐approved “California Utility Allowance Calculator” utility allowance in Attachment 3. Site amenities will include surface parking, community room, gym, on‐site manager, laundry room, and computer room. Unit amenities will include central air, blinds, carpet, ceiling fan, storage closet, coat closet, refrigerator, stove/oven, dishwasher, and disposal. PROJECT SITE The Truckee Artist Lofts project is located on 0.92 acres. Primary access will be from Church Street. The subject is completely visible from the main road. Overall, the surrounding uses will not detract from the marketability of the site. Adjacent land uses are described below. ADJACENT LAND USES: East: Industrial West: Commercial North: Single Family Homes South: Railroad Tracks Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐3 August 2013 EXHIBIT 1-2 – SITE PHOTOGRAPHS Across Site toward East From Site toward West Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐4 August 2013 From Site toward North Across Site toward South Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐5 August 2013 EXHIBIT 1-2 - SITE AND ADJACENT LAND USES Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐6 August 2013 SERVICES AND FACILITIES Bus (1): The Truckee Transit System has a stop at the Train Depot, located at 10065 Donner Pass Road, 0.25 miles from the site. Police (2): The Truckee Police Department is located at 10183 Truckee Airport Road, 2.0 miles from the site. Fire (3): The Truckee Fire Protection District has a station that is located at 10049 Donner Pass Road, 0.25 miles from the site Medical (4): The nearest medical facility to the site is the Tahoe Forest Hospital, which is located at 10121 Pine Avenue, 1.10 miles from the site. Grocery (5): The closest grocery store is Safeway, which is located at 11290 Donner Pass Road, 1.40 miles from the site. Schools (6): Truckee High School is located at 11725 Donner Pass Road, 1.75 miles from the site. Recreation (7): The Truckee River Regional Park is located at 10050 Brockway Road, 0.20 miles from the site. Library (8): The Truckee Branch Public Library is located at 10031 Levone Avenue, 0.99 miles from the site. Pharmacy (9): The Tahoe Forest Pharmacy is located at 10956 Donner Pass Road, 1.05 miles from the site. OTHER SERVICES AND FACILITIES Water: Town of Truckee Sewer: Town of Truckee Electricity: PG&E Gas: PG&E Telephone: AT&T Transportation: Air: The nearest commercial airport is the Tahoe‐Truckee Airport, which is located 2.0 miles from the site. Bus: The closest Greyhound Bus Terminal is located at 10065 Donner Pass Road, 0.25 miles from the site. Amtrak: The Nevada Amtrak station is located at 10065 Donner Pass Road, 0.25 miles from the site. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 1‐7 August 2013 EXHIBIT 1-4 - LOCATION OF SERVICES AND FACILITIES # Service Type AddressDistance from Site 1 Bus Stop 10065 Donner Pass Road 0.25 miles 2 Police Dept. 10183 Truckee Airport Road 2.0 miles 3 Fire Dept. 10049 Donner Pass Road 0.25 miles 4 Medical Clinic 10121 Pine Avenue 1.10 miles 5 Grocery 11290 Donner Pass Road 1.36 miles 6 High School 11725 Donner Pass Road 1.75 miles 7 Park 10050 Brockway Road 0.20 miles 8 Library 10031 Levone Avenue 0.99 miles 9 Pharmacy 10956 Donner Pass Road 1.05 miles Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 2‐1 August 2013 NEVADA COUNTY Nevada County is located in Northern California and ranges from near sea level in the great Sacramento Valley, to over 9,000 feet. The County appears on the map in the shape of a derringer, with the northern & southern borders extending straight westward from the California/Nevada border then intersecting with the path of the Middle Fork of the Yuba River in the north and Bear River in the south. Nevada County covers 978 square miles extending from the foothills to the high beaks of the Sierra Mountain Range. It is bordered by Placer County to the south, Sierra County to the north, Yuba County to the west and the Nevada/California border to the east. Nevada County was founded in 1851. Nevada County has average elevation of 2,500 feet. However, elevation can range from 90 feet to 9,167 feet in the Sierra Nevada Mountains. Situated northeast of Sacramento, the County enjoys four annual seasons while remaining above the persistent fog of the Sacramento Valley. The County seat is located in Nevada City, which is widely known for its arts and cultural activities. EXHIBIT 2-1 – LOCATION OF NEVADA COUNTY GEOGRAPHIC AND AREA DESCRIPTION II Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 2‐2 August 2013 TOWN OF TRUCKEE / TRUCKEE MARKET AREA Truckee is a place rich in history with a quaint downtown that hosts charming shops and superb restaurants set in authentic historic buildings. Recently listed on the National Register of Historic Places, Truckee proudly retains its historic roots. Named for a Paiute Indian chief who helped guide thousands of emigrants in their westward journey through 40‐mile desert. Truckee is well known for its logging, ice manufacturing, the Emigrant Trail, as well as for the tragic expedition of the Donner Party. You can discover much more about their captivating story at Donner Memorial State Park museum and Pioneer Monument. EXHIBIT 2-2 - LOCATION OF TOWN OF TRUCKEE / TRUCKEE MARKET AREA Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 2‐3 August 2013 TRUCKEE SECONDARY MARKET AREA Due to the rural nature of the area, the Community of Soda Springs, would be the only consideration for the Truckee Secondary Market Area. EXHIBIT 2-4 –TRUCKEE SECONDARY MARKET AREA Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐1 August 2013 The data contained in this Chapter provide the base for the formulae used in Chapter IV and the facts and figures to support the Conclusions and Findings. Every attempt was made to obtain the most recent, verifiable data available. All sources are noted for each table. Primary and source data are readily available and are listed in the works cited attached at the end of this study. STATISTICAL METHODOLOGY Statistical data used for this report comes from ESRI, the Census Bureau, the California Department of Finance, and the California Employment Development Department. ESRI is a reputable statistical data resource that uses information garnered from the above sources in order to project population and household trends. The information is scientifically calculated in order to project out future growth as accurately as possible. As with any projections, the further the data is projected the less accurate the calculation. ESRI assimilates updates annually as to maintain the most accurate and up to date information. POPULATION As illustrated below, the population growth of the Truckee Market Area was slightly slower than the County of Nevada between 2010 and 2013. The Market Area is expected to grow at a similar rate as the County over the next five years. CHART 3-1 POPULATION GROWTH TRENDS 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% MARKET AREA COUNTY 2010-2013 2013-2016 2015-2018 Source: 2012 ESRI DEMOGRAPHIC ANALYSIS III Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐2 August 2013 In 2010, the Truckee Market Area had a population of 16,180. Over the last three years, the population has increased to 16,373. Over the next three years, it is expected to increase by 0.3 percent. By the year 2018, the population of the Market Area is projected to increase to 16,449, an additional 0.2 percent above the 2016 total, as shown in Table 3‐1. Like the Market Area, the population of the County is projected to steadily increase over the next five years. Since 2010, the population has increased by 1.3 percent or 0.4 percent annually, to a current total of 100,054. By 2016, the population of the County is projected to be 100,362, and 100,568 by 2018. TABLE 3-1 POPULATION TRENDS YearNumberChange% Change Simple Annual % Change 2010 16,180 2013 16,3731931.2%0.4% 2016 16,419460.3%0.1% 2018 16,449300.2%0.1% 2010 98,764 2013 100,0541,2901.3%0.4% 2016 100,3623080.3%0.1% 2018 100,5682060.2%0.1% Source: 2010 Census; 2012 ESRI TRUCKEE MARKET AREA NEVADA COUNTY Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐3 August 2013 Currently, 47.7 percent of the population in the Truckee Market Area is between the ages of 25 and 54. The population age 0‐14 represents the largest age group with 19.2%. Though the proportions of all age groups will remain similar over the next five years, the proportion of seniors in the Market Area is expected to increase. TABLE 3-2 POPULATION BY AGE – TRUCKEE MARKET AREA Age GroupNumberPercent NumberPercentNumberPercent 0‐143,14419.2%3,16219.3%3,17519.3% 15‐198845.4%857 5.2%8395.1% 20 ‐248685.3%8315.1%8064.9% 25‐342,53815.5%2,55515.6%2,566 15.6% 35‐442,50515.3%2,48315.1%2,46715.0% 45 ‐542,76 7 16.9%2,657 16.2%2,58215.7% 55 ‐642,34114.3%2,40714.7%2,45114.9% 65‐749826.0%1,1036.7%1,1847.2% 75 ‐842781.7%2891.8%2961.8% 85+8 2 0.5%820.5%820.5% TOTAL 16,373100.1%16,419100.1%16,449100.0% Under 6515,04791.9%14,95191.1%14,88690.5% Over 651,3438.2%1,4749.0%1,5639.5% Source: 2010 Census; 2012 ESRI 201320162018 Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐4 August 2013 In contrast to the Market Area, 44.7 percent of the population in Nevada County is between the ages of 35 and 64 years, with 55‐64 being the largest age group with 18.9 percent. TABLE 3-3 POPULATION BY AGE –NEVADA COUNTY Age Group NumberPercentNumberPercentNumberPercent 0‐1415,00815.0%14,97414.9%14,88414.8% 15‐195,8035.8%5,7015.7%5,5315.5% 20 ‐244,5024.5%4,3564.3%4,1234.1% 25‐349,9059.9%9,8969.9%9,8569.8% 35‐4410,30610.3%10,17710.1%9,9569.9% 45 ‐5415,50815.5%14,99414.9%14,180 14.1% 55 ‐6418,910 18.9%19,16919.1%19,51019.4% 65‐7411,40611.4%12,24412.2%13,47613.4% 75 ‐845,8035.8%5,9015.9%6,0346.0% 85+2,9022.9 %2,9512.9%3,0173.0 % TOTAL 100,054100.0%100,362100.0%100,568100.0% Under 6579,94379.9%79,26679.0%78,04177.6% Over 6520,11120.1%21,096 21.0 %22,52722.4% Source: 2010 Census; 2012 ESRI 201320152018 Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐5 August 2013 HOUSEHOLDS Household formation is influenced by a variety of factors: the aging population, young adults leaving home, and divorce are factors that can cause household growth even in relatively static periods of population growth. Table 3‐4 summarizes household trends in the Truckee Market Area and Nevada County. In 2010, the Truckee Market Area had a total of 6,343 households. The number increased 0.3 percent to 6,362 households by 2013 and is projected to increase by 1.1 percent by 2016 to 6,430 households and an additional 0.7 percent to 6,474 households by 2018. In 2010, the number of households in Nevada County totaled 41,527. The current number of County households is 41,735, projected to increase to 42,219 by 2016 and 42,543 by 2018. TABLE 3-4 HOUSEHOLDS YearNumberChange% Change Simple Annual % Change 2010 6,343 2013 6,362190.3%0.1% 2016 6,430681.1%0.4% 2018 6,474440.7%0.3% 2010 41,527 2013 41,7352080.5%0.2% 2016 42,2194841.2%0.4% 2018 42,5433240.8%0.4% Source: 2010 Census; 2012 ESRI TRUCKEE MARKET AREA NEVADA COUNTY Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐6 August 2013 In 2010, in the Truckee Market Area, one‐ and two‐person households constituted 59.2 percent of households combined. One and two‐person households constituted 67.4 percent of the households in the County. TABLE 3-5 PERSONS PER HOUSHOLDS NumberPercentNumberPercent 1 person1,38221.8%1093626.3% 2 person2,37537.4%1705741.1% 3 person1,12117.7%608314.6% 4 Person95515.1%462211.1% 5 Person3615.7%18334.4% 6+ Person1492.3%9962.4% Total6,343100.0%41,527100.0% Source: 2012 ESRI Household Size TRUCKEE MARKET AREANEVADA COUNTY 20102010 In 2010, in the Town of Truckee, the largest proportions of renters were one‐ and two‐person households, constituting 56.8 percent of the renter households combined. One‐ and two‐person households constituted the largest proportions in the County, representing 62.8 percent of the households. TABLE 3-6 PERSONS PER RENTER HOUSHOLDS NumberPercentNumberPercent 1 person62333.2%3,77534.0% 2 person 44423.6 %3,18828.8% 3 person34618.4%1,93217.4% 4 Person 18910.1%1,13710.3% 5 Person22812.1%5895.3% 6+ Person 492.6%4674.2% Total1,879100.0%11,088100.0% Source: 2010 Census Household Size TOWN OF TRUCKEENEVADA COUNTY 20102010 Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐7 August 2013 Currently, the Truckee Market Area has 2,112 rental units (33.2 percent). According to ESRI, the proportion of rental units is expected to remain about the same over the next five years. The renter rate in Nevada County is lower at 29.4 percent. TABLE 3-7 HOUSING UNITS BY TENURE NumberPercentNumberPercentNumberPercent Owner4,25066.8%4,33467.4%4,38967.8% Renter2,11233.2%2,09632.6%2,08532.2% TOTAL6,362100.0%6,430100.0%6,474100.0% Owner29,46570.6%30,08571.3%30,50371.7% Renter12,27029.4%12,13428.7%12,04028.3% TOTAL41,735100.0%42,219100.0%42,543100.0% Source: 2010 Census; 2012 ESRI NEVADA COUNTY Occupied Households 201320162018 TRUCKEE MARKET AREA In 2013, 17.6 percent of the Rancho Cordova households are estimated to have incomes below $35,000, while 68.9 percent have incomes greater than $50,000, as shown in Table 3‐8. The current median income is expected to increase from $67,369 to $71,279 in 2018. TABLE 3-8 HOUSEHOLDS BY INCOME – TRUCKEE MARKET AREA Income RangeNumberPercentNumber Percent Number Percent Less Than $15,0003054.8%2894.5%2784.3% $15,000‐$24,9993445.4%2934.6%2594.0% $25,000‐$34,9994717.4%4226.6%3886.0% $35,000‐$49,999 85313.4 %79612.4%75711.7% $50,000‐$74,9991,60325.2%1,70526.5%1,77427.4% $75,000‐$99,99 9 1,02416.1%1,08916.9 %1,13317.5% $100,000+1,75627.6%1,83628.6%1,89029.2% TOTAL 6,362 99.9%6,430 100.0%6,474 100.1% Median Income Source: 2012 ESRI 201320162018 $67,369 $69,715$71,279 Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐8 August 2013 In 2010, 47.2 percent of the renters in the County of Nevada had incomes that were less than $35,000 annually, while 37.2 percent earned above $50,000 annually. In the Town of Truckee, 42.8 percent of the renter households earned less that $35,000 annually. TABLE 3-9 RENTER HOUSEHOLDS BY INCOME - 2010 Numbe r PercentNumberPercent Less than $10,0009018.1%19510.4% $10,000‐$19,999 2,12219.1%29215.5% $20,000‐$34,9992,21720.0%31716.9% $35,000‐$49,999 1,72615.6%33217.7% >50,0004,12237.2%74339.5% Total11,088100.0%1,879100.0% Household Size NEVADA COUNTYTOWN OF TRUCKEE Source: 2010 Census Based on the income levels required of households in order to live at the subject complex, which begin at $12,411 to qualify for a 30 percent studio unit, to $48,060, which is the maximum income at 60 percent of AMI in Nevada County for a four‐person household, an estimated 22.8 percent of the households in the Truckee Market Area are income‐eligible to live at the subject complex. For the demand calculation in Chapter IV, the number of eligible households is further reduced by renter rate, turnover rate, and household size. TABLE 3-10 PROPORTION OF HOUSEHOLDS INCOME-ELIGIBLE FOR SUBJECT PROPERTY IN THE MARKET AREA 30-60% of AMI INCOME RANGE 2016 Number Percent $12,411‐$14,999 51 0.8% $15,000‐$24,999 296 4.6% $25,000‐$34,999 424 6.6% $35,000‐$48,060 694 10.8% TOTAL 1,466 22.8% Source: 2012 ESRI Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐9 August 2013 Approximately, 17.2 percent (1,094 households) of the Truckee Market Area general households earn less than 50 percent of the 2013 CTCAC designated Nevada County Area Median Income ($69,000). In addition, 19 percent of the households are classified as Low Income (50 to 80 percent of AMI), resulting in 36.2 percent of the households in the Truckee Market Area earning less than 80 percent of the AMI for Nevada County. TABLE 3-11 HOUSEHOLDS BY INCOME GROUPS TRUCKEE MARKET AREA 2013 2013 CTCAC Area Median Income (AMI) for Nevada County (4‐person household): $69,000 Income Group % of County Median Income Range ($) % of Market’s Households Very Low Income Less Than 50% Less than $34,500 17.2% Low Income 50% ‐ 80% $34,501– $55,200 19.0% Moderate Income 80% ‐120% $55,201 – $82,800 25.0% Above Moderate Greater Than 120% Greater than $82,801 38.7% Source: 2012 ESRI; 2013 CTCAC Maximum Income Levels HOUSING In 2010, 85.6 percent of the total housing units in the Town of Truckee are estimated to be single‐ family homes, while 11 percent are multifamily (two or more units per structure). Between 2010 and 2012, single‐family homes decreased by 6 units (‐0.1 percent) and 2‐4 unit structures increased by 0.2 percent. In addition, multifamily housing with 5 or more units remained the same between 2010 and 2012. TABLE 3-12 HOUSING UNITS BY TYPE – TOWN OF TRUCKEE Housing Units by Type 2010 2012 Change Number Percent Number Percent Number Percent Single Family 10,961 85.6% 10,955 85.6% ‐6 ‐0.1% 2 – 4 Units 879 6.9% 881 6.9% 2 0.2% 5 or more Units 522 4.1% 522 4.1% 0 0.0% Mobile Homes or Other 441 3.4% 442 3.5% 1 0.2% TOTAL 12,803 100% 12,800 100% -3 0.0% Source: 2010 California Department of Finance, Table E‐5 – City/County Population and Housing Estimates. Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐10 August 2013 Generally, housing conditions can be described by the age of the units, exempting diligent maintenance. Since building codes change with time and technology, the older housing units are the most likely to be considered substandard or in marginal condition. Approximately 5.8 percent of the housing stock in the Town of Truckee was built before 1960. An additional 5 percent was built between 1960 and 1969. As of June 2013, 20.2 percent of the housing units were built between 2000 and 2013. CHART 3-3 HOUSING UNITS BY YEAR BUILT – TOWN OF TRUCKEE According to the 2010 American Community Survey, 47.8 percent of the renter households were overpaying, 35 percent or more, for shelter in the Town of Truckee. Of these households, those earning the least experienced the most rent burden. For example, of those renter households earning less than $10,000, 100 percent were overpaying for shelter, while those earning over $50,000, 11.3 percent were overpaying. TABLE 3-13 RENTER HOUSEHOLDS OVERPAYING BY INCOME GROUP TOWN OF TRUCKEE- 2010 INCOME GROUP Total in Income Group Number Overpaying Percent Less than $10,000 195 195 100.0% $10,000 ‐ $19,999 292 266 91.1% $20,000 ‐ $34,999 317 173 54.6% $35,000 ‐ $49,999 332 180 54.2% $50,000 or more 743 84 11.3% Overall Total 1,879 898 47.8% Source: 2010 American Community Survey Source: 2000 and 2010 Census; 2012 SOCDS 1939 or Earlier 2.5% 1940-1949 0.5% 1950-1959 2.8% 1960-1969 5.0% 1970-1979 18.7% 1980-1989 26.7% 1990-1999 23.7% 2000-2013 20.2% Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐11 August 2013 Like the Town of Truckee, overpayment, 35 percent or more, is most pronounced among the lowest income groups in Nevada County. For example, of those renter households earning $10,000‐$19,999, 73.6 percent were overpaying, while only 14.6 percent of the households earning above $50,000 were found to be overpaying for shelter. Overall, 47.7 percent of renter households were overpaying, which is 0.1 percent less than the Town of Truckee. TABLE 3-14 RENTER HOUSEHOLDS OVERPAYING BY INCOME GROUP NEVADA COUNTY - 2010 Substandard housing indices, without physical inspection, can generally be judged as overcrowding, units lacking complete plumbing, and units constructed before 1940 without diligent maintenance. In the Town of Truckee, the percentage of overcrowded units was 0.9 percent in 2010. Approximately 1.9 percent of the housing was built before 1940 and 1.2 percent of the units lacked complete plumbing facilities. In Nevada County, 2.4 percent of the housing units were overcrowded, and 7 percent were built before 1940. TABLE 3-15 INDICATORS OF SUBSTANDARD HOUSING – 2010 Indicators Number Percent TOWN OF TRUCKEE Overcrowded 57 0.9% Lacking Complete Plumbing Facilities 75 1.2% Built 1939 or Earlier 123 1.9% NEVADA COUNTY Overcrowded 995 2.4% Lacking Complete Plumbing Facilities 380 0.9% Built 1939 or Earlier 2,891 7.0% Source: 2007‐2011 American Community Survey; 2010 American Community Survey INCOME GROUP Total in Income Group Number Overpaying Percent Less than $10,000 901 641 71.1% $10,000 ‐ $19,999 2,122 1,562 73.6% $20,000 ‐ $34,999 2,217 1,616 72.9% $35,000 ‐ $49,999 1,726 864 50.1% $50,000 or more 4,122 601 14.6% Overall Total 11,088 5,284 47.7% Source: 2010 American Community Survey Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐12 August 2013 EMPLOYMENT AND ECONOMICS In 2010, services accounted for the largest employment sector in the Town of Truckee and Nevada County, constituting 46.7 and 45.3 percent of employed persons, respectively. Construction occupations were the second largest employer in the Truckee Market Area with 16.8 percent. Retail Trade occupations were the second largest in the County, accounting for 12.4 percent of the employed population. TABLE 3-16 2010 - EMPLOYMENT BY INDUSTRY – TOWN OF TRUCKEE AND NEVADA COUNTY NumberPercentNumberPercent Agriculture / Mining1211.5%8362.0% Construction1,36016.8%4,70511.3% Manufacturing3103.8%3,8989.4% Wholesale Trade2072.6%1,0932.6% Retail Trade94011.6%5,16612.4% Transportation / Utilities3133.9%1,5533.7% Information1882.3%1,0252.5% Finance / Insurance / Real Estate5466.7%2,5726.2% Services3,79146.7%18,80745.3% Public Administration3344.1%1,8984.6% Total8,110100.0%41,553100.0% Major Industries 2010 Source: 2010 Census TOWN OF TRUCKEENEVADA COUNTY Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐13 August 2013 According to the Bureau of Labor Statistics, the Nevada County labor force contained 50,206 persons in June 2013. Currently, the unemployment rate is 7.5 percent; a substantial increase since 2006, but lower than the high in 2010. TABLE 3-17 CIVILIAN LABOR FORCE – NEVADA COUNTY Year Civilian Labor Force Employment Unemployment Unemployment Rate 2003 48,632 45,915 2,717 5.6% 2004 48,885 46,285 2,600 5.3% 2005 49,331 46,957 2,374 4.8% 2006 49,735 47,563 2,172 4.4% 2007 50,201 47,790 2,411 4.8% 2008 50,439 47,138 3,301 6.5% 2009 50,407 45,116 5,291 10.5% 2010 50,919 45,126 5,793 11.4% 2011 51,128 45,703 5,425 10.6% 2012 50,742 45,989 4,753 9.4% 2013* 50,206 46,420 3,786 7.5% Source: Bureau of Labor Statistics *Information as of June 2013 Approximately 56.1 percent of Truckee Market Area residents travel less than 20 minutes to work, while 17.9 percent travel 35 minutes or more. TABLE 3-18 TRAVEL TIME TO WORK – TRUCKEE MARKET AREA Travel Time Percent Less than 5 minutes 5.0% 5‐9 minutes 13.5% 10‐19 minutes 37.6% 20‐34 minutes 14.3% 35‐59 minutes 12.7% More than one hour 5.1% Source: 2012 ESRI Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐14 August 2013 Major employers in Nevada County are predominantly in the grocery‐retail, hotels and motels industries. Six of the County’s top 25 major employers are located within the Town of Truckee. TABLE 3-19 MAJOR EMPLOYERS – NEVADA COUNTY Employer Name Location Industry Ananda Church of Self‐Rlztn Nevada City Churches Boreal Mountain Resort Truckee Hotels & Motels Briarpatch Community Market Grass Valley Grocers‐Retail Clear Capital Truckee Real Estate Buyers & Brokers County‐Nevada Nevada City Government Offices‐Us Furniture By Thurston Grass Valley Furniture‐Dealers‐Wholesale Golden Empire Convalscent Hosp Grass Valley Nursing & Convalescent Homes Grass Valley Nevada City Radio/Tv Broadcasting/Comm Equip (Mfrs) Interfaith Food Ministry Grass Valley Non‐Profit Organizations Jehovah's Witnesses Grass Valley Churches Kmart Grass Valley Department Stores Milhous School Inc Nevada City Schools Networked Insurance Agents Grass Valley Insurance Nevada County Charter Co‐Op Nevada City County Government‐General Offices Nevada Irrigation District Grass Valley Water Companies‐Bottled, Bulk, Etc Nevada Union High School Grass Valley Schools Raley's Grass Valley Grocers‐Retail Robinson Enterprises Inc Nevada City Logging Companies (Mfrs) Safeway Truckee Grocers‐Retail Safeway Grass Valley Grocers‐Retail Save Mart Grass Valley Grocers‐Retail Sierra Nevada Memorial Hosp Grass Valley Hospitals Tahoe Donner Assn Truckee Full‐Service Restaurant Tahoe Forest Hospital Truckee Hospitals Village Lodge‐Sugar Bowl Truckee Hotels & Motels Source: California Employment Development Department, 2012 Truckee Artist Lofts Truckee , California Multifamily Housing Page 3‐15 August 2013 According to the Bureau of Justice Statistics, between 2002 and 20011 the last year that data is available, the crime rate decreased from 2004 to 2010 in the Town of Truckee, with a slight uptick in 2011. TABLE 3-20 CRIMES REPORTED BY TRUCKEE POLICE DEPARTMENT YEAR POPULATION COVERAGE PROPERTY CRIME TOTAL VIOLENT CRIME TOTAL CRIME RATE 2002 16,370 393 30 2.6% 2003 16,370 276 48 2.0% 2004 16,370 401 36 2.7% 2005 16,370 352 26 2.3% 2006 16,370 340 47 2.4% 2007 16,370 312 59 2.3% 2008 16,370 241 18 1.6% 2009 16,447 217 24 1.5% 2010 16,370 209 25 1.4% 2011* 16,370 259 20 1.7% Source: Bureau of Justice Statistics *Information only available through 2011 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐1 August 2013 At the time of market entry in the year 2016, there will be a projected total demand for 416 rental units in the Market Area with incomes at 30‐60 percent of AMI, and market rate (80 percent of AMI). Specifically, there will be a demand for 27 studio, 97 one‐bedroom, 235 two‐bedroom, and 56 three‐ bedroom units. Given this demand, the project would need to capture 19.3 percent of the income‐ eligible households in the market area. TABLE 4-1 2016 DEMAND SUMMARY - GENERAL OCCUPANCY STUDIO 1BR 2BR 3BR TOTAL 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 2 @ $312 2 @ $433 7 @ $553 4 @ $674 ‐‐ 15 2 @ $313 2 @ $442 10 @ $571 6 @ $701 12 @ $1,000 32 1 @ $365 1 @ $521 2 @ $676 1 @ $831 8 @ $1,500 13 2 @ $413 2 @ $593 10 @ $772 6 @ $952 ‐‐ 20 7 7 29 17 20 80* Theoretical Demand (2016) 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 7 5 7 9 -- 27 18 13 19 27 19 97 45 31 46 64 50 235 14 10 14 19 ‐‐ 56 416 Capture Rate (2016) 30% of AMI 40% of AMI 50% of AMI 60% of AMI Market Rate TOTAL 29.3% 42.7% 99.8% 46.9% ‐‐ 55.5% 11.1% 15.4% 51.5% 22.0% 63.5% 33.1% 2.2% 3.2% 4.3% 1.6% 16.2% 5.5% 14.7% 20.1% 72.1% 31.4% ‐‐ 35.4% 19.3% Penetration Rate (2016) 55.5% 33.1% 5.9% 39.0% 20.0% *There will be one additional one‐bedroom unit designated for on‐site management. Rents are net rents. Utility allowance: Studio ‐ $50, 1BR ‐ $75, 2BR ‐ $100, and 3BR ‐ $125. CONCLUSIONS, METHODOLOGY AND CAPTURE RATE – CTCAC DEMAND CALCULATION IV Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐2 August 2013 METHODOLOGY FOR GENERAL OCCUPANCY The following demand formula is based upon the requirements established by the California Tax Credit Allocation Committee. This formula does not take into account all competitive units nor households that are currently unsuitably housed and may not reflect the total demand found within the Market Area. Demand is established using an analysis of the total number of general households in the Market Area, the percentage of renter households, the percentage of income eligible households, unit type, and turnover. TRUCKEE MARKET AREA FACTORS 1. Total Households year of Market Entry (2016) (See Table 3‐4): 6,430 total households 2. Renter Rate (2016) (See Table 3‐7): 33.2% 3. Income Eligibility: Based on the unit size, project rents, and 2012 rent levels established by the California Tax Credit Allocation Committee, the following income eligibility range was used to determine the percentage of households with the appropriate income for the subject property: the overlapping income ranges have been accounted for in the calculation of percent of income eligible households to prevent double counting. This range does not reflect the likely changes to the maximum rents and incomes that will occur over the next three years. LIHTC: 30 percent of AMI ($12,411‐$24,030) = 6.8% 40 percent of AMI ($16,560‐$32,040) = 4.8% 50 percent of AMI ($20,674‐$40,050) = 7.1% 60 percent of AMI ($24,822‐$48,060) = 9.8% MARKET RATE: 80 percent of AMI ($34,285‐ $64,080) = 18.1% 4. Unit Type: The unit type refers to the ideal proportion of each apartment unit type in the proposed project (i.e., bedrooms per unit) that conforms to renter household size statistics for the Market Area. Depending upon the mix of units being proposed, it is necessary in the context of the market study to determine the approximate number of households that might be appropriate for each bedroom size. Because there is no Census table to refer to, our methodology for this factor is purely logical. Single‐persons are obviously most likely to live in studios or one‐bedroom units, and larger families with seven or more persons are most likely to need a four‐bedroom unit. The demand calculation was prepared using the minimum occupancy requirements required under Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐3 August 2013 UMR 8305 (b). The following percentages then are applied to Table 3‐5 in Chapter III, Persons Per Households: Studio = 10.9% One‐Bedroom = 20.2% Two‐Bedroom = 52.9% Three‐Bedroom = 15.9% 5. Turnover: Turnover rate represents the percentage of households likely to move during a given year. Factors that affect turnover include market choice, the vacancies available, cost of housing, and the overall condition of housing stock. For the purposes of this study, the turnover rate is calculated to be 25.0 percent based upon the rates reported by apartment managers in the Market Area survey performed by Laurin Associates in August 2013 (see Chapter 5). 6. Households on Wait Lists: According to management surveyed there are approximately 200 persons on wait lists for existing affordable projects. Studio – 11 One‐Bedroom – 48 Two‐Bedroom – 108 Three‐Bedroom ‐ 33 DEMAND FORMULA (Total Households – Households on Wait Lists) x Renter Rate x Income Eligibility x Unit Type x Turnover Rate + Households on Wait Lists = Theoretical Net Demand Theoretical Demand Rental Units Studio Units 30 percent of AMI (6,430 – 200) x 33.2% x 6.8% x 10.9% x 25.0% + 3 = 7 40 percent of AMI (6,430 – 200) x 33.2% x 4.8% x 10.9% x 25.0% + 2 = 5 50 percent of AMI (6,430 – 200) x 33.2% x 7.1% x 10.9% x 25.0% + 3 = 7 60 percent of AMI (6,430 – 200) x 33.2% x 9.8% x 10.9% x 25.0% + 3 = 9 TOTAL THEORETICAL STUDIO DEMAND = 27 UNITS Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐4 August 2013 One‐Bedroom Units 30 percent of AMI (6,430 – 200) x 33.2% x 6.8% x 20.2% x 25.0% + 11 = 18 40 percent of AMI (6,430 – 200) x 33.2% x 4.8% x 20.2% x 25.0% + 8 = 13 50 percent of AMI (6,430 – 200) x 33.2% x 7.1% x 20.2% x 25.0% + 12 = 19 60 percent of AMI (6,430 – 200) x 33.2% x 9.8% x 20.2% x 25.0% + 17 = 27 80 percent of AMI (Market Rate) (6,430 – 200) x 33.2% x 9.8% x 20.2% x 25.0% + 0 = 19 TOTAL THEORETICAL ONE-BEDROOM DEMAND = 97 UNITS Two‐Bedroom Units 30 percent of AMI (6,430 – 200) x 33.2% x 6.8% x 52.9% x 25.0% + 26 = 45 40 percent of AMI (6,430 – 200) x 33.2% x 4.8% x 52.9% x 25.0% + 18 = 31 50 percent of AMI (6,430 – 200) x 33.2% x 7.1% x 52.9% x 25.0% + 27 = 46 60 percent of AMI (6,430 – 200) x 33.2% x 9.8% x 52.9% x 25.0% + 37 = 64 80 percent of AMI (Market Rate) (6,430 – 200) x 33.2% x 9.8% x 52.9% x 25.0% + 0 = 50 TOTAL THEORETICAL TWO-BEDROOM DEMAND = 235 UNITS Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐5 August 2013 Three‐Bedroom Units 30 percent of AMI (6,430 – 200) x 33.2% x 6.8% x 15.9% x 25.0% + 8 = 14 40 percent of AMI (6,430 – 200) x 33.2% x 4.8% x 15.9% x 25.0% + 6 = 10 50 percent of AMI (6,430 – 200) x 33.2% x 7.1% x 15.9% x 25.0% + 8 = 14 60 percent of AMI (6,430 – 200) x 33.2% x 9.8% x 15.9% x 25.0% + 11 = 19 TOTAL THEORETICAL THREE-BEDROOM DEMAND = 56 UNITS TOTAL THEORTICAL DEMAND = 416 units CAPTURE RATE Given the total theoretical demand for 416 general LIHTC rental units and the 80 units in the proposed subject of this report, the complex would need to capture 19.3 percent of the eligible mobile households in the Market Area. 80 proposed units 416 total theoretical demand = 19.3 percent capture rate Studio 15 proposed units 27 theoretical demand = 55.5 percent capture rate 30 percent of AMI 2 proposed units 7 theoretical demand = 29.3 percent capture rate 40 percent of AMI 2 proposed units 5 theoretical demand = 42.7 percent capture rate 50 percent of AMI 7 proposed units 7 theoretical demand = 99.8 percent capture rate 60 percent of AMI 4 proposed units 9 theoretical demand = 46.9 percent capture rate One‐Bedroom 32 proposed units 97 theoretical demand = 33.1 percent capture rate 30 percent of AMI 2 proposed units 18 theoretical demand = 11.1 percent capture rate Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐6 August 2013 40 percent of AMI 2 proposed units 13 theoretical demand = 15.4 percent capture rate 50 percent of AMI 10 proposed units 19 theoretical demand = 51.5 percent capture rate 60 percent of AMI 6 proposed units 27 theoretical demand = 22.0 percent capture rate 80 percent of AMI (Market Rate) 12 proposed units 19 theoretical demand = 63.5 percent capture rate Two‐Bedroom 13 proposed units 235 theoretical demand = 5.5 percent capture rate 30 percent of AMI 1 proposed units 45 theoretical demand = 2.2 percent capture rate 40 percent of AMI 1 proposed units 31 theoretical demand = 3.2 percent capture rate 50 percent of AMI 2 proposed units 46 theoretical demand = 4.3 percent capture rate 60 percent of AMI 1 proposed units 64 theoretical demand = 1.6 percent capture rate 80 percent of AMI (Market Rate) 8 proposed units 50 theoretical demand = 16.2 percent capture rate Three‐Bedroom 20 proposed units 56 theoretical demand = 35.4 percent capture rate 30 percent of AMI 2proposed units 14 theoretical demand = 14.7 percent capture rate 40 percent of AMI 2 proposed units 10 theoretical demand = 20.1 percent capture rate 50 percent of AMI 10 proposed units 14 theoretical demand = 72.1 percent capture rate 60 percent of AMI 6 proposed units 19 theoretical demand = 31.4 percent capture rate Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 4‐7 August 2013 PENETRATION RATE – MARKET AREA Penetration rate is calculated using the number of vacant units per bedroom size in the proposed project, the number of competitive pending or proposed units that will enter the market before or the same year as the current project, plus the current number of units vacant in current competitive projects. According to the Planning Department, there are no other affordable projects currently being planned or proposed in the Town. There were 3 vacancies in the comparables considered competitive with the subject property. (Proposed Units + Pending Units + Vacant Competitive Units) Theoretical Demand = Penetration Rate Total Overall Penetration Rate (80 + 0 + 3) 416 = 20.0 percent overall penetration rate Studio (15 + 0 + 0) 27 theoretical demand = 55.5 percent penetration rate One‐Bedroom (32 + 0 + 0) 97 theoretical demand = 33.1 percent penetration rate Two‐Bedroom (13 + 0 + 1) 235 theoretical demand = 5.9 percent penetration rate Three‐Bedroom (20 + 0 + 2) 56 theoretical demand = 39.0 percent penetration rate ABSORPTION RATE Given the demand for affordable multifamily housing projects within the Market Areas, the presence of waiting lists at the income restricted complexes and market rate complexes, it is estimated that the complex can reach full or 95 percent occupancy in approximately six months. Construction of the complex is expected to be completed in December 2016. TABLE 4-2 ABSORPTION RATE Estimated # of Units Leased Per Month Stage of Project Number of Units Leased Percent Units Leased 24 First Month 24 30.0% 16 Second Month 40 50.0% 10 Third Month 50 60.0% 10 Fourth Month 60 75.0% 10 Fifth Month 70 90.0%` 10 Sixth Month 80 100.0% Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐1 August 2013 SURVEY METHODOLOGY Every attempt was made to locate comparables within a one‐mile radius of the site in the Market Area. Sources for our search in August 2013 included field and phone surveys, contacting property management companies, searching classified ads in local and major newspapers. While there were four comparables located within one mile of the site, only one had market rate units. Therefore, it was necessary to go beyond the one mile radius to find additional market rate comparables. During our August 2013 survey a Laurin Associates employee made a physical inspection of each comparable property and spoke with management. For more information on each comparable, including condition, management name, and unit information, please see the summary comparable forms on pages 5‐22 to 5‐37. COMPETITIVE OFFERINGS The multifamily field study was conducted in August 2013. The survey attempted to ascertain a sample of the properties most representative of the Truckee Market Area. A total 493 apartments were surveyed in 10 properties. Approximately, 68.8 percent of the multifamily units in the Market Area are affordable. TABLE 5-1 FIELD STUDY SUMMARY – TRUCKEE MARKET AREA UNIT TYPE MARKET RENT RESTRICTED TOTAL PERCENT Studio 12 0 12 2.4% 1BR 64 8 72 14.6% 2BR 46 112 158 32.0% 3BR 32 178 210 42.6% 4BR 0 41 41 8.3% 5BR 0 0 0 0.0% TOTAL 154 339 493 100.0% Source: Laurin Associates, August 2013 COMPETITIVE ANALYSIS V Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐2 August 2013 VACANCY According to the August 2013 survey, the overall vacancy rate for multifamily housing is 1.4 percent in the Truckee Market Area. The overall vacancy rate for income‐restricted complexes is 0.9 percent. TABLE 5-2 VACANCY RATE – TRUCKEE MARKET AREA - 2013 UNIT TYPE MARKET % OF TOTAL RESTRICTED % OF TOTAL TOTAL % OF TOTAL Studio 0 0.0% 0 0.0% 0 0.0% 1BR 0 0.0% 0 0.0% 0 0.0% 2BR 3 6.5% 1 0.9% 4 2.5% 3BR 1 3.1% 2 1.1% 3 1.4% 4BR 0 0.0% 0 0.0% 0 0.0% 5BR 0 0.0% 0 0.0% 0 0.0% TOTAL 4 2.6% 3 0.9% 7 1.4% The highest proposed one‐bedroom rents are 22.1 percent less than the weighted average market rents and the highest proposed two‐bedroom rents are 27.7 percent less than the weighted average market two‐bedroom rents. TABLE 5-3 NET RENTAL RATE COMPARISON – NON ADJUSTED RENTS Bedroom Type Weighted Average Market Rents Proposed Highest LIHTC Rents* Difference Percent Difference Studio $881 $674 ‐$207 ‐23.5% 1BR – 1BA $900 $701 ‐$199 ‐22.1% 2BR – 1BA $1,150 $831 ‐$319 ‐27.7% 3BR – 2BA $1,500 $952 ‐$548 ‐36.5% Source: Laurin Associates, August 2013 *Rents are net rents. Utility allowance: Studio ‐ $50, 1BR ‐ $75, 2BR ‐ $100, and 3BR ‐ $125. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐3 August 2013 As illustrated in Chapter 3, in the Town of Truckee, 37.4 percent of households consist of two persons. According to the 2010 American Community Survey, there is a majority of two and three‐ bedroom rental units (including single‐family rentals), while there appears to be a scarcity of studio and one‐bedroom rentals. TABLE 5-4 RENTAL HOUSING UNITS – CITY OF TRUCKEE - 2010 BEDROOM RENTAL OCCUPIED HOUSING UNITS TYPE Number Percent Studio 101 5.4% One Bedroom 185 9.8% Two Bedroom 482 25.7% Three Bedroom 797 42.4% Four or More Bedrooms 314 16.7% TOTAL 1,879 100.0% Source: 2010 American Community Survey The number of single‐family and multifamily permits issued annually since 2003 has varied. Multifamily permits represent 31.2 percent of the total building permits issued since 2003. TABLE 5-5 RESIDENTIAL BUILDING PERMITS ISSUED – CITY OF TRUCKEE – 2003-2013 Year Single-Family Permits Multifamily Permits Total Permits Issued 2003 177 122 299 2004 232 100 332 2005 276 114 390 2006 162 153 315 2007 133 56 189 2008 51 4 55 2009 29 0 29 2010 34 0 34 2011 40 0 40 2012 48 0 48 2013* 28 0 28 TOTAL 1,210 549 1,759 *Information as of May 2013 Source: SOCDS Building Permit Database Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐4 August 2013 RENT COMPARABILITY MATRIX The tables below are the rent comparability matrices. which illustrate adjusted rents for the subject property in comparison to other market‐rate and affordable housing complexes. Adjustments were made or not made for the following reasons: 1. Age: An adjustment of $1 was made for each year that the comparable is older than the subject property. This reflects the difference in rent that an older complex could charge as compared to a newer complex. Older complexes have higher adjustments, which accounts for condition and curb appeal of an older complex compared to a newer complex 2. Square Footage Comparison: The highest price per square foot at the subject property was used to make adjustments. 3. Central Air Conditioning: The subject property will have central air. For those comparables that do not offer central air, an adjustment of $25 was made. 4. Dishwasher: The subject property will provide dishwashers. For those comparables that do not, an adjustment of $10 was made. 5. Unit Amenities: It was deemed appropriate to adjust $5 upward or downward depending on the unit amenities. Laurin Associates adjusted upward if a complex did not have a coat closet, storage closet, or other items offered in the subject property. 6. Project Amenities: It was deemed appropriate to adjust $5 upward or downward depending on the project amenities. Laurin Associates adjusted upward if a comparable complex lacks a community room, playground, or other amenities offered at the subject property. Adjustments were downward for amenities such as a pool, amenities not offered at the site. An adjustment of $10 was made for comparables that lacked a computer room or business center. The weighted average adjusted market rents are significantly higher than the highest proposed CTCAC rents. For example, the highest proposed rents for the one‐bedroom / one bath units are $701 or 33.6 percent less than the adjusted market rents and two‐bedroom / one bath rents are $831 or 33.6 percent less than the adjusted market rents. Based on the adjustment matrices, the rents are achievable as proposed. TABLE 5-6 NET RENTAL RATE COMPARISON – ADJUSTED MARKET RENTS - CTCAC Bedroom Type Weighted Average Adjusted Market Rents Average Adjusted Price Per Square Foot Proposed Highest Rents*/Price Per Square Foot Percent Difference for Rent Percent Difference for Price Per Square Foot Studio $1,002 $2.13 $674 / $1.23 ‐32.8% ‐42.4% 1BR – 1BA $1,056 $2.24 $701 / $1.17 ‐33.6% ‐47.9% 2BR – 1BA $1,252 $1.68 $831 / $0.98 ‐33.6% ‐41.8% 3BR – 2BA $1,442 $1.22 $952 / $0.87 ‐33.9% ‐29.3% Source: Laurin Associates, August 2013 *Rents are net rents. Utility allowance: 1BR ‐ $41, 2BR ‐ $51, 3BR ‐ $62, 4BR ‐ $75, and 5BR ‐ $85. **Only one market rate comparable had one‐bedroom units. Therefore, it was necessary to use studio units in the Rent Comparability Matrices. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐5 August 2013 The methodology for choosing comparables for the matrices follows CTCAC and CDLAC requirements. The following factors were looked at when choosing three comparables: o Proximity to the site o Amenities List o Age o Curb Appeal Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐6 August 2013 TABLE 5-7 RENT COMPARABILITY MATRIX – MARKET RATE STUDIO UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS ALPINE APTS. COMP #4 SAWMILL HEIGHTS COMP #10 ASPENS OF TRUCKEE COMP #9 Date of Market Study: CHURCH STREET 10280 JEFFREY PINE RD 7646 HIGHLANDS VIEW ROAD 10130 DONNER TRAIL ROAD 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: Phone 530.582.8366 530.562.2501 530.582.8987 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Analysis Using Highest Rents for Subject Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L M M M Distance in Miles from Subject 1.00 4.90 1.70 Number of Units 2 12 12 26 Vacancy Rate 4% 1% 7% Waiting List ("Y"es or "N"o) Y Y Y Turnover Rate 11% 70% 29% Unit Size in SF 550 425 350 600 471.15385 Aggregate Size in SF 850 4200 7200 12,250 Base Rent $674 $800 $900 $900 $892 -24.47% Aggregate Rent $1,600 $10,800 $10,800 $23,200 Value Ratio ($/SF) $1.23 $1.88 $2.57 $1.50 $1.89 -35.29% # of stories 4 2 3 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 0 0 0 1 # of Bathrooms 1 1 $0 1 $0 1 $0 Unit Size Adjustment 550 125 $153 200 $245 -50 -$61 Rent Concessions Age (built or last renovated) 2016 1972 $44 2006 $10 1996 $20 $1,996 Utilities Paid by Tenant Electricity X X $0 0 -$10 X $0 Heat ("G"as or "E"lectric) G G $0 0 -$10 G $0 Hot Water (G or E) G G $0 0 -$10 E $0 Cooking (G or E) G G $0 0 -$10 E $0 TV ("C"able or "S"atellite) C C $0 C $0 C $0 Water 0 0 $0 0 $0 0 $0 Sewer 0 0 $0 0 $0 0 $0 Trash 0 0 $0 0 $0 0 $0 Unit Amenities Central Heat/Cool X 0 $25 0 $25 0 $25 Blinds X X $0 X $0 X $0 Carpet X X $0 X $0 X $0 Ceiling Fan X X $0 0 $5 0 $5 Skylight 0 0 $0 0 $0 0 $0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐7 August 2013 Storage Closet X X $0 0 $5 X $0 Coat Closet X X $0 0 $5 X $0 Walk-In Closet 0 X -$5 0 $0 0 $0 Fireplace 0 0 $0 0 $0 0 $0 Patio/Balcony 0 X -$5 X -$5 X -$5 Appliances Refrigerator X X $0 X $0 X $0 Stove/Oven X X $0 X $0 X $0 Dishwasher X X $0 X $0 X $0 Garbage Disposal X X $0 X $0 X $0 Microwave 0 0 $0 X -$5 0 $0 Washer/Dryer 0 0 $0 0 $0 X -$25 Washer/Dryer Hook-ups 0 0 $0 0 $0 0 $0 Parking/Transportation Surface Parking X X $0 X $0 X $0 Carport 0 0 $0 0 $0 0 $0 Underground Parking 0 0 $0 0 $0 0 $0 Detached Garage 0 0 $0 0 $0 X -$15 Attached Garage 0 0 $0 0 $0 0 $0 Tuck-under Garage 0 0 $0 0 $0 0 $0 Parking Garage 0 X -$15 0 $0 0 $0 Project Amenities Clubhouse/Community Room X 0 $5 X $0 0 $5 Swimming Pool 0 X -$5 0 $0 0 $0 Spa/Jacuzzi 0 0 $0 0 $0 0 $0 Exercise Room X 0 $5 X $0 0 $5 Picnic Area 0 0 $0 X -$5 0 $0 Tot Lot/Playground 0 0 $0 0 $0 0 $0 Tennis Court 0 0 $0 0 $0 0 $0 Basketball Court 0 X -$5 0 $0 0 $0 Volleyball Court 0 0 $0 0 $0 0 $0 On Site Manager X X $0 X $0 X $0 Laundry Room X X $0 X $0 0 $5 Computer Room X 0 $10 0 $10 0 $10 Business Center 0 0 $0 X -$5 0 $0 Car Wash Area 0 0 $0 0 $0 0 $0 Security Gated 0 0 $0 0 $0 0 $0 Courtesy Patrol 0 0 $0 X -$5 0 $0 Surveillance Camera 0 0 $0 X -$5 0 $0 Adjusted Rent $674 $1,007 $1,135 $869 $1,002 -32.76% Aggregate Adjusted Rent $2,014 $13,620 $10,428 $26,062 Adjusted Value Ratio ($/SF) $1.23 $2.37 $3.24 $1.45 $2.13 -42.40% *Adjusted Rent/Base Rent 126% 126% 97% *Comps that exceed 10% (110%) above the adjusted rent/base rent must be thorougly justified and explained. The adjusted rents are over 10 percent higher than the current rents for two of the comparables because of the adjustment made for bedroom type and square footage. The comparables were between 125 and 200 square feet smaller. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐8 August 2013 TABLE 5-8 RENT COMPARABILITY MATRIX – MARKET RATE ONE-BEDROOM / ONE BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS ALPINE APTS. COMP #4 SAWMILL HEIGHTS COMP #10 ASPENS OF TRUCKEE COMP #9 Date of Market Study: CHURCH STREET 10280 JEFFREY PINE RD 7646 HIGHLANDS VIEW ROAD 10130 DONNER TRAIL ROAD 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: Phone 530.582.8366 530.562.2501 530.582.8987 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Analysis Using Highest Rents for Subject Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L M M M Distance in Miles from Subject 1.00 4.90 1.70 Number of Units 2 12 12 26 Vacancy Rate 4% 1% 7% Waiting List ("Y"es or "N"o) Y Y Y Turnover Rate 11% 70% 29% Unit Size in SF 600 425 350 600 471.15385 Aggregate Size in SF 850 4200 7200 12,250 Base Rent $701 $800 $900 $900 $892 -21.44% Aggregate Rent $1,600 $10,800 $10,800 $23,200 Value Ratio ($/SF) $1.17 $1.88 $2.57 $1.50 $1.89 -38.31% # of stories 4 2 3 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 1 0 0 1 # of Bathrooms 1 1 $0 1 $0 1 $0 Unit Size Adjustment 600 175 $204 250 $292 0 $0 Rent Concessions Age (built or last renovated) 2016 1972 $44 2006 $10 1996 $20 $1,996 Utilities Paid by Tenant Electricity X X $0 0 -$10 X $0 Heat ("G"as or "E"lectric) G G $0 0 -$10 G $0 Hot Water (G or E) G G $0 0 -$10 E $0 Cooking (G or E) G G $0 0 -$10 E $0 TV ("C"able or "S"atellite) C C $0 C $0 C $0 Water 0 0 $0 0 $0 0 $0 Sewer 0 0 $0 0 $0 0 $0 Trash 0 0 $0 0 $0 0 $0 Unit Amenities Central Heat/Cool X 0 $25 0 $25 0 $25 Blinds X X $0 X $0 X $0 Carpet X X $0 X $0 X $0 Ceiling Fan X X $0 0 $5 0 $5 Skylight 0 0 $0 0 $0 0 $0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐9 August 2013 Storage Closet X X $0 0 $5 X $0 Coat Closet X X $0 0 $5 X $0 Walk-In Closet 0 X -$5 0 $0 0 $0 Fireplace 0 0 $0 0 $0 0 $0 Patio/Balcony 0 X -$5 X -$5 X -$5 Appliances Refrigerator X X $0 X $0 X $0 Stove/Oven X X $0 X $0 X $0 Dishwasher X X $0 X $0 X $0 Garbage Disposal X X $0 X $0 X $0 Microwave 0 0 $0 X -$5 0 $0 Washer/Dryer 0 0 $0 0 $0 X -$25 Washer/Dryer Hook-ups 0 0 $0 0 $0 0 $0 Parking/Transportation Surface Parking X X $0 X $0 X $0 Carport 0 0 $0 0 $0 0 $0 Underground Parking 0 0 $0 0 $0 0 $0 Detached Garage 0 0 $0 0 $0 X -$15 Attached Garage 0 0 $0 0 $0 0 $0 Tuck-under Garage 0 0 $0 0 $0 0 $0 Parking Garage 0 X -$15 0 $0 0 $0 Project Amenities Clubhouse/Community Room X 0 $5 X $0 0 $5 Swimming Pool 0 X -$5 0 $0 0 $0 Spa/Jacuzzi 0 0 $0 0 $0 0 $0 Exercise Room X 0 $5 X $0 0 $5 Picnic Area 0 0 $0 X -$5 0 $0 Tot Lot/Playground 0 0 $0 0 $0 0 $0 Tennis Court 0 0 $0 0 $0 0 $0 Basketball Court 0 X -$5 0 $0 0 $0 Volleyball Court 0 0 $0 0 $0 0 $0 On Site Manager X X $0 X $0 X $0 Laundry Room X X $0 X $0 0 $5 Computer Room X 0 $10 0 $10 0 $10 Business Center 0 0 $0 X -$5 0 $0 Car Wash Area 0 0 $0 0 $0 0 $0 Security Gated 0 0 $0 0 $0 0 $0 Courtesy Patrol 0 0 $0 X -$5 0 $0 Surveillance Camera 0 0 $0 X -$5 0 $0 Adjusted Rent $701 $1,058 $1,182 $930 $1,056 -33.63% Aggregate Adjusted Rent $2,116 $14,184 $11,160 $27,460 Adjusted Value Ratio ($/SF) $1.17 $2.49 $3.38 $1.55 $2.24 -47.88% *Adjusted Rent/Base Rent 132% 131% 103% *Comps that exceed 10% (110%) above the adjusted rent/base rent must be thorougly justified and explained. The adjusted rents are over 10 percent higher than the current rents for two of the comparables because of the adjustment made for bedroom type and square footage. The comparables were between 175 and 250 square feet smaller. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐10 August 2013 TABLE 5-9 RENT COMPARABILITY MATRIX – MARKET RATE TWO-BEDROOM / ONE BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS ALPINE APTS. COMP #4 SAWMILL HEIGHTS COMP #10 ASPENS OF TRUCKEE COMP #9 Date of Market Study: CHURCH STREET 10280 JEFFREY PINE RD 7646 HIGHLANDS VIEW ROAD 10130 DONNER TRAIL ROAD 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: Phone 530.582.8366 530.562.2501 530.582.8987 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Analysis Using Highest Rents for Subject Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L M M M Distance in Miles from Subject 1.00 4.90 1.70 Number of Units 12 48 16 76 Vacancy Rate 4% 1% 7% Waiting List ("Y"es or "N"o) Y Y Y Turnover Rate 11% 70% 29% Unit Size in SF 850 900 556 1200 745.89474 Aggregate Size in SF 10800 26688 19200 56,688 Base Rent $831 $1,000 $1,175 $1,150 $1,142 -27.24% Aggregate Rent $12,000 $56,400 $18,400 $86,800 Value Ratio ($/SF) $0.98 $1.11 $2.11 $0.96 $1.53 -36.15% # of stories 4 2 3 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 2 2 2 2 # of Bathrooms 1 1 $0 1 $0 1 $0 Unit Size Adjustment 850 -50 -$49 294 $287 -350 -$342 Rent Concessions Age (built or last renovated) 2016 1972 $44 2006 $10 1996 $20 $1,996 Utilities Paid by Tenant Electricity X X $0 0 -$10 X $0 Heat ("G"as or "E"lectric) G G $0 0 -$10 G $0 Hot Water (G or E) G G $0 0 -$10 E $0 Cooking (G or E) G G $0 0 -$10 E $0 TV ("C"able or "S"atellite) C C $0 C $0 C $0 Water 0 0 $0 0 $0 0 $0 Sewer 0 0 $0 0 $0 0 $0 Trash 0 0 $0 0 $0 0 $0 Unit Amenities Central Heat/Cool X 0 $25 0 $25 0 $25 Blinds X X $0 X $0 X $0 Carpet X X $0 X $0 X $0 Ceiling Fan X X $0 0 $5 0 $5 Skylight 0 0 $0 0 $0 0 $0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐11 August 2013 Storage Closet X X $0 0 $5 X $0 Coat Closet X X $0 0 $5 X $0 Walk-In Closet 0 X -$5 0 $0 0 $0 Fireplace 0 0 $0 0 $0 0 $0 Patio/Balcony 0 X -$5 X -$5 X -$5 Appliances Refrigerator X X $0 X $0 X $0 Stove/Oven X X $0 X $0 X $0 Dishwasher X X $0 X $0 X $0 Garbage Disposal X X $0 X $0 X $0 Microwave 0 0 $0 X -$5 0 $0 Washer/Dryer 0 0 $0 0 $0 X -$25 Washer/Dryer Hook-ups 0 0 $0 0 $0 0 $0 Parking/Transportation Surface Parking X X $0 X $0 X $0 Carport 0 0 $0 0 $0 0 $0 Underground Parking 0 0 $0 0 $0 0 $0 Detached Garage 0 0 $0 0 $0 X -$15 Attached Garage 0 0 $0 0 $0 0 $0 Tuck-under Garage 0 0 $0 0 $0 0 $0 Parking Garage 0 X -$15 0 $0 0 $0 Project Amenities Clubhouse/Community Room X 0 $5 X $0 0 $5 Swimming Pool 0 X -$5 0 $0 0 $0 Spa/Jacuzzi 0 0 $0 0 $0 0 $0 Exercise Room X 0 $5 X $0 0 $5 Picnic Area 0 0 $0 X -$5 0 $0 Tot Lot/Playground 0 0 $0 0 $0 0 $0 Tennis Court 0 0 $0 0 $0 0 $0 Basketball Court 0 X -$5 0 $0 0 $0 Volleyball Court 0 0 $0 0 $0 0 $0 On Site Manager X X $0 X $0 X $0 Laundry Room X X $0 X $0 0 $5 Computer Room X 0 $10 0 $10 0 $10 Business Center 0 0 $0 X -$5 0 $0 Car Wash Area 0 0 $0 0 $0 0 $0 Security Gated 0 0 $0 0 $0 0 $0 Courtesy Patrol 0 0 $0 X -$5 0 $0 Surveillance Camera 0 0 $0 X -$5 0 $0 Adjusted Rent $831 $1,005 $1,452 $838 $1,252 -33.63% Aggregate Adjusted Rent $12,060 $69,696 $13,408 $95,164 Adjusted Value Ratio ($/SF) $0.98 $1.12 $2.61 $0.70 $1.68 -41.76% *Adjusted Rent/Base Rent 101% 124% 73% *Comps that exceed 10% (110%) above the adjusted rent/base rent must be thorougly justified and explained. The adjusted rents are over 10 percent higher than the current rents for one of the comparables because of the adjustment made for bedroom type and square footage. The comparable was 294 square feet smaller. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐12 August 2013 TABLE 5-10 RENT COMPARABILITY MATRIX – MARKET RATE THREE-BEDROOM/TWO BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS TOWNHOME #1 COMP #6 SAWMILL HEIGHTS COMP #10 BOULDERS CONDOS COMP #8 Date of Market Study: CHURCH STREET 10895 RIVERVIEW DRIVE 7646 HIGHLANDS VIEW ROAD 10620 BOULDERS ROAD 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: Phone 530.550.5022 530.562.2501 530.582.8987 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Analysis Using Highest Rents for Subject Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L M M M Distance in Miles from Subject 1.02 4.90 1.60 Number of Units 1 6 1 8 Vacancy Rate 100% 1% 100% Waiting List ("Y"es or "N"o) N Y N Turnover Rate 0% 70% 0% Unit Size in SF 1100 2275 969 1337 1178.25 Aggregate Size in SF 2275 5814 1337 9,426 Base Rent $952 $1,850 $1,375 $1,900 $1,500 -36.53% Aggregate Rent $1,850 $8,250 $1,900 $12,000 Value Ratio ($/SF) $0.87 $0.81 $1.42 $1.42 $1.27 -32.02% # of stories 4 2 3 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 3 3 3 3 # of Bathrooms 2 2 $0 2 $0 2 $0 Unit Size Adjustment 1100 -1175 -$1,017 131 $113 -237 -$205 Rent Concessions Age (built or last renovated) 2016 2005 $11 2006 $10 2003 $13 $2,003 Utilities Paid by Tenant Electricity X X $0 0 -$10 X $0 Heat ("G"as or "E"lectric) G G $0 0 -$10 G $0 Hot Water (G or E) G G $0 0 -$10 E $0 Cooking (G or E) G G $0 0 -$10 E $0 TV ("C"able or "S"atellite) C C $0 C $0 C $0 Water 0 X $10 0 $0 X $10 Sewer 0 X $10 0 $0 X $10 Trash 0 X $10 0 $0 X $10 Unit Amenities Central Heat/Cool X 0 $25 0 $25 0 $25 Blinds X X $0 X $0 X $0 Carpet X X $0 X $0 X $0 Ceiling Fan X 0 $5 0 $5 X $0 Skylight 0 0 $0 0 $0 0 $0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐13 August 2013 Storage Closet X X $0 0 $5 X $0 Coat Closet X X $0 0 $5 0 $5 Walk-In Closet 0 0 $0 0 $0 0 $0 Fireplace 0 X -$5 0 $0 0 $0 Patio/Balcony 0 0 $0 X -$5 X -$5 Appliances Refrigerator X X $0 X $0 X $0 Stove/Oven X X $0 X $0 X $0 Dishwasher X X $0 X $0 X $0 Garbage Disposal X X $0 X $0 X $0 Microwave 0 X -$5 X -$5 0 $0 Washer/Dryer 0 0 $0 0 $0 0 $0 Washer/Dryer Hook-ups 0 0 $0 0 $0 0 $0 Parking/Transportation Surface Parking X X $0 X $0 X $0 Carport 0 0 $0 0 $0 0 $0 Underground Parking 0 0 $0 0 $0 0 $0 Detached Garage 0 0 $0 0 $0 0 $0 Attached Garage 0 X -$25 0 $0 X -$25 Tuck-under Garage 0 0 $0 0 $0 0 $0 Parking Garage 0 0 $0 0 $0 0 $0 Project Amenities Clubhouse/Community Room X 0 $5 X $0 0 $5 Swimming Pool 0 0 $0 0 $0 0 $0 Spa/Jacuzzi 0 0 $0 0 $0 0 $0 Exercise Room X 0 $5 X $0 0 $5 Picnic Area 0 0 $0 X -$5 0 $0 Tot Lot/Playground 0 0 $0 0 $0 0 $0 Tennis Court 0 0 $0 0 $0 0 $0 Basketball Court 0 0 $0 0 $0 0 $0 Volleyball Court 0 0 $0 0 $0 0 $0 On Site Manager X 0 $5 X $0 0 $5 Laundry Room X 0 $5 X $0 0 $5 Computer Room X 0 $10 0 $10 0 $10 Business Center 0 0 $0 X -$5 0 $0 Car Wash Area 0 0 $0 0 $0 0 $0 Security Gated 0 0 $0 0 $0 0 $0 Courtesy Patrol 0 0 $0 X -$5 0 $0 Surveillance Camera 0 0 $0 X -$5 0 $0 Adjusted Rent $952 $899 $1,478 $1,768 $1,442 -33.97% Aggregate Adjusted Rent $899 $8,868 $1,768 $11,535 Adjusted Value Ratio ($/SF) $0.87 $0.40 $1.53 $1.32 $1.22 -29.28% *Adjusted Rent/Base Rent 49% 107% 93% *Comps that exceed 10% (110%) above the adjusted rent/base rent must be thorougly justified and explained. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐14 August 2013 TABLE 5-11 RENT COMPARABILITY MATRIX – AFFORDABLE ONE-BEDROOM / ONE BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS TRUCKEE PINES APTS. COMP #1 Date of Market Study: CHURCH STREET 10100 ESTATES DR. 8/6/2013 TRUCKEE TRUCKEE Prepared By: N/A 530.582.555 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Characteristic Char Adj Averages Differential ("M"arket, "L"ow Income) L L Distance in Miles from Subject 0.70 Number of Units 8 8 Vacancy Rate 2% Waiting List ("Y"es or "N"o) Y Turnover Rate 5% Unit Size in SF 550 650 650 Aggregate Size in SF 5200 5200 Base Rent $674 $759 $759 -11.20% Aggregate Rent $6,072 $6,072 Value Ratio ($/SF) $1.23 $1.17 $1.17 4.95% # of stories 4 2 Elevator ("Y"es or "N"o) N N # of Bedrooms 1 1 # of Bathrooms 1 1 Unit Size Adjustment 550 650 Rent Concessions Age (built or last renovated) 2016 1996 Utilities Paid by Tenant Electricity X X Heat ("G"as or "E"lectric) G E Hot Water (G or E) G E Cooking (G or E) G E TV ("C"able or "S"atellite) C C Water 0 0 Sewer 0 0 Trash 0 0 Unit Amenities Central Heat/Cool X X Blinds X X Carpet X X Ceiling Fan X 0 Skylight 0 0 Storage Closet X X Coat Closet X X Walk-In Closet 0 0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐15 August 2013 Fireplace 0 0 Patio/Balcony 0 X Appliances Refrigerator X X Stove/Oven X X Dishwasher X X Garbage Disposal X X Microwave 0 0 Washer/Dryer 0 0 Washer/Dryer Hook-ups 0 0 Parking/Transportation Surface Parking X X Carport 0 0 Underground Parking 0 0 Detached Garage 0 0 Attached Garage 0 0 Tuck-under Garage 0 0 Parking Garage 0 0 Project Amenities Clubhouse/Community Room X X Swimming Pool 0 0 Spa/Jacuzzi 0 0 Exercise Room X 0 Picnic Area 0 X Tot Lot/Playground 0 X Tennis Court 0 0 Basketball Court 0 X Volleyball Court 0 0 On Site Manager X X Laundry Room X X Computer Room X 0 Business Center 0 X Car Wash Area 0 0 Security Gated 0 0 Courtesy Patrol 0 0 Surveillance Camera 0 0 Adjusted Rent $674 $759 $759 -11.20% Aggregate Adjusted Rent $6,072 $6,072 Adjusted Value Ratio ($/SF) $1.23 $1.17 $1.17 4.95% Adjusted Rent/Base Rent 100% Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐16 August 2013 TABLE 5-12 RENT COMPARABILITY MATRIX – AFFORDABLE TWO-BEDROOM / ONE BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS TRUCKEE PINES APTS. COMP #1 HENNESS FLATS COMP #3 FRISHMAN HOLLOW COMP #5 Date of Market Study: CHURCH STREET 10100 ESTATES DR. 11907 WATERS WAY 11008 RUE IVY 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: N/A 530.582.555 530.587.6225 530.587.6225 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L L L L Distance in Miles from Subject 0.70 0.90 1.01 Number of Units 52 36 16 104 Vacancy Rate 2% 0% 0% Waiting List ("Y"es or "N"o) Y Y Y Turnover Rate 5% 19% 6% Unit Size in SF 850 848 1011 1000 927.80769 Aggregate Size in SF 44096 36396 16000 96492 Base Rent $831 $906 $906 $660 $868 -4.28% Aggregate Rent $47,112 $32,616 $10,560 $90,288 Value Ratio ($/SF) $0.98 $1.07 $0.90 $0.66 $0.94 4.48% # of stories 4 2 2 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 2 2 2 2 # of Bathrooms 1 1 1 1 Unit Size Adjustment 850 848 1011 1000 Rent Concessions Age (built or last renovated) 2016 1996 2007 2008 Utilities Paid by Tenant Electricity X X X X Heat ("G"as or "E"lectric) G E G G Hot Water (G or E) G E E E Cooking (G or E) G E E E TV ("C"able or "S"atellite) C C C C Water 0 0 0 0 Sewer 0 0 0 0 Trash 0 0 0 0 Unit Amenities Central Heat/Cool X X X X Blinds X X X X Carpet X X X X Ceiling Fan X 0 0 0 Skylight 0 0 0 0 Storage Closet X X X X Coat Closet X X 0 0 Walk-In Closet 0 0 0 0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐17 August 2013 Fireplace 0 0 0 0 Patio/Balcony 0 X X X Appliances Refrigerator X X X X Stove/Oven X X X X Dishwasher X X X X Garbage Disposal X X X X Microwave 0 0 X X Washer/Dryer 0 0 0 0 Washer/Dryer Hook-ups 0 0 X X Parking/Transportation Surface Parking X X X X Carport 0 0 0 0 Underground Parking 0 0 0 0 Detached Garage 0 0 0 0 Attached Garage 0 0 0 0 Tuck-under Garage 0 0 0 0 Parking Garage 0 0 0 0 Project Amenities Clubhouse/Community Room X X X X Swimming Pool 0 0 0 0 Spa/Jacuzzi 0 0 0 0 Exercise Room X 0 0 0 Picnic Area 0 X 0 0 Tot Lot/Playground 0 X X X Tennis Court 0 0 0 0 Basketball Court 0 X 0 0 Volleyball Court 0 0 0 0 On Site Manager X X X X Laundry Room X X X X Computer Room X 0 0 0 Business Center 0 X X 0 Car Wash Area 0 0 0 0 Security Gated 0 0 0 0 Courtesy Patrol 0 0 0 0 Surveillance Camera 0 0 0 0 Adjusted Rent $831 $906 $906 $660 $868 -4.28% Aggregate Adjusted Rent $47,112 $32,616 $10,560 $90,288 Adjusted Value Ratio ($/SF) $0.98 $1.07 $0.90 $0.66 $0.94 4.48% Adjusted Rent/Base Rent 100% 100% 100% Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐18 August 2013 TABLE 5-13 RENT COMPARABILITY MATRIX – AFFORDABLE THREE-BEDROOM / TWO BATH UNITS Enter Data in Blue or Blank Fields TRUCKEE ARTIST LOFTS TRUCKEE PINES APTS. COMP #1 HENNESS FLATS COMP #3 FRISHMAN HOLLOW COMP #5 Date of Market Study: CHURCH STREET 10100 ESTATES DR. 11907 WATERS WAY 11008 RUE IVY 8/6/2013 TRUCKEE TRUCKEE TRUCKEE TRUCKEE Prepared By: N/A 530.582.555 530.587.6225 530.587.6225 LAURIN ASSOCIATES Use Subject's Highest Rent Totals & Weighted Characteristic Char Adj Char Adj Char Adj Averages Differential ("M"arket, "L"ow Income) L L L L Distance in Miles from Subject 0.70 0.90 1.01 Number of Units 32 56 16 104 Vacancy Rate 2% 0% 0% Waiting List ("Y"es or "N"o) Y Y Y Turnover Rate 5% 19% 6% Unit Size in SF 1100 1049 1199 1200 1153 Aggregate Size in SF 33568 67144 19200 119912 Base Rent $952 $1,043 $1,043 $758 $999 -4.72% Aggregate Rent $33,376 $58,408 $12,128 $103,912 Value Ratio ($/SF) $0.87 $0.99 $0.87 $0.63 $0.87 -0.13% # of stories 4 2 2 2 Elevator ("Y"es or "N"o) N N N N # of Bedrooms 3 3 3 3 # of Bathrooms 2 2 2 2 Unit Size Adjustment 1100 1049 1199 1200 Rent Concessions Age (built or last renovated) 2016 1996 2007 2008 Utilities Paid by Tenant Electricity X X X X Heat ("G"as or "E"lectric) G E G G Hot Water (G or E) G E E E Cooking (G or E) G E E E TV ("C"able or "S"atellite) C C C C Water 0 0 0 0 Sewer 0 0 0 0 Trash 0 0 0 0 Unit Amenities Central Heat/Cool X X X X Blinds X X X X Carpet X X X X Ceiling Fan X 0 0 0 Skylight 0 0 0 0 Storage Closet X X X X Coat Closet X X 0 0 Walk-In Closet 0 0 0 0 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐19 August 2013 Fireplace 0 0 0 0 Patio/Balcony 0 X X X Appliances Refrigerator X X X X Stove/Oven X X X X Dishwasher X X X X Garbage Disposal X X X X Microwave 0 0 X X Washer/Dryer 0 0 0 0 Washer/Dryer Hook-ups 0 0 X X Parking/Transportation Surface Parking X X X X Carport 0 0 0 0 Underground Parking 0 0 0 0 Detached Garage 0 0 0 0 Attached Garage 0 0 0 0 Tuck-under Garage 0 0 0 0 Parking Garage 0 0 0 0 Project Amenities Clubhouse/Community Room X X X X Swimming Pool 0 0 0 0 Spa/Jacuzzi 0 0 0 0 Exercise Room X 0 0 0 Picnic Area 0 X 0 0 Tot Lot/Playground 0 X X X Tennis Court 0 0 0 0 Basketball Court 0 X 0 0 Volleyball Court 0 0 0 0 On Site Manager X X X X Laundry Room X X X X Computer Room X 0 0 0 Business Center 0 X X 0 Car Wash Area 0 0 0 0 Security Gated 0 0 0 0 Courtesy Patrol 0 0 0 0 Surveillance Camera 0 0 0 0 Adjusted Rent $952 $1,043 $1,043 $758 $999 -4.72% Aggregate Adjusted Rent $33,376 $58,408 $12,128 $103,912 Adjusted Value Ratio ($/SF) $0.87 $0.99 $0.87 $0.63 $0.87 -0.13% Adjusted Rent/Base Rent 100% 100% 100% Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐20 August 2013 TURNOVER According to the Laurin Associates August 2013 multifamily survey, the average turnover rate was 25.0 percent. PENDING OR PROPOSED PROJECTS According to the Planning Department, there are no other affordable projects currently being planned or proposed in the Town. Given the demand for the proposed project and the presence of low vacancies at affordable complexes, the proposed complex will have a positive impact on the Market Area. SURVEY OF MULTIFAMILY UNITS The following pages contain photographs and descriptions of multifamily units located in the Truckee Market Area. Every attempt was made to find comparable units within one‐mile of the subject property. See Exhibit 5‐2. TABLE 5-14 LOCATION OF SURVEYED COMPLEXES UNITS WITHIN A ONE-MILE RADIUS BEDROOM TYPE MARKET RESTRICTED TOTAL Studio 0 0 0 1BR 4 8 12 2BR 24 88 112 3BR 0 106 106 4BR 0 33 33 5BR 0 0 0 TOTAL 28 235 263 Source: Laurin Associates, August 2013 UNITS WITHIN A TWO-MILE RADIUS BEDROOM TYPE MARKET RESTRICTED TOTAL Studio 0 0 0 1BR 12 0 12 2BR 16 24 40 3BR 2 72 74 4BR 0 8 8 5BR 0 0 0 TOTAL 30 104 134 Source: Laurin Associates, August 2013 Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐21 August 2013 UNITS BEYOND A TWO-MILE RADIUS BEDROOM TYPE MARKET RESTRICTED TOTAL Studio 12 0 12 1BR 48 0 48 2BR 6 0 6 3BR 30 0 30 4BR 0 0 0 5BR 0 0 0 TOTAL 96 0 96 Source: Laurin Associates, August 2013 Complexes located within one‐mile of the subject: o LIHTC ~ Truckee Pines Apts., 10100 Estates Drive, Truckee. o LIHTC ~ Truckee Riverview Homes, 11230 Village Way, Truckee. o LIHTC ~ Henness Flats, 11907 Waters Way, Truckee. o Market Rate ~ Alpine Apartments, 10280 Jeffrey Pine Road, Truckee. Existing Affordable Complexes, with Wait List Detail: Project Name Tenant Type Wait List Truckee Pines Apts. – LIHTC General 1 year Truckee Riverview Homes – LIHTC General 60 apps General 1 year Frishman Hollow – LIHTC General 1‐2 years Sierra Village Apt. Homes – LIHTC General 6 mos. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐22 August 2013 SUBJECT PROPERTY (See Location on Exhibit 5-1) GENERAL – LIHTC NAME Truckee Artist Lofts DATE August 2, 2013 ADDRESS Church Street TOTAL UNITS 81 CITY Truckee CONDITION New Construction BLDG STYLE 4 Story YEAR BUILT 2016 BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 30% 40% 50% 60% MKT Studio 15 $312 $433 $553 $674 550 $0.57‐$1.23 NEW CONSTRUCTION 1BR – 1BA 32 $313 $442 $571 $701 $1,000 600 $0.52‐$1.17 2BR ‐ 1BA 13 $365 $521 $676 $831 $1,500 850 $0.43‐$0.98 3BR ‐ 2BA 20 $413 $593 $772 $952 1,100 $0.38‐$0.87 1BR – 1BA 1 MGR 550 N/A UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat X Refrigerator X Community Rm. X On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. X Cooking (G) X Ceiling Fan X Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer Playground Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet Parking: SURFACE UNCOVERED X Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony Elevator Remarks: Rents are net rents. Utility allowance: Studio ‐ $50, 1BR ‐ $75, 2BR ‐ $100, and 3BR ‐ $125. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐23 August 2013 RENT COMP. NO. 1 (See Location on Exhibit 5-1) General –LIHTC NAME Truckee Pines Apts DATE August 2, 2013 ADDRESS 10100 Estates Drive TOTAL UNITS 104 CITY Truckee CONDITION Good MANAGER Mary YEAR BUILT 1996 year in service TELEPHONE 530‐582‐5555 BLDG. STYLE 2 story Distance From Site: 0.69 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR 1BA 8 $759 650 $1.17 0 2BR 2BA 52 $906 848 $1.07 0 3BR 2BA 32 $1,043 1,049 $0.99 2 4BR 2 BA 12 $1,154 1,308 $0.88 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat X Refrigerator X Community Rm. X On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (E) X Carpet X Dishwasher X Spa Computer Rm. Cooking (E) X Ceiling Fan Garbage Disposal X Gym Business Cntr x TV (C/S) x Skylight Microwave Picnic Area X Car Wash Area Water Storage Closet X Washer/Dryer Playground X Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet Parking: Surface uncovered x Basketball x Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony X Elevator Remarks: waitlist: 1 year; turnover: 5/year Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐24 August 2013 RENT COMP. NO. 2 (See Location on Exhibit 5-1) General –LIHTC NAME Truckee Riverview Homes DATE August 2, 2013 ADDRESS 11230 Village Way TOTAL UNITS 38 CITY Truckee CONDITION good MANAGER Jane YEAR BUILT 2000 TELEPHONE 530‐582‐4196 BLDG. STYLE 1 and 2 story homes Distance From Site: 0.8 miles 30%‐60% AMI BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 3BR 2BA Home 18 $550‐$1070 1,200 $0.46‐$0.89 0 4BR 2 BA Home 16 $550‐$1070 1,337 $0.41‐$0.80 0 4BR 2BA Home 5 $550‐$1070 1,525 $0.36‐$0.70 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat X Refrigerator X Community Rm. X On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. Heat (G) X Carpet X Dishwasher X Spa Computer Rm. X Cooking (G) X Ceiling Fan X Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer X Playground X Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet X Parking: ATTACHED 2 CAR GARAGE X Basketball X Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony X Elevator Remarks: WAITLIST: 60 people; TURNOVER: no info available, haven’t had anyone leave in over a year. Rent prices vary depending upon tenant income group Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐25 August 2013 RENT COMP. NO. 3 (See Location on Exhibit 5-1) General –LIHTC NAME Henness Flats DATE August 2, 2013 ADDRESS 11907‐11956 Waters Way TOTAL UNITS 92 CITY Truckee CONDITION good MANAGER Jackie Herrera YEAR BUILT 2007 TELEPHONE 530‐587‐6225 BLDG. STYLE 2 story Distance From Site: 0.98 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 2BR 1BA 36 $495‐$906 1,011 $0.49‐$0.87 0 3BR 2BA 56 $568‐$1,043 1,199 $0.47‐$0.87 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Heat X Refrigerator X Community Rm. X On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (E) X Ceiling Fan Garbage Disposal X Gym Business Cntr X TV (C/S) X Skylight Microwave X Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer Playground X Sewer Coat Closet W/D Hook‐ups X Tennis Ct. Gated Trash Walk‐In Closet Parking: Surface, X Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony X Elevator Remarks: WAITLIST: low‐income: 1 year, affordable: 2‐3 months; TURNOVER: 16‐18/year Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐26 August 2013 RENT COMP. NO. 4 (See Location on Exhibit 5-1) General –Market Rate NAME Alpine Apartments DATE August 2, 2013 ADDRESS 10280 Jeffery Pine Road TOTAL UNITS 28 CITY Truckee CONDITION good MANAGER John YEAR BUILT 1972 TELEPHONE 530‐582‐8366 BLDG. STYLE 4 buildings, 2 stories Distance From Site: 1.0 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT Studio 4 $800‐$850 425 $1.88‐$2.00 0 2BR 1BA 24 $1,000‐$1,200 900 $1.11‐$1.33 1 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. On‐Site Mgr. x Electricity X Blinds X Stove/Oven X Pool X Laundry Rm. x Heat (G or E) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G/E) X Ceiling Fan X Garbage Disposal X Gym Business Cntr TV (C/S) x Skylight Microwave Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer Playground Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet X Parking: Surface, Parking Garage, x Basketball x Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony x Elevator Remarks: All utilities included in Studios only, 2BR pays Gas and Electric. Waitlist: 9 people; Turnover: 3/year. Tenants may choose between gas and electric heat Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐27 August 2013 NEIGHBORHOOD PHOTOGRAPHS Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐28 August 2013 RENT COMP. NO. 5 (See Location on Exhibit 5-1) General –LIHTC NAME Frishman Hollow DATE August 2, 2013 ADDRESS 11008‐11188 Rue Ivy TOTAL UNITS 32 CITY Truckee CONDITION good MANAGER Jackie Herrera YEAR BUILT 2008 TELEPHONE 530‐587‐6225 BLDG. STYLE 2 story Distance From Site: 1.01 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 2BR 1 BA 16 $495‐$660 1,000 $0.50‐$0.66 0 3BR 2BA 16 $568‐$758 1,200 $0.47‐$0.63 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Heat X Refrigerator X Community Rm. X On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (E) X Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave X Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer Playground X Sewer Coat Closet W/D Hook‐ups X Tennis Ct. Gated Trash Walk‐In Closet Parking: SURFACE X Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony X Elevator Remarks: WAITLIST: 1‐2 YEARS; TURNOVER: 1‐2/YEAR Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐29 August 2013 RENT COMP. NO. 6 (See Location on Exhibit 5-1) General –Market Rate NAME Townhome #1 DATE 8/6/2013 ADDRESS 10895 Riverview Dr # A TOTAL UNITS 1 CITY Truckee, CA CONDITION good MANAGER Corky Leslie YEAR BUILT 2005 TELEPHONE 530‐550‐5022 BLDG. STYLE 2 story Distance From Site: 1.02 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 3BR 2.5BA Townhome 1 $1,850 2,275 $0.81 1 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. On‐Site Mgr. Electricity X Blinds X Stove/Oven X Pool Laundry Rm. Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave x Picnic Area Car Wash Area Water X Storage Closet X Washer/Dryer Playground Sewer X Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash x Walk‐In Closet Parking: 2 car garage attached Basketball Courtesy Patrol Fireplace x Volleyball Security Camera Patio/Balcony Elevator Remarks: no waitlist info. No turnover info. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐30 August 2013 NEIGHBORHOOD PHOTOGRAPHS Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐31 August 2013 RENT COMP. NO. 7 (See Location on Exhibit 5-1) General –LIHTC NAME Sierra Village Apartment Homes DATE August 2, 2013 ADDRESS 10081 Martis Valley Road TOTAL UNITS 72 (56 low‐income) CITY Truckee CONDITION good MANAGER Monique White YEAR BUILT 2010 TELEPHONE 530‐550‐1780 BLDG. STYLE 2 story Distance From Site: 1.16 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 2BR 2BA 8 $1,100 1,139 $0.97 0 3BR 2BA 56 $1,300 1,324 $0.98 0 4BR 2BA 8 $1,500 1,537 $0.98 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat X Refrigerator X Community Rm. x On‐Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. x Cooking (E) X Ceiling Fan X Garbage Disposal X Gym Business Cntr TV (C/S) x Skylight Microwave Picnic Area Car Wash Area Water Storage Closet Washer/Dryer Playground x Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet X Parking: surface uncovered x Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony x Elevator Remarks: waitlist: 6months; turnover: 8‐10/year Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐32 August 2013 RENT COMP. NO. 8 (See Location on Exhibit 5-1) General –Market Rate NAME The Boulders Condos DATE 8/6/2013 ADDRESS 10620 Boulders Rd #6 TOTAL UNITS CITY Truckee CONDITION Good MANAGER Sally Gardner YEAR BUILT 2003 TELEPHONE (530)587‐7098 BLDG. STYLE home Distance From Site: 1.58 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 3BR 2BA Townhome 1 $1,900 1,337 $1.42 1 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. On‐Site Mgr. Electricity X Blinds X Stove/Oven X Pool Laundry Rm. Heat (G/E) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G/E) X Ceiling Fan X Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave x Picnic Area Car Wash Area Water X Storage Closet X Washer/Dryer Playground Sewer X Coat Closet W/D Hook‐ups Tennis Ct. Gated Trash x Walk‐In Closet Parking: SURFACE UNCOVERED Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony x Elevator Remarks: Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐33 August 2013 RENT COMP. NO. 9 (See Location on Exhibit 5-1) General –Market Rate NAME Aspens of Truckee DATE August 2, 2013 ADDRESS 10130 Donner Trail Road TOTAL UNITS 28 CITY Truckee CONDITION good MANAGER Jeff YEAR BUILT 1996 TELEPHONE 530‐582‐8987 BLDG. STYLE 2,2 story buildings Distance From Site: 1.73 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR 1BA 12 $900 600 $1.50 0 2BR 2BA 16 $1,150 1200 $0.96 2 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. On‐Site Mgr. x Electricity X Blinds X Stove/Oven X Pool Laundry Rm. Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (E) X Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water Storage Closet X Washer/Dryer x Playground Sewer Coat Closet X W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet Parking: detached garage x Basketball Courtesy Patrol Fireplace Volleyball Security Camera Patio/Balcony x Elevator Remarks: detached parking garage for $50/month. Waitlist: 10 days; turnover: 5‐8/year. Provide hydronic floor heating. Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐34 August 2013 NEIGHBORHOOD PHOTOGRAPHS (COMPS #8, 9, and 10) Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐35 August 2013 RENT COMP. NO. 10 (See Location on Exhibit 5-1) General –Market Rate NAME Sawmill Heights DATE August 2, 2013 ADDRESS 7646 Highlands View Rd TOTAL UNITS 96 CITY Truckee CONDITION Good MANAGER Amy YEAR BUILT 2006 TELEPHONE 530‐562‐2501 BLDG. STYLE 3 story Distance From Site: 4.96 miles BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT Studio 12 $900 350 $2.57 0 2BR 1BA 48 $1,175 556 $2.11 1 3BR 2BA 6 $1,375 969 $1.42 0 4BR 2BA 30 $1,450 969 $1.50 0 UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. X On‐Site Mgr. x Electricity Blinds X Stove/Oven X Pool Laundry Rm. x Heat (G) Carpet X Dishwasher X Spa Computer Rm. Cooking (E) Ceiling Fan Garbage Disposal X Gym X Business Cntr x TV (C/S) Skylight Microwave x Picnic Area x Car Wash Area Water Storage Closet Washer/Dryer Playground Sewer Coat Closet W/D Hook‐ups Tennis Ct. Gated Trash Walk‐In Closet Parking: SURFACE UNCOVERED x Basketball Courtesy Patrol x Fireplace Volleyball Security Camera x Patio/Balcony x Elevator Remarks: Waitlist: 4 people; turnover: 60%‐70% annually. All utilities and cable Included Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐36 August 2013 EXHIBIT 5-1 – LOCATION OF SURVEYED UNITS Comparable # Comparable Name Address City Distance from Site 1 Truckee Pines Apts. 10100 Estates Drive Truckee 0.69 miles 2 Truckee Riverview Homes 11230 Village Way Truckee 0.8 miles 3 Henness Flats 11907 Waters Way Truckee 0.98 miles 4 Alpine Apts. 10280 Jeffrey Pine Rd. Truckee 1.00 miles 5 Frishman Hollow 11008 Rue Ive Truckee 1.01 miles 6 Townhome #1 10895 Riverview Drive Truckee 1.02 miles 7 Sierra Village Apt. Homes 10081 Martis Valley Road Truckee 1.16 miles 8 The Boulder Condos 10620 Boulders Road Truckee 1.58 miles 9 Aspens of Truckee 10130 Donner Trail Road Truckee 1.73 miles 10 Sawmill Heights 7646 Highlands View Road Truckee 4.96 miles Truckee Artist Lofts Truckee Market Area Multifamily Housing Page 5‐37 August 2013 EXHIBIT 5-2 – LOCATION OF SURVEYED UNITS WITHIN A ONE,TWO, AND THREE MILE RADIUS Comparable # Comparable Name Address City Distance from Site 1 Truckee Pines Apts. 10100 Estates Drive Truckee 0.69 miles 2 Truckee Riverview Homes 11230 Village Way Truckee 0.8 miles 3 Henness Flats 11907 Waters Way Truckee 0.98 miles 4 Alpine Apts. 10280 Jeffrey Pine Rd. Truckee 1.00 miles 5 Frishman Hollow 11008 Rue Ive Truckee 1.01 miles 6 Townhome #1 10895 Riverview Drive Truckee 1.02 miles 7 Sierra Village Apt. Homes 10081 Martis Valley Road Truckee 1.16 miles 8 The Boulder Condos 10620 Boulders Road Truckee 1.58 miles 9 Aspens of Truckee 10130 Donner Trail Road Truckee 1.73 miles 10 Sawmill Heights 7646 Highlands View Road Truckee 4.96 miles WORKS CITED DATA COLLECTION Data were collected from the following sources: 1. 2000 and 2010 U.S. Census 2. Town of Truckee 3. U.S. Bureau of Labor Statistics ‐ Economic Analysis and Information Center 4. U.S. Bureau of Justice Services: Office of Justice Programs 5. 2012 ESRI 6. California Employment Development Department 7. California Department of Finance 8. U.S. Department of Housing and Urban Development 9. California Tax Credit Allocation Committee Census 2010 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place 2000-2010 2000 2010 Annual Rate Population 13,830 16,180 1.58% Households 5,134 6,343 2.14% Housing Units 9,732 12,803 2.78% Population by Race Number Percent Total 16,180 100.0% Population Reporting One Race 15,834 97.9% White 13,992 86.5% Black 60 0.4% American Indian 95 0.6% Asian 241 1.5% Pacific Islander 15 0.1% Some Other Race 1,431 8.8% Population Reporting Two or More Races 346 2.1% Total Hispanic Population 3,016 18.6% Population by Sex Male 8,436 52.1% Female 7,744 47.9% Population by Age Total 16,180 100.0% Age 0 - 4 1,061 6.6% Age 5 - 9 1,097 6.8% Age 10 - 14 992 6.1% Age 15 - 19 917 5.7% Age 20 - 24 841 5.2% Age 25 - 29 1,247 7.7% Age 30 - 34 1,230 7.6% Age 35 - 39 1,279 7.9% Age 40 - 44 1,274 7.9% Age 45 - 49 1,353 8.4% Age 50 - 54 1,455 9.0% Age 55 - 59 1,217 7.5% Age 60 - 64 961 5.9% Age 65 - 69 551 3.4% Age 70 - 74 351 2.2% Age 75 - 79 177 1.1% Age 80 - 84 101 0.6% Age 85+76 0.5% Age 18+12,411 76.7% Age 65+1,256 7.8% Median Age by Sex and Race/Hispanic Origin Total Population 37.8 Male 37.5 Female 38.0 White Alone 39.8 Black Alone 35.6 American Indian Alone 38.0 Asian Alone 40.8 Pacific Islander Alone 30.8 Some Other Race Alone 25.1 Two or More Races 21.7 Hispanic Population 25.6 Data Note: Hispanic population can be of any race. Census 2010 medians are computed from reported data distributions. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri converted Census 2000 data into 2010 geography. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 4 Census 2010 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Households by Type Total 6,343 100.0% Households with 1 Person 1,382 21.8% Households with 2+ People 4,961 78.2% Family Households 4,168 65.7% Husband-wife Families 3,443 54.3% With Own Children 1,567 24.7% Other Family (No Spouse Present)725 11.4% With Own Children 466 7.3% Nonfamily Households 793 12.5% All Households with Children 2,135 33.7% Multigenerational Households 93 1.5% Unmarried Partner Households 545 8.6% Male-female 502 7.9% Same-sex 43 0.7% Average Household Size 2.54 Family Households by Size Total 4,168 100.0% 2 People 1,809 43.4% 3 People 975 23.4% 4 People 899 21.6% 5 People 342 8.2% 6 People 91 2.2% 7+ People 52 1.2% Average Family Size 2.98 Nonfamily Households by Size Total 2,175 100.0% 1 Person 1,382 63.5% 2 People 566 26.0% 3 People 146 6.7% 4 People 56 2.6% 5 People 19 0.9% 6 People 5 0.2% 7+ People 1 0.0% Average Nonfamily Size 1.52 Population by Relationship and Household Type Total 16,180 100.0% In Households 16,137 99.7% In Family Households 12,828 79.3% Householder 4,168 25.8% Spouse 3,443 21.3% Child 4,366 27.0% Other relative 435 2.7% Nonrelative 416 2.6% In Nonfamily Households 3,309 20.5% In Group Quarters 43 0.3% Institutionalized Population 0 0.0% Noninstitutionalized Population 43 0.3% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent-child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Average family size excludes nonrelatives. Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 4 Census 2010 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Family Households by Age of Householder Total 4,168 100.0% Householder Age 15 - 44 1,664 39.9% Householder Age 45 - 54 1,141 27.4% Householder Age 55 - 64 874 21.0% Householder Age 65 - 74 358 8.6% Householder Age 75+131 3.1% Nonfamily Households by Age of Householder Total 2,175 100.0% Householder Age 15 - 44 955 43.9% Householder Age 45 - 54 477 21.9% Householder Age 55 - 64 434 20.0% Householder Age 65 - 74 213 9.8% Householder Age 75+96 4.4% Households by Race of Householder Total 6,343 100.0% Householder is White Alone 5,759 90.8% Householder is Black Alone 19 0.3% Householder is American Indian Alone 34 0.5% Householder is Asian Alone 90 1.4% Householder is Pacific Islander Alone 4 0.1% Householder is Some Other Race Alone 353 5.6% Householder is Two or More Races 84 1.3% Households with Hispanic Householder 782 12.3% Husband-wife Families by Race of Householder Total 3,443 100.0% Householder is White Alone 3,112 90.4% Householder is Black Alone 5 0.1% Householder is American Indian Alone 16 0.5% Householder is Asian Alone 56 1.6% Householder is Pacific Islander Alone 1 0.0% Householder is Some Other Race Alone 212 6.2% Householder is Two or More Races 41 1.2% Husband-wife Families with Hispanic Householder 473 13.7% Other Families (No Spouse) by Race of Householder Total 725 100.0% Householder is White Alone 600 82.8% Householder is Black Alone 0 0.0% Householder is American Indian Alone 4 0.6% Householder is Asian Alone 5 0.7% Householder is Pacific Islander Alone 0 0.0% Householder is Some Other Race Alone 100 13.8% Householder is Two or More Races 16 2.2% Other Families with Hispanic Householder 189 26.1% Nonfamily Households by Race of Householder Total 2,175 100.0% Householder is White Alone 2,047 94.1% Householder is Black Alone 14 0.6% Householder is American Indian Alone 14 0.6% Householder is Asian Alone 29 1.3% Householder is Pacific Islander Alone 3 0.1% Householder is Some Other Race Alone 41 1.9% Householder is Two or More Races 27 1.2% Nonfamily Households with Hispanic Householder 120 5.5% Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 4 Census 2010 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Total Housing Units by Occupancy Total 12,803 100.0% Occupied Housing Units 6,343 49.5% Vacant Housing Units For Rent 175 1.4% Rented, not Occupied 39 0.3% For Sale Only 147 1.1% Sold, not Occupied 16 0.1% For Seasonal/Recreational/Occasional Use 5,989 46.8% For Migrant Workers 3 0.0% Other Vacant 91 0.7% Total Vacancy Rate 50.5% Households by Tenure and Mortgage Status Total 6,343 100.0% Owner Occupied 4,326 68.2% Owned with a Mortgage/Loan 3,478 54.8% Owned Free and Clear 848 13.4% Average Household Size 2.49 Renter Occupied 2,017 31.8% Average Household Size 2.65 Owner-occupied Housing Units by Race of Householder Total 4,326 100.0% Householder is White Alone 4,075 94.2% Householder is Black Alone 8 0.2% Householder is American Indian Alone 19 0.4% Householder is Asian Alone 74 1.7% Householder is Pacific Islander Alone 3 0.1% Householder is Some Other Race Alone 99 2.3% Householder is Two or More Races 48 1.1% Owner-occupied Housing Units with Hispanic Householder 291 6.7% Renter-occupied Housing Units by Race of Householder Total 2,017 100.0% Householder is White Alone 1,684 83.5% Householder is Black Alone 11 0.5% Householder is American Indian Alone 15 0.7% Householder is Asian Alone 16 0.8% Householder is Pacific Islander Alone 1 0.1% Householder is Some Other Race Alone 254 12.6% Householder is Two or More Races 36 1.8% Renter-occupied Housing Units with Hispanic Householder 491 24.3% Average Household Size by Race/Hispanic Origin of Householder Householder is White Alone 2.45 Householder is Black Alone 2.21 Householder is American Indian Alone 2.59 Householder is Asian Alone 2.57 Householder is Pacific Islander Alone 2.25 Householder is Some Other Race Alone 3.98 Householder is Two or More Races 2.87 Householder is Hispanic 3.71 Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 4 of 4 Age 50+ Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place 2012-2017 2012-2017 Demographic Summary Census 2010 2012 2017 Change Annual Rate Total Population 16,180 16,358 16,434 76 0.09% Population 50+4,889 5,150 5,370 220 0.84% Median Age 37.8 38.1 38.2 0.1 0.05% Households 6,343 6,340 6,452 112 0.35% % Householders 55+33.2%34.9%37.5%2.6 1.45% Owner/Renter Ratio 2.1 2.0 2.1 0.1 0.98% Median Home Value -$282,967 $308,213 $25,246 1.72% Average Home Value -$347,235 $373,393 $26,158 1.46% Median Household Income -$66,587 $70,497 $3,911 1.15% Median Household Income for Householder 55+-$62,162 $66,064 $3,902 1.23% Population by Age and Sex Census 2010 2012 2017 Male Population Number % of 50+Number % of 50+Number % of 50+ Total (50+)2,562 100.0%2,702 100.0%2,828 100.0% 50-54 740 28.9%750 27.8%694 24.5% 55-59 640 25.0%677 25.1%699 24.7% 60-64 529 20.6%579 21.4%618 21.9% 65-69 285 11.1%313 11.6%377 13.3% 70-74 187 7.3%201 7.4%244 8.6% 75-79 98 3.8%98 3.6%110 3.9% 80-84 55 2.1%55 2.0%55 1.9% 85+28 1.1%29 1.1%31 1.1% Census 2010 2012 2017 Female Population Number % of 50+Number % of 50+Number % of 50+ Total (50+)2,327 100.0%2,448 100.0%2,542 100.0% 50-54 715 30.7%733 29.9%677 26.6% 55-59 577 24.8%605 24.7%622 24.5% 60-64 432 18.6%474 19.4%504 19.8% 65-69 266 11.4%289 11.8%347 13.7% 70-74 164 7.0%175 7.1%211 8.3% 75-79 79 3.4%78 3.2%87 3.4% 80-84 46 2.0%46 1.9%46 1.8% 85+48 2.1%48 2.0%48 1.9% Census 2010 2012 2017 Total Population Number % of Total Pop Number % of Total Pop Number % of Total Pop Total(50+)4,889 30.2%5,150 31.5%5,370 32.7% 50-54 1,455 9.0%1,483 9.1%1,371 8.3% 55-59 1,217 7.5%1,282 7.8%1,321 8.0% 60-64 961 5.9%1,053 6.4%1,122 6.8% 65-69 551 3.4%602 3.7%724 4.4% 70-74 351 2.2%376 2.3%455 2.8% 75-79 177 1.1%176 1.1%197 1.2% 80-84 101 0.6%101 0.6%101 0.6% 85+76 0.5%77 0.5%79 0.5% 65+1,256 7.8%1,332 8.1%1,556 9.5% 75+354 2.2%354 2.2%377 2.3% Data Note - A "-" indicates that the variable was not collected in the 2010 Census. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Age 50+ Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place 2012 Households by Income and Age of Householder 55+ 55-64 Percent 65-74 Percent 75+Percent Total Percent Total 1,373 100%611 100%227 100%2,211 100% <$15,000 60 4.4%45 7.4%26 11.5%131 5.9% $15,000-$24,999 63 4.6%60 9.8%33 14.5%156 7.1% $25,000-$34,999 86 6.3%51 8.3%42 18.5%179 8.1% $35,000-$49,999 177 12.9%86 14.1%66 29.1%329 14.9% $50,000-$74,999 332 24.2%157 25.7%34 15.0%523 23.7% $75,000-$99,999 212 15.4%75 12.3%11 4.8%298 13.5% $100,000-$149,999 264 19.2%77 12.6%8 3.5%349 15.8% $150,000-$199,999 93 6.8%29 4.7%3 1.3%125 5.7% $200,000+86 6.3%31 5.1%4 1.8%121 5.5% Median HH Income $71,596 $57,408 $36,803 $62,162 Average HH Income $89,172 $74,487 $46,351 $80,717 2017 Households by Income and Age of Householder 55+ 55-64 Percent 65-74 Percent 75+Percent Total Percent Total 1,443 100%736 100%243 100%2,422 100% <$15,000 58 4.0%46 6.3%27 11.1%131 5.4% $15,000-$24,999 42 2.9%58 7.9%39 16.0%139 5.7% $25,000-$34,999 72 5.0%51 6.9%41 16.9%164 6.8% $35,000-$49,999 162 11.2%87 11.8%65 26.7%314 13.0% $50,000-$74,999 376 26.1%210 28.5%43 17.7%629 26.0% $75,000-$99,999 241 16.7%105 14.3%12 4.9%358 14.8% $100,000-$149,999 284 19.7%98 13.3%9 3.7%391 16.1% $150,000-$199,999 113 7.8%43 5.8%3 1.2%159 6.6% $200,000+95 6.6%38 5.2%4 1.6%137 5.7% Median HH Income $75,861 $62,035 $37,234 $66,064 Average HH Income $97,306 $82,640 $47,721 $87,874 Data Note: Income is reported for July 1, 2012 and represents annual income for the preceding year, expressed in current (2011) dollars, including an adjustment for inflation. Income is reported for July 1, 2017 and represents annual income for the preceding year, expressed in current (2016) dollars, including an adjustment for inflation. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Age 50+ Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place 2012 Population 50+ by Race Number Percent % Pop Total 5,154 100.0%31.5% White Alone 4,823 93.6%34.5% Black Alone 26 0.5%26.5% American Indian Alone 28 0.5%29.2% Asian Alone 85 1.6%30.1% Pacific Islander Alone 4 0.1%22.2% Some Other Race Alone 137 2.7%9.0% Two or More Races 51 1.0%13.9% Hispanic Origin (Any Race)352 6.8%11.0% Census 2010 Households and Age of Householder Number Percent % Total HHs Total 2,106 100.0%33.2% Family Households 1,363 64.7%21.5% Householder Age 55-64 874 41.5%13.8% Householder Age 65-74 358 17.0%5.6% Householder Age 75-84 115 5.5%1.8% Householder Age 85+16 0.8%0.3% Nonfamily Households 743 35.3%11.7% Householder Age 55-64 434 20.6%6.8% Householder Age 65-74 213 10.1%3.4% Householder Age 75-84 73 3.5%1.2% Householder Age 85+23 1.1%0.4% Census 2010 Occupied Housing Units by Age of Householder Number Percent % Total HHs Total 2,106 100.0%33.2% Owner Occupied Housing Units 1,822 86.5%28.7% Householder Age 55-64 1,126 53.5%17.8% Householder Age 65-74 505 24.0%8.0% Householder Age 75-84 158 7.5%2.5% Householder Age 85+33 1.6%0.5% Renter Occupied Housing Units 284 13.5%4.5% Householder Age 55-64 182 8.6%2.9% Householder Age 65-74 66 3.1%1.0% Householder Age 75-84 30 1.4%0.5% Householder Age 85+6 0.3%0.1% Data Note: A family is defined as a householder and one or more other people living in the same household who are related to the householder by birth, marriage, or adoption. Nonfamily households consist of people living alone and households that do not contain any members who are related to the householder. The base for "% Pop" is specific to the row. A Nonrelative is not related to the householder by birth, marriage, or adoption. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Demographic and Income Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Summary Census 2010 2012 2017 Population 16,180 16,358 16,434 Households 6,343 6,340 6,452 Families 4,168 4,130 4,242 Average Household Size 2.54 2.57 2.54 Owner Occupied Housing Units 4,326 4,232 4,372 Renter Occupied Housing Units 2,017 2,109 2,081 Median Age 37.8 38.1 38.2 Trends: 2012 - 2017 Annual Rate Area State National Population 0.09%0.67%0.68% Households 0.35%0.66%0.74% Families 0.54%0.81%0.72% Owner HHs 0.65%1.03%0.91% Median Household Income 1.15%3.35%2.55% 2012 2017 Households by Income Number Percent Number Percent <$15,000 304 4.8%276 4.3% $15,000 - $24,999 344 5.4%260 4.0% $25,000 - $34,999 471 7.4%388 6.0% $35,000 - $49,999 851 13.4%754 11.7% $50,000 - $74,999 1,597 25.2%1,768 27.4% $75,000 - $99,999 1,022 16.1%1,126 17.5% $100,000 - $149,999 1,019 16.1%1,062 16.5% $150,000 - $199,999 338 5.3%397 6.2% $200,000+396 6.2%421 6.5% Median Household Income $66,587 $70,497 Average Household Income $84,597 $92,406 Per Capita Income $32,910 $36,399 Census 2010 2012 2017 Population by Age Number Percent Number Percent Number Percent 0 - 4 1,061 6.6%1,065 6.5%1,076 6.5% 5 - 9 1,097 6.8%1,101 6.7%1,107 6.7% 10 - 14 992 6.1%984 6.0%1,001 6.1% 15 - 19 917 5.7%877 5.4%844 5.1% 20 - 24 841 5.2%862 5.3%798 4.9% 25 - 34 2,477 15.3%2,532 15.5%2,563 15.6% 35 - 44 2,553 15.8%2,502 15.3%2,470 15.0% 45 - 54 2,808 17.4%2,769 16.9%2,576 15.7% 55 - 64 2,178 13.5%2,335 14.3%2,443 14.9% 65 - 74 902 5.6%978 6.0%1,179 7.2% 75 - 84 278 1.7%277 1.7%298 1.8% 85+76 0.5%77 0.5%79 0.5% Census 2010 2012 2017 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 13,992 86.5%13,966 85.4%13,608 82.8% Black Alone 60 0.4%98 0.6%177 1.1% American Indian Alone 95 0.6%96 0.6%100 0.6% Asian Alone 241 1.5%282 1.7%374 2.3% Pacific Islander Alone 15 0.1%18 0.1%28 0.2% Some Other Race Alone 1,431 8.8%1,530 9.4%1,745 10.6% Two or More Races 346 2.1%368 2.2%404 2.5% Hispanic Origin (Any Race)3,016 18.6%3,203 19.6%3,624 22.1% Data Note: Income is expressed in current dollars. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 2 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Demographic and Income Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Area State USA Trends 2012-2017 Population Households Families Owner HHs Median HH Income An n u a l R a t e ( i n p e r c e n t ) 3 2.5 2 1.5 1 0.5 0 2012 2017 Population by Age 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Pe r c e n t 16 14 12 10 8 6 4 2 0 2012 Household Income <$15K 4.8% $15K - $24K 5.4% $25K - $34K 7.4% $35K - $49K 13.4% $50K - $74K 25.2% $75K - $99K 16.1% $100K - $149K 16.1% $150K - $199K 5.3% $200K+ 6.2% 2012 Population by Race White Black Am. Ind.Asian Pacific Other Two+ Pe r c e n t 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 2012 Percent Hispanic Origin: 19.6% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 2 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place 1990-2000 Summary 1990 Census 2000 Annual Rate Total Population 8,867 13,864 4.57% Total Households 3,268 5,149 4.65% Total Families 2,313 3,561 4.41% Total Housing Units 6,904 9,757 3.52% Average Household Size 2.68 2.68 0.00% Average Family Size 3.08 3.09 0.01% Median Household Income $40,588 $58,567 3.74% Average Household Income $46,837 $71,350 4.30% Per Capita Income $17,550 $26,786 4.32% Population by Race Number Percent Total 13,864 100% Population Reporting One Race 13,564 97.8% White 12,254 88.4% Black or African American 34 0.2% American Indian or Alaska Native 82 0.6% Asian 120 0.9% Native Hawaiian or Other Pacific Islander 24 0.2% Some Other Race 1,050 7.6% Population Reporting Two or More Races 300 2.2% Total Hispanic Population 1,773 12.8% Population by Sex Male 7,328 52.9% Female 6,536 47.1% Population by Age Total 13,864 100% Age 0 - 4 875 6.3% Age 5 - 9 1,094 7.9% Age 10 - 14 1,151 8.3% Age 15 - 19 830 6.0% Age 20 - 24 715 5.2% Age 25 - 29 1,008 7.3% Age 30 - 34 1,158 8.4% Age 35 - 39 1,414 10.2% Age 40 - 44 1,527 11.0% Age 45 - 49 1,333 9.6% Age 50 - 54 967 7.0% Age 55 - 59 627 4.5% Age 60 - 64 400 2.9% Age 65 - 69 306 2.2% Age 70 - 74 189 1.4% Age 75 - 79 129 0.9% Age 80 - 84 88 0.6% Age 85+53 0.4% Median Age 35.4 Age 18+10,167 73.3% Age 65+765 5.5% Data Note: Population Reporting Two of More Races includes unique counts of the population who reported at least two races. Hispanic population can be of any race. Detail may not sum to totals due to rounding. Census 2000 medians are computed from reported data distributions. The "1990-2000 Annual Rate" is an annual compound rate. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Population by Relationship and HH Type Total 13,864 100% In Households 13,823 99.7% In Family Households 11,354 81.9% Householder 3,561 25.7% Spouse 2,996 21.6% Child 3,998 28.8% Other Relatives 436 3.1% Nonrelatives 363 2.6% In Nonfamily Households 2,469 17.8% In Group Quarters 41 0.3% Institutionalized Population 33 0.2% Noninstitutionalized Population 8 0.1% Population by Place of Birth and Citizenship Status Total 13,967 100% Native 12,719 91.1% Born in United States 12,634 90.5% Born outside United States 85 0.6% Foreign Born 1,248 8.9% Naturalized Citizen 277 2.0% Not a Citizen 971 7.0% Population 15+ by Sex and Marital Status Total 10,842 100% Females 5,139 47.4% Never Married 1,074 9.9% Married, not Separated 3,154 29.1% Married, Separated 55 0.5% Widowed 243 2.2% Divorced 613 5.7% Males 5,703 52.6% Never Married 1,788 16.5% Married, not Separated 3,307 30.5% Married, Separated 56 0.5% Widowed 61 0.6% Divorced 491 4.5% Population 3+ by School Enrollment Total 13,399 100% Enrolled in Nursery/Preschool: Public School 146 1.1% Enrolled in Nursery/Preschool: Private School 135 1.0% Enrolled in Kindergarten: Public School 215 1.6% Enrolled in Kindergarten: Private School 6 0.0% Enrolled in Grade 1-8: Public School 1,761 13.1% Enrolled in Grade 1-8: Private School 39 0.3% Enrolled in Grade 9-12: Public School 727 5.4% Enrolled in Grade 9-12: Private School 41 0.3% Enrolled in College: Public School 397 3.0% Enrolled in College: Private School 37 0.3% Enrolled in Grad/Professional School: Public 85 0.6% Enrolled in Grad/Professional School: Private 39 0.3% Not Enrolled in School 9,771 72.9% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Population 25+ by Educational Attainment Total 9,248 100% Less than 9th Grade 288 3.1% 9th - 12th Grade, No Diploma 650 7.0% High School Graduate 1,796 19.4% Some College, No Degree 2,494 27.0% Associate Degree 968 10.5% Bachelor's Degree 2,273 24.6% Master's/Professional/Doctorate Degree 779 8.4% Population 16+ by Sex and Employment Status Total 10,688 100% Females in Labor Force 3,670 34.3% Civilian Employed 3,573 33.4% Civilian Unemployed 97 0.9% In Armed Forces 0 0.0% Females not in Labor Force 1,370 12.8% Males in Labor Force 4,771 44.6% Civilian Employed 4,537 42.4% Civilian Unemployed 228 2.1% In Armed Forces 6 0.1% Males not in Labor Force 877 8.2% Population 16+ by Sex and Work Status in 1999 Total 10,688 100% Females 5,040 47.2% Worked Full-time 1,872 17.5% Worked Part-time 2,191 20.5% Did Not Work 977 9.1% Males 5,648 52.8% Worked Full-time 2,962 27.7% Worked Part-time 2,063 19.3% Did Not Work 623 5.8% Females 16+ by Employment Status and Age of Children Total 5,040 100% Own Children <6 Only 448 8.9% Employed/in Armed Forces 301 6.0% Unemployed 8 0.2% Not in Labor Force 139 2.8% Own Children 6-17 Only 1,103 21.9% Employed/in Armed Forces 873 17.3% Unemployed 22 0.4% Not in Labor Force 208 4.1% Own Children <6 and 6-17 349 6.9% Employed/in Armed Forces 239 4.7% Unemployed 11 0.2% Not in Labor Force 99 2.0% No Own Children <18 3,140 62.3% Employed/in Armed Forces 2,160 42.9% Unemployed 56 1.1% Not in Labor Force 924 18.3% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Civilian Employed Population 16+ by Occupation Total 8,110 100% Management/Professional 2,597 32.0% Service 1,559 19.2% Sales/Office and Admin Support 2,006 24.7% Farming/Fishing/Forestry 43 0.5% Construction/Extraction/Maintenance 1,305 16.1% Production/Transportation/Material Moving 600 7.4% Civilian Employed Population 16+ by Industry Total 8,110 100% Agriculture/Forestry/Fishing/Hunting/Mining 121 1.5% Construction 1,360 16.8% Manufacturing 310 3.8% Wholesale Trade 207 2.6% Retail Trade 940 11.6% Transportation/Warehousing/Utilities 313 3.9% Information 188 2.3% Finance/Insurance/Real Estate/Rental/Leasing 546 6.7% Professional/Scientific/Mgmt/Admin/Waste Mgmt Services 806 9.9% Educational/Health/Social Services 1,165 14.4% Arts/Entertainment/Recreation/Accommodation/Food Services 1,567 19.3% Other Services 253 3.1% Public Administration 334 4.1% Workers 16+ by Place of Work Total 7,931 100% Worked in State of Residence 6,867 86.6% Worked in County of Residence 5,113 64.5% Worked outside County of Residence 1,754 22.1% Worked outside State of Residence 1,064 13.4% Workers 16+ by Means of Transportation to Work Total 7,931 100% Drove Alone - Car, Truck, or Van 5,908 74.5% Carpooled - Car, Truck, or Van 1,119 14.1% Public Transportation 26 0.3% Walked 231 2.9% Other Means 105 1.3% Worked at Home 542 6.8% Workers 16+ by Travel Time to Work Total 7,931 100% Did not Work at Home 7,389 93.2% Less than 5 minutes 366 4.6% 5 to 9 minutes 996 12.6% 10 to 19 minutes 2,777 35.0% 20 to 24 minutes 1,053 13.3% 25 to 34 minutes 941 11.9% 35 to 44 minutes 379 4.8% 45 to 59 minutes 415 5.2% 60 to 89 minutes 216 2.7% 90 or more minutes 246 3.1% Worked at Home 542 6.8% Average Travel Time to Work (in minutes)23.1 August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 4 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Households by Type Total 5,149 100% Family Households 3,561 69.2% Married-couple Families 2,996 58.2% With Related Children 1,531 29.7% Other Family (No Spouse Present)565 11.0% With Related Children 436 8.5% Nonfamily Households 1,588 30.8% Householder Living Alone 961 18.7% Householder Not Living Alone 627 12.2% Households with Related Children 1,967 38.2% Households by Age of Householder Total 5,149 100% Householder Age 15 - 24 193 3.7% Householder Age 25 - 34 963 18.7% Householder Age 35 - 44 1,588 30.8% Householder Age 45 - 54 1,328 25.8% Householder Age 55 - 64 609 11.8% Householder Age 65 - 74 315 6.1% Householder Age 75 - 84 129 2.5% Householder Age 85+24 0.5% Households by Size Total 5,149 100% 1 Person Household 961 18.7% 2 Person Household 1,903 37.0% 3 Person Household 916 17.8% 4 Person Household 880 17.1% 5 Person Household 310 6.0% 6 Person Household 101 2.0% 7+ Person Household 78 1.5% Households by Poverty Status in 1999 and HH Type Total 5,185 100% Below Poverty Level 174 3.4% Married-couple Family 38 0.7% Other Family - Male Householder, No Wife Present 12 0.2% Other Family - Female Householder, No Husband Present 54 1.0% Nonfamily Households 70 1.4% At or Above Poverty Level 5,011 96.6% Married-couple Family 3,000 57.9% Other Family - Male Householder, No Wife Present 225 4.3% Other Family - Female Householder, No Husband Present 341 6.6% Nonfamily Households 1,445 27.9% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 5 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Households by Household Income in 1999 Household Income Base 5,185 100% < $15,000 284 5.5% $15,000 - $24,999 329 6.3% $25,000 - $34,999 594 11.5% $35,000 - $49,999 873 16.8% $50,000 - $74,999 1,438 27.7% $75,000 - $99,999 823 15.9% $100,000 - $149,999 465 9.0% $150,000 - $199,999 160 3.1% $200,000 +219 4.2% Median Household Income $58,567 Average Household Income $71,350 Families by Family Income in 1999 Family Income Base 3,670 100% < $15,000 103 2.9% $15,000 - $24,999 227 6.4% $25,000 - $34,999 369 10.4% $35,000 - $49,999 586 16.5% $50,000 - $74,999 1,087 30.5% $75,000 - $99,999 635 17.8% $100,000 - $149,999 384 10.8% $150,000 - $199,999 97 2.7% $200,000 +182 5.1% Median Family Income $62,622 Average Family Income $76,262 Owner Occupied HUs by Value Total 3,823 100% < $50,000 188 4.9% $50,000 - $99,999 92 2.4% $100,000 - $149,999 155 4.1% $150,000 - $199,999 803 21.0% $200,000 - $299,999 1,416 37.0% $300,000 - $499,999 818 21.4% $500,000 - $999,999 316 8.3% $1,000,000+35 0.9% Median Home Value $240,523 Average Home Value $288,363 Specified Renter Occupied HUs by Contract Rent Total 1,303 100% With Cash Rent 1,303 100.0% < $200 55 4.2% $200 - $499 135 10.4% $500 - $749 363 27.9% $750 - $999 458 35.2% $1,000 - $1,499 264 20.3% $1,500 - $1,999 28 2.1% $2000+0 0.0% No Cash Rent 0 0.0% Median Rent $779 Average Rent $783 Data Note: Specified Renter Occupied HUs exclude houses on 10+ acres. Average Rent excludes units paying no cash rent. Census 2000 medians are computed from reported data distributions. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 6 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Truckee Town, CA_1 Truckee town, CA (0680588) Geography: Place Housing Units by Occupancy Total 9,757 100% Occupied Housing Units 5,149 52.8% Owner Occupied Housing Units 3,805 39.0% Average Household Size 2.71 Renter Occupied Housing Units 1,344 13.8% Average Household Size 2.62 Vacant Housing Units 4,608 47.2% For Rent 62 0.6% For Sale Only 39 0.4% Rented or Sold, not Occupied 43 0.4% For Seasonal/Recreational/Occasional Use 4,326 44.3% For Migrant Workers 0 0.0% Other Vacant 138 1.4% Housing Units by Units in Structure Total 9,787 100% 1 Detached 8,344 85.3% 1 Attached 243 2.5% 2 188 1.9% 3 or 4 307 3.1% 5 to 9 217 2.2% 10 to 19 107 1.1% 20+83 0.8% Mobile Home 298 3.0% Other 0 0.0% Housing Units by Year Structure Built Total 9,787 100% 1999 to March 2000 503 5.1% 1995 to 1998 1,959 20.0% 1990 to 1994 1,557 15.9% 1980 to 1989 2,622 26.8% 1970 to 1979 2,066 21.1% 1969 or Earlier 1,080 11.0% Median Year Structure Built 1987 Households by Year Householder Moved In Total 5,164 100% Moved in 1999 to March 2000 1,181 22.9% Moved in 1995 to 1998 2,048 39.7% Moved in 1990 to 1994 960 18.6% Moved in 1980 to 1989 726 14.1% Moved in 1970 to 1979 215 4.2% Moved in 1969 or Earlier 34 0.7% Median Year Householder Moved In 1996 Households by Vehicles Available Total 5,164 100% None 136 2.6% 1 1,347 26.1% 2 2,363 45.8% 3 893 17.3% 4 342 6.6% 5+83 1.6% Average Number of Vehicles Available 2.1 August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 7 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2010 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County 2000-2010 2000 2010 Annual Rate Population 92,033 98,764 0.71% Households 36,894 41,527 1.19% Housing Units 44,282 52,590 1.73% Population by Race Number Percent Total 98,764 100.0% Population Reporting One Race 95,641 96.8% White 90,233 91.4% Black 389 0.4% American Indian 1,044 1.1% Asian 1,187 1.2% Pacific Islander 110 0.1% Some Other Race 2,678 2.7% Population Reporting Two or More Races 3,123 3.2% Total Hispanic Population 8,439 8.5% Population by Sex Male 48,835 49.4% Female 49,929 50.6% Population by Age Total 98,764 100.0% Age 0 - 4 4,365 4.4% Age 5 - 9 4,950 5.0% Age 10 - 14 5,798 5.9% Age 15 - 19 6,091 6.2% Age 20 - 24 4,439 4.5% Age 25 - 29 4,839 4.9% Age 30 - 34 4,815 4.9% Age 35 - 39 4,830 4.9% Age 40 - 44 5,655 5.7% Age 45 - 49 7,257 7.3% Age 50 - 54 8,569 8.7% Age 55 - 59 9,156 9.3% Age 60 - 64 8,826 8.9% Age 65 - 69 6,243 6.3% Age 70 - 74 4,355 4.4% Age 75 - 79 3,170 3.2% Age 80 - 84 2,647 2.7% Age 85+2,759 2.8% Age 18+79,658 80.7% Age 65+19,174 19.4% Median Age by Sex and Race/Hispanic Origin Total Population 47.5 Male 46.0 Female 48.8 White Alone 49.0 Black Alone 32.5 American Indian Alone 40.4 Asian Alone 44.0 Pacific Islander Alone 40.5 Some Other Race Alone 26.7 Two or More Races 24.5 Hispanic Population 27.8 Data Note: Hispanic population can be of any race. Census 2010 medians are computed from reported data distributions. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri converted Census 2000 data into 2010 geography. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 4 Census 2010 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Households by Type Total 41,527 100.0% Households with 1 Person 10,936 26.3% Households with 2+ People 30,591 73.7% Family Households 27,254 65.6% Husband-wife Families 21,713 52.3% With Own Children 6,741 16.2% Other Family (No Spouse Present)5,541 13.3% With Own Children 3,046 7.3% Nonfamily Households 3,337 8.0% All Households with Children 10,805 26.0% Multigenerational Households 1,020 2.5% Unmarried Partner Households 2,956 7.1% Male-female 2,622 6.3% Same-sex 334 0.8% Average Household Size 2.35 Family Households by Size Total 27,254 100.0% 2 People 14,390 52.8% 3 People 5,644 20.7% 4 People 4,460 16.4% 5 People 1,782 6.5% 6 People 619 2.3% 7+ People 359 1.3% Average Family Size 2.80 Nonfamily Households by Size Total 14,273 100.0% 1 Person 10,936 76.6% 2 People 2,667 18.7% 3 People 439 3.1% 4 People 162 1.1% 5 People 51 0.4% 6 People 13 0.1% 7+ People 5 0.0% Average Nonfamily Size 1.30 Population by Relationship and Household Type Total 98,764 100.0% In Households 97,589 98.8% In Family Households 78,972 80.0% Householder 27,254 27.6% Spouse 21,713 22.0% Child 24,727 25.0% Other relative 2,612 2.6% Nonrelative 2,666 2.7% In Nonfamily Households 18,617 18.9% In Group Quarters 1,175 1.2% Institutionalized Population 673 0.7% Noninstitutionalized Population 502 0.5% Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more parent-child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate polygons or non-standard geography. Average family size excludes nonrelatives. Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 4 Census 2010 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Family Households by Age of Householder Total 27,254 100.0% Householder Age 15 - 44 7,129 26.2% Householder Age 45 - 54 6,216 22.8% Householder Age 55 - 64 6,774 24.9% Householder Age 65 - 74 4,273 15.7% Householder Age 75+2,862 10.5% Nonfamily Households by Age of Householder Total 14,273 100.0% Householder Age 15 - 44 3,110 21.8% Householder Age 45 - 54 2,330 16.3% Householder Age 55 - 64 3,591 25.2% Householder Age 65 - 74 2,267 15.9% Householder Age 75+2,975 20.8% Households by Race of Householder Total 41,527 100.0% Householder is White Alone 39,078 94.1% Householder is Black Alone 100 0.2% Householder is American Indian Alone 371 0.9% Householder is Asian Alone 397 1.0% Householder is Pacific Islander Alone 29 0.1% Householder is Some Other Race Alone 694 1.7% Householder is Two or More Races 858 2.1% Households with Hispanic Householder 2,329 5.6% Husband-wife Families by Race of Householder Total 21,713 100.0% Householder is White Alone 20,504 94.4% Householder is Black Alone 50 0.2% Householder is American Indian Alone 169 0.8% Householder is Asian Alone 214 1.0% Householder is Pacific Islander Alone 13 0.1% Householder is Some Other Race Alone 392 1.8% Householder is Two or More Races 371 1.7% Husband-wife Families with Hispanic Householder 1,283 5.9% Other Families (No Spouse) by Race of Householder Total 5,541 100.0% Householder is White Alone 5,021 90.6% Householder is Black Alone 10 0.2% Householder is American Indian Alone 67 1.2% Householder is Asian Alone 46 0.8% Householder is Pacific Islander Alone 6 0.1% Householder is Some Other Race Alone 188 3.4% Householder is Two or More Races 203 3.7% Other Families with Hispanic Householder 524 9.5% Nonfamily Households by Race of Householder Total 14,273 100.0% Householder is White Alone 13,553 95.0% Householder is Black Alone 40 0.3% Householder is American Indian Alone 135 0.9% Householder is Asian Alone 137 1.0% Householder is Pacific Islander Alone 10 0.1% Householder is Some Other Race Alone 114 0.8% Householder is Two or More Races 284 2.0% Nonfamily Households with Hispanic Householder 522 3.7% Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 4 Census 2010 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Total Housing Units by Occupancy Total 52,590 100.0% Occupied Housing Units 41,527 79.0% Vacant Housing Units For Rent 775 1.5% Rented, not Occupied 101 0.2% For Sale Only 791 1.5% Sold, not Occupied 147 0.3% For Seasonal/Recreational/Occasional Use 8,333 15.8% For Migrant Workers 12 0.0% Other Vacant 904 1.7% Total Vacancy Rate 21.0% Households by Tenure and Mortgage Status Total 41,527 100.0% Owner Occupied 29,890 72.0% Owned with a Mortgage/Loan 20,729 49.9% Owned Free and Clear 9,161 22.1% Average Household Size 2.34 Renter Occupied 11,637 28.0% Average Household Size 2.37 Owner-occupied Housing Units by Race of Householder Total 29,890 100.0% Householder is White Alone 28,601 95.7% Householder is Black Alone 56 0.2% Householder is American Indian Alone 211 0.7% Householder is Asian Alone 283 0.9% Householder is Pacific Islander Alone 23 0.1% Householder is Some Other Race Alone 238 0.8% Householder is Two or More Races 478 1.6% Owner-occupied Housing Units with Hispanic Householder 1,147 3.8% Renter-occupied Housing Units by Race of Householder Total 11,637 100.0% Householder is White Alone 10,477 90.0% Householder is Black Alone 44 0.4% Householder is American Indian Alone 160 1.4% Householder is Asian Alone 114 1.0% Householder is Pacific Islander Alone 6 0.1% Householder is Some Other Race Alone 456 3.9% Householder is Two or More Races 380 3.3% Renter-occupied Housing Units with Hispanic Householder 1,182 10.2% Average Household Size by Race/Hispanic Origin of Householder Householder is White Alone 2.31 Householder is Black Alone 2.35 Householder is American Indian Alone 2.57 Householder is Asian Alone 2.47 Householder is Pacific Islander Alone 2.55 Householder is Some Other Race Alone 3.71 Householder is Two or More Races 2.70 Householder is Hispanic 3.16 Source: U.S. Census Bureau, Census 2010 Summary File 1. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 4 of 4 Age 50+ Profile Nevada County, CA Nevada County, CA (06057) Geography: County 2012-2017 2012-2017 Demographic Summary Census 2010 2012 2017 Change Annual Rate Total Population 98,764 99,951 100,465 514 0.10% Population 50+45,725 47,545 49,812 2,267 0.94% Median Age 47.5 48.2 49.7 1.5 0.61% Households 41,527 41,573 42,381 808 0.39% % Householders 55+54.8%56.2%59.3%3.1 1.08% Owner/Renter Ratio 2.6 2.4 2.5 0.1 0.82% Median Home Value -$235,757 $255,206 $19,449 1.60% Average Home Value -$270,593 $296,044 $25,451 1.81% Median Household Income -$53,810 $58,799 $4,989 1.79% Median Household Income for Householder 55+-$48,937 $54,354 $5,417 2.12% Population by Age and Sex Census 2010 2012 2017 Male Population Number % of 50+Number % of 50+Number % of 50+ Total (50+)21,685 100.0%22,642 100.0%23,896 100.0% 50-54 4,033 18.6%4,044 17.9%3,696 15.5% 55-59 4,329 20.0%4,510 19.9%4,611 19.3% 60-64 4,472 20.6%4,737 20.9%4,975 20.8% 65-69 3,043 14.0%3,299 14.6%3,905 16.3% 70-74 2,171 10.0%2,307 10.2%2,751 11.5% 75-79 1,508 7.0%1,533 6.8%1,680 7.0% 80-84 1,147 5.3%1,152 5.1%1,132 4.7% 85+982 4.5%1,060 4.7%1,146 4.8% Census 2010 2012 2017 Female Population Number % of 50+Number % of 50+Number % of 50+ Total (50+)24,040 100.0%24,903 100.0%25,916 100.0% 50-54 4,536 18.9%4,537 18.2%4,124 15.9% 55-59 4,827 20.1%5,006 20.1%5,089 19.6% 60-64 4,354 18.1%4,621 18.6%4,840 18.7% 65-69 3,200 13.3%3,449 13.8%4,076 15.7% 70-74 2,184 9.1%2,310 9.3%2,723 10.5% 75-79 1,662 6.9%1,666 6.7%1,792 6.9% 80-84 1,500 6.2%1,462 5.9%1,388 5.4% 85+1,777 7.4%1,852 7.4%1,884 7.3% Census 2010 2012 2017 Total Population Number % of Total Pop Number % of Total Pop Number % of Total Pop Total(50+)45,725 46.3%47,545 47.6%49,812 49.6% 50-54 8,569 8.7%8,581 8.6%7,820 7.8% 55-59 9,156 9.3%9,516 9.5%9,700 9.7% 60-64 8,826 8.9%9,358 9.4%9,815 9.8% 65-69 6,243 6.3%6,748 6.8%7,981 7.9% 70-74 4,355 4.4%4,617 4.6%5,474 5.4% 75-79 3,170 3.2%3,199 3.2%3,472 3.5% 80-84 2,647 2.7%2,614 2.6%2,520 2.5% 85+2,759 2.8%2,912 2.9%3,030 3.0% 65+19,174 19.4%20,090 20.1%22,477 22.4% 75+8,576 8.7%8,725 8.7%9,022 9.0% Data Note - A "-" indicates that the variable was not collected in the 2010 Census. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Age 50+ Profile Nevada County, CA Nevada County, CA (06057) Geography: County 2012 Households by Income and Age of Householder 55+ 55-64 Percent 65-74 Percent 75+Percent Total Percent Total 10,667 100%6,874 100%5,828 100%23,369 100% <$15,000 1,064 10.0%729 10.6%986 16.9%2,779 11.9% $15,000-$24,999 856 8.0%573 8.3%1,203 20.6%2,632 11.3% $25,000-$34,999 783 7.3%688 10.0%1,054 18.1%2,525 10.8% $35,000-$49,999 1,487 13.9%1,235 18.0%1,233 21.2%3,955 16.9% $50,000-$74,999 2,084 19.5%1,601 23.3%665 11.4%4,350 18.6% $75,000-$99,999 1,277 12.0%742 10.8%244 4.2%2,263 9.7% $100,000-$149,999 2,113 19.8%873 12.7%317 5.4%3,303 14.1% $150,000-$199,999 580 5.4%275 4.0%78 1.3%933 4.0% $200,000+423 4.0%158 2.3%48 0.8%629 2.7% Median HH Income $61,245 $52,146 $31,108 $48,937 Average HH Income $77,605 $65,869 $41,861 $65,239 2017 Households by Income and Age of Householder 55+ 55-64 Percent 65-74 Percent 75+Percent Total Percent Total 11,007 100%8,110 100%6,013 100%25,130 100% <$15,000 992 9.0%784 9.7%1,018 16.9%2,794 11.1% $15,000-$24,999 609 5.5%520 6.4%1,054 17.5%2,183 8.7% $25,000-$34,999 680 6.2%711 8.8%1,006 16.7%2,397 9.5% $35,000-$49,999 1,340 12.2%1,265 15.6%1,238 20.6%3,843 15.3% $50,000-$74,999 2,423 22.0%2,148 26.5%860 14.3%5,431 21.6% $75,000-$99,999 1,529 13.9%1,037 12.8%325 5.4%2,891 11.5% $100,000-$149,999 2,309 21.0%1,108 13.7%373 6.2%3,790 15.1% $150,000-$199,999 681 6.2%357 4.4%91 1.5%1,129 4.5% $200,000+444 4.0%180 2.2%48 0.8%672 2.7% Median HH Income $67,496 $56,406 $34,051 $54,354 Average HH Income $84,601 $70,848 $45,154 $70,724 Data Note: Income is reported for July 1, 2012 and represents annual income for the preceding year, expressed in current (2011) dollars, including an adjustment for inflation. Income is reported for July 1, 2017 and represents annual income for the preceding year, expressed in current (2016) dollars, including an adjustment for inflation. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Age 50+ Profile Nevada County, CA Nevada County, CA (06057) Geography: County 2012 Population 50+ by Race Number Percent % Pop Total 47,545 100.0%47.6% White Alone 45,272 95.2%50.0% Black Alone 176 0.4%27.6% American Indian Alone 374 0.8%35.2% Asian Alone 534 1.1%38.1% Pacific Islander Alone 55 0.1%39.9% Some Other Race Alone 378 0.8%13.0% Two or More Races 756 1.6%22.6% Hispanic Origin (Any Race)1,836 3.9%20.1% Census 2010 Households and Age of Householder Number Percent % Total HHs Total 22,742 100.0%54.8% Family Households 13,909 61.2%33.5% Householder Age 55-64 6,774 29.8%16.3% Householder Age 65-74 4,273 18.8%10.3% Householder Age 75-84 2,171 9.5%5.2% Householder Age 85+691 3.0%1.7% Nonfamily Households 8,833 38.8%21.3% Householder Age 55-64 3,591 15.8%8.6% Householder Age 65-74 2,267 10.0%5.5% Householder Age 75-84 1,761 7.7%4.2% Householder Age 85+1,214 5.3%2.9% Census 2010 Occupied Housing Units by Age of Householder Number Percent % Total HHs Total 22,742 100.0%54.8% Owner Occupied Housing Units 19,083 83.9%46.0% Householder Age 55-64 8,574 37.7%20.6% Householder Age 65-74 5,783 25.4%13.9% Householder Age 75-84 3,358 14.8%8.1% Householder Age 85+1,368 6.0%3.3% Renter Occupied Housing Units 3,659 16.1%8.8% Householder Age 55-64 1,791 7.9%4.3% Householder Age 65-74 757 3.3%1.8% Householder Age 75-84 574 2.5%1.4% Householder Age 85+537 2.4%1.3% Data Note: A family is defined as a householder and one or more other people living in the same household who are related to the householder by birth, marriage, or adoption. Nonfamily households consist of people living alone and households that do not contain any members who are related to the householder. The base for "% Pop" is specific to the row. A Nonrelative is not related to the householder by birth, marriage, or adoption. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 3 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Demographic and Income Profile Nevada County, CA Nevada County, CA (06057) Geography: County Summary Census 2010 2012 2017 Population 98,764 99,951 100,465 Households 41,527 41,573 42,381 Families 27,254 27,054 27,804 Average Household Size 2.35 2.38 2.34 Owner Occupied Housing Units 29,890 29,371 30,377 Renter Occupied Housing Units 11,637 12,202 12,004 Median Age 47.5 48.2 49.7 Trends: 2012 - 2017 Annual Rate Area State National Population 0.10%0.67%0.68% Households 0.39%0.66%0.74% Families 0.55%0.81%0.72% Owner HHs 0.68%1.03%0.91% Median Household Income 1.79%3.35%2.55% 2012 2017 Households by Income Number Percent Number Percent <$15,000 4,443 10.7%4,199 9.9% $15,000 - $24,999 4,081 9.8%3,157 7.4% $25,000 - $34,999 3,990 9.6%3,556 8.4% $35,000 - $49,999 6,513 15.7%5,962 14.1% $50,000 - $74,999 8,150 19.6%9,465 22.3% $75,000 - $99,999 4,879 11.7%5,724 13.5% $100,000 - $149,999 6,289 15.1%6,752 15.9% $150,000 - $199,999 1,772 4.3%2,060 4.9% $200,000+1,456 3.5%1,506 3.6% Median Household Income $53,810 $58,799 Average Household Income $70,168 $76,227 Per Capita Income $29,398 $32,375 Census 2010 2012 2017 Population by Age Number Percent Number Percent Number Percent 0 - 4 4,365 4.4%4,369 4.4%4,328 4.3% 5 - 9 4,950 5.0%4,939 4.9%4,870 4.8% 10 - 14 5,798 5.9%5,726 5.7%5,713 5.7% 15 - 19 6,091 6.2%5,828 5.8%5,504 5.5% 20 - 24 4,439 4.5%4,540 4.5%4,150 4.1% 25 - 34 9,654 9.8%9,863 9.9%9,860 9.8% 35 - 44 10,485 10.6%10,262 10.3%9,898 9.9% 45 - 54 15,826 16.0%15,460 15.5%14,150 14.1% 55 - 64 17,982 18.2%18,874 18.9%19,515 19.4% 65 - 74 10,598 10.7%11,365 11.4%13,455 13.4% 75 - 84 5,817 5.9%5,813 5.8%5,992 6.0% 85+2,759 2.8%2,912 2.9%3,030 3.0% Census 2010 2012 2017 Race and Ethnicity Number Percent Number Percent Number Percent White Alone 90,233 91.4%90,465 90.5%88,909 88.5% Black Alone 389 0.4%637 0.6%1,159 1.2% American Indian Alone 1,044 1.1%1,062 1.1%1,105 1.1% Asian Alone 1,187 1.2%1,400 1.4%1,897 1.9% Pacific Islander Alone 110 0.1%138 0.1%217 0.2% Some Other Race Alone 2,678 2.7%2,907 2.9%3,413 3.4% Two or More Races 3,123 3.2%3,342 3.3%3,765 3.7% Hispanic Origin (Any Race)8,439 8.5%9,125 9.1%10,699 10.6% Data Note: Income is expressed in current dollars. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 2 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Demographic and Income Profile Nevada County, CA Nevada County, CA (06057) Geography: County Area State USA Trends 2012-2017 Population Households Families Owner HHs Median HH Income An n u a l R a t e ( i n p e r c e n t ) 3 2.5 2 1.5 1 0.5 0 2012 2017 Population by Age 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Pe r c e n t 18 16 14 12 10 8 6 4 2 0 2012 Household Income <$15K 10.7% $15K - $24K 9.8% $25K - $34K 9.6% $35K - $49K 15.7% $50K - $74K 19.6% $75K - $99K 11.7% $100K - $149K 15.1% $150K - $199K 4.3% $200K+ 3.5% 2012 Population by Race White Black Am. Ind.Asian Pacific Other Two+ Pe r c e n t 90 80 70 60 50 40 30 20 10 0 2012 Percent Hispanic Origin: 9.1% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 2 Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County 1990-2000 Summary 1990 Census 2000 Annual Rate Total Population 78,510 92,033 1.60% Total Households 30,758 36,894 1.84% Total Families 22,689 25,930 1.34% Total Housing Units 37,352 44,282 1.72% Average Household Size 2.51 2.47 -3.97% Average Family Size 2.88 2.88 -0.02% Median Household Income $32,200 $45,915 3.61% Average Household Income $39,662 $59,430 4.13% Per Capita Income $15,760 $24,007 4.30% Population by Race Number Percent Total 92,033 100% Population Reporting One Race 89,599 97.4% White 85,948 93.4% Black or African American 259 0.3% American Indian or Alaska Native 814 0.9% Asian 715 0.8% Native Hawaiian or Other Pacific Islander 81 0.1% Some Other Race 1,782 1.9% Population Reporting Two or More Races 2,434 2.6% Total Hispanic Population 5,201 5.7% Population by Sex Male 45,617 49.6% Female 46,416 50.4% Population by Age Total 92,033 100% Age 0 - 4 4,306 4.7% Age 5 - 9 5,784 6.3% Age 10 - 14 6,896 7.5% Age 15 - 19 6,358 6.9% Age 20 - 24 3,561 3.9% Age 25 - 29 3,494 3.8% Age 30 - 34 4,533 4.9% Age 35 - 39 6,228 6.8% Age 40 - 44 7,886 8.6% Age 45 - 49 8,528 9.3% Age 50 - 54 7,939 8.6% Age 55 - 59 5,819 6.3% Age 60 - 64 4,652 5.1% Age 65 - 69 4,228 4.6% Age 70 - 74 4,126 4.5% Age 75 - 79 3,617 3.9% Age 80 - 84 2,322 2.5% Age 85+1,756 1.9% Median Age 43.1 Age 18+70,756 76.9% Age 65+16,049 17.4% Data Note: Population Reporting Two of More Races includes unique counts of the population who reported at least two races. Hispanic population can be of any race. Detail may not sum to totals due to rounding. Census 2000 medians are computed from reported data distributions. The "1990-2000 Annual Rate" is an annual compound rate. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 1 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Population by Relationship and HH Type Total 92,033 100% In Households 91,167 99.1% In Family Households 76,863 83.5% Householder 25,930 28.2% Spouse 21,254 23.1% Child 24,145 26.2% Other Relatives 3,264 3.5% Nonrelatives 2,270 2.5% In Nonfamily Households 14,304 15.5% In Group Quarters 866 0.9% Institutionalized Population 692 0.8% Noninstitutionalized Population 174 0.2% Population by Place of Birth and Citizenship Status Total 92,033 100% Native 87,968 95.6% Born in United States 87,303 94.9% Born outside United States 665 0.7% Foreign Born 4,065 4.4% Naturalized Citizen 2,061 2.2% Not a Citizen 2,004 2.2% Population 15+ by Sex and Marital Status Total 75,240 100% Females 38,532 51.2% Never Married 6,382 8.5% Married, not Separated 22,251 29.6% Married, Separated 591 0.8% Widowed 4,006 5.3% Divorced 5,302 7.0% Males 36,708 48.8% Never Married 8,667 11.5% Married, not Separated 22,348 29.7% Married, Separated 444 0.6% Widowed 1,135 1.5% Divorced 4,114 5.5% Population 3+ by School Enrollment Total 89,492 100% Enrolled in Nursery/Preschool: Public School 612 0.7% Enrolled in Nursery/Preschool: Private School 610 0.7% Enrolled in Kindergarten: Public School 965 1.1% Enrolled in Kindergarten: Private School 77 0.1% Enrolled in Grade 1-8: Public School 9,662 10.8% Enrolled in Grade 1-8: Private School 721 0.8% Enrolled in Grade 9-12: Public School 5,830 6.5% Enrolled in Grade 9-12: Private School 202 0.2% Enrolled in College: Public School 3,607 4.0% Enrolled in College: Private School 331 0.4% Enrolled in Grad/Professional School: Public 407 0.5% Enrolled in Grad/Professional School: Private 179 0.2% Not Enrolled in School 66,289 74.1% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 2 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Population 25+ by Educational Attainment Total 65,148 100% Less than 9th Grade 1,141 1.8% 9th - 12th Grade, No Diploma 5,168 7.9% High School Graduate 15,517 23.8% Some College, No Degree 20,141 30.9% Associate Degree 6,178 9.5% Bachelor's Degree 11,285 17.3% Master's/Professional/Doctorate Degree 5,718 8.8% Population 16+ by Sex and Employment Status Total 73,812 100% Females in Labor Force 20,730 28.1% Civilian Employed 19,814 26.8% Civilian Unemployed 916 1.2% In Armed Forces 0 0.0% Females not in Labor Force 17,167 23.3% Males in Labor Force 22,939 31.1% Civilian Employed 21,739 29.5% Civilian Unemployed 1,155 1.6% In Armed Forces 45 0.1% Males not in Labor Force 12,976 17.6% Population 16+ by Sex and Work Status in 1999 Total 73,812 100% Females 37,897 51.3% Worked Full-time 9,383 12.7% Worked Part-time 13,493 18.3% Did Not Work 15,021 20.4% Males 35,915 48.7% Worked Full-time 14,563 19.7% Worked Part-time 10,812 14.6% Did Not Work 10,540 14.3% Females 16+ by Employment Status and Age of Children Total 37,897 100% Own Children <6 Only 1,823 4.8% Employed/in Armed Forces 1,131 3.0% Unemployed 48 0.1% Not in Labor Force 644 1.7% Own Children 6-17 Only 6,752 17.8% Employed/in Armed Forces 5,172 13.6% Unemployed 133 0.4% Not in Labor Force 1,447 3.8% Own Children <6 and 6-17 1,845 4.9% Employed/in Armed Forces 1,100 2.9% Unemployed 31 0.1% Not in Labor Force 714 1.9% No Own Children <18 27,477 72.5% Employed/in Armed Forces 12,411 32.7% Unemployed 704 1.9% Not in Labor Force 14,362 37.9% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 3 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Civilian Employed Population 16+ by Occupation Total 41,553 100% Management/Professional 14,240 34.3% Service 6,811 16.4% Sales/Office and Admin Support 11,148 26.8% Farming/Fishing/Forestry 284 0.7% Construction/Extraction/Maintenance 5,112 12.3% Production/Transportation/Material Moving 3,958 9.5% Civilian Employed Population 16+ by Industry Total 41,553 100% Agriculture/Forestry/Fishing/Hunting/Mining 836 2.0% Construction 4,705 11.3% Manufacturing 3,898 9.4% Wholesale Trade 1,093 2.6% Retail Trade 5,166 12.4% Transportation/Warehousing/Utilities 1,553 3.7% Information 1,025 2.5% Finance/Insurance/Real Estate/Rental/Leasing 2,572 6.2% Professional/Scientific/Mgmt/Admin/Waste Mgmt Services 4,442 10.7% Educational/Health/Social Services 7,812 18.8% Arts/Entertainment/Recreation/Accommodation/Food Services 4,133 9.9% Other Services 2,420 5.8% Public Administration 1,898 4.6% Workers 16+ by Place of Work Total 40,673 100% Worked in State of Residence 39,287 96.6% Worked in County of Residence 29,443 72.4% Worked outside County of Residence 9,844 24.2% Worked outside State of Residence 1,386 3.4% Workers 16+ by Means of Transportation to Work Total 40,673 100% Drove Alone - Car, Truck, or Van 30,683 75.4% Carpooled - Car, Truck, or Van 5,168 12.7% Public Transportation 285 0.7% Walked 1,084 2.7% Other Means 377 0.9% Worked at Home 3,076 7.6% Workers 16+ by Travel Time to Work Total 40,673 100% Did not Work at Home 37,597 92.4% Less than 5 minutes 1,813 4.5% 5 to 9 minutes 4,739 11.7% 10 to 19 minutes 13,082 32.2% 20 to 24 minutes 5,320 13.1% 25 to 34 minutes 4,831 11.9% 35 to 44 minutes 1,582 3.9% 45 to 59 minutes 2,159 5.3% 60 to 89 minutes 2,392 5.9% 90 or more minutes 1,679 4.1% Worked at Home 3,076 7.6% Average Travel Time to Work (in minutes)26.0 August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 4 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Households by Type Total 36,894 100% Family Households 25,930 70.3% Married-couple Families 21,254 57.6% With Related Children 8,120 22.0% Other Family (No Spouse Present)4,676 12.7% With Related Children 3,195 8.7% Nonfamily Households 10,964 29.7% Householder Living Alone 8,429 22.8% Householder Not Living Alone 2,535 6.9% Households with Related Children 11,315 30.7% Households by Age of Householder Total 36,894 100% Householder Age 15 - 24 904 2.5% Householder Age 25 - 34 3,446 9.3% Householder Age 35 - 44 7,243 19.6% Householder Age 45 - 54 9,173 24.9% Householder Age 55 - 64 6,046 16.4% Householder Age 65 - 74 5,097 13.8% Householder Age 75 - 84 3,909 10.6% Householder Age 85+1,076 2.9% Households by Size Total 36,894 100% 1 Person Household 8,429 22.8% 2 Person Household 15,173 41.1% 3 Person Household 5,660 15.3% 4 Person Household 4,648 12.6% 5 Person Household 1,858 5.0% 6 Person Household 722 2.0% 7+ Person Household 404 1.1% Households by Poverty Status in 1999 and HH Type Total 36,956 100% Below Poverty Level 2,910 7.9% Married-couple Family 648 1.8% Other Family - Male Householder, No Wife Present 206 0.6% Other Family - Female Householder, No Husband Present 592 1.6% Nonfamily Households 1,464 4.0% At or Above Poverty Level 34,046 92.1% Married-couple Family 20,652 55.9% Other Family - Male Householder, No Wife Present 1,213 3.3% Other Family - Female Householder, No Husband Present 2,831 7.7% Nonfamily Households 9,350 25.3% August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 5 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Households by Household Income in 1999 Household Income Base 36,956 100% < $15,000 4,597 12.4% $15,000 - $24,999 4,387 11.9% $25,000 - $34,999 4,784 12.9% $35,000 - $49,999 6,305 17.1% $50,000 - $74,999 7,914 21.4% $75,000 - $99,999 3,997 10.8% $100,000 - $149,999 3,028 8.2% $150,000 - $199,999 1,025 2.8% $200,000 +919 2.5% Median Household Income $45,915 Average Household Income $59,430 Families by Family Income in 1999 Family Income Base 26,142 100% < $15,000 1,752 6.8% $15,000 - $24,999 2,567 9.9% $25,000 - $34,999 3,293 12.7% $35,000 - $49,999 4,585 17.7% $50,000 - $74,999 6,431 24.8% $75,000 - $99,999 3,305 12.7% $100,000 - $149,999 2,641 10.2% $150,000 - $199,999 796 3.1% $200,000 +772 3.0% Median Family Income $52,691 Average Family Income $66,280 Owner Occupied HUs by Value Total 27,950 100% < $50,000 1,222 4.4% $50,000 - $99,999 1,529 5.5% $100,000 - $149,999 4,483 16.0% $150,000 - $199,999 6,823 24.4% $200,000 - $299,999 7,982 28.6% $300,000 - $499,999 4,638 16.6% $500,000 - $999,999 1,127 4.0% $1,000,000+146 0.5% Median Home Value $199,324 Average Home Value $235,785 Specified Renter Occupied HUs by Contract Rent Total 8,454 100% With Cash Rent 7,906 93.5% < $200 391 4.6% $200 - $499 1,909 22.6% $500 - $749 2,891 34.2% $750 - $999 1,822 21.6% $1,000 - $1,499 774 9.2% $1,500 - $1,999 89 1.1% $2000+30 0.4% No Cash Rent 548 6.5% Median Rent $642 Average Rent $656 Data Note: Specified Renter Occupied HUs exclude houses on 10+ acres. Average Rent excludes units paying no cash rent. Census 2000 medians are computed from reported data distributions. August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 6 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. Census 2000 Summary Profile Nevada County, CA Nevada County, CA (06057) Geography: County Housing Units by Occupancy Total 44,282 100% Occupied Housing Units 36,894 83.3% Owner Occupied Housing Units 27,958 63.1% Average Household Size 2.49 Renter Occupied Housing Units 8,936 20.2% Average Household Size 2.41 Vacant Housing Units 7,388 16.7% For Rent 287 0.6% For Sale Only 365 0.8% Rented or Sold, not Occupied 251 0.6% For Seasonal/Recreational/Occasional Use 5,915 13.4% For Migrant Workers 1 0.0% Other Vacant 569 1.3% Housing Units by Units in Structure Total 44,282 100% 1 Detached 36,312 82.0% 1 Attached 873 2.0% 2 613 1.4% 3 or 4 976 2.2% 5 to 9 727 1.6% 10 to 19 362 0.8% 20+1,035 2.3% Mobile Home 3,244 7.3% Other 140 0.3% Housing Units by Year Structure Built Total 44,282 100% 1999 to March 2000 1,235 2.8% 1995 to 1998 3,969 9.0% 1990 to 1994 5,167 11.7% 1980 to 1989 12,222 27.6% 1970 to 1979 10,865 24.5% 1969 or Earlier 10,824 24.4% Median Year Structure Built 1980 Households by Year Householder Moved In Total 36,894 100% Moved in 1999 to March 2000 6,748 18.3% Moved in 1995 to 1998 11,246 30.5% Moved in 1990 to 1994 6,758 18.3% Moved in 1980 to 1989 7,787 21.1% Moved in 1970 to 1979 3,262 8.8% Moved in 1969 or Earlier 1,093 3.0% Median Year Householder Moved In 1995 Households by Vehicles Available Total 36,894 100% None 1,742 4.7% 1 10,234 27.7% 2 15,532 42.1% 3 6,494 17.6% 4 2,185 5.9% 5+707 1.9% Average Number of Vehicles Available 2.0 August 05, 2013 Made with Esri Business Analyst ©2013 Esri www.esri.com/ba 800-447-9778 Try it Now!Page 7 of 7 Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. ESRI converted 1990 Census data into 2000 geography. State of California California Tax Credit Allocation Committee & California Debt Limit Allocation Committee Market Study Index Market Analysts must provide a checklist referencing all components of their market study. This checklist is intended to assist readers on the location and content of issues relevant to the evaluation and analysis of market studies. The page number of each component referenced is noted in the right column. In cases where the item is not relevant, the author has indicated "N/A" or not applicable. Where a conflict with or variation from client standards or client requirements exist, the author has indicated a "V" (variation) with a comment explaining the conflict. More detailed notations or explanations are also acceptable. Page Number(s) Executive Summary 1. Precise statement of key conclusions E-2 2. Market strengths and weaknesses impacting project E-2 3. Recommendations and/or modification to project discussion E-2 4. Discussion of subject property's impact on existing housing E-2 5. Absorption projection with issues impacting performance E-2 6. Discussion of risks or other mitigating circumstances impacting project E-2 Project Description 7. Number of bedrooms and baths proposed, income limitation, proposed rents and utility allowances 1-1 8. Utilities (and utility sources) included in rent 1-2 9. Occupancy type and target population description 1-1 10. Project design description 1-1 11. Description of service amenities 1-2 12. Date of construction/preliminary completion 1-1 13. If rehabilitation or demolition of occupied housing, existing unit breakdown and rents N/A 14. Reference of status or date of architectural plans and name of architect 1-1 15. Copy of floor plans and elevations N/A Delineation of Market Area 16. Primary Market Area and Secondary Market Area description 2-3 17. Scaled for distance map of the suggested market area 2-3 18. Site amenities description and map 1-9 19. Description of site characteristics 1-2 20. Photographs of site and neighborhood 1-3 21. Visibility and accessibility evaluation 1-2 22. Crime statistics 3-16 Market Area Economy 23. Employment by industry 3-12 24. Major employers 3-14 25. Historical unemployment rate 3-13 26. Five-year employment growth 3-13 Market Study Index for TCAC & CDLAC Market Study Guidelines Page 2 of 2 2/12/10 27. Employment Trends 3-13 28. Typical wages by occupation N/A 29. Discussion of commuting patterns of area workers 3-14 Population, Household and Income Trends 30. Population and household estimates and projections 3-1 & 3-5 31. Households by tenure 3-6 32. Distribution of income 3-7 Demand Estimate 33. Evaluation of proposed rent levels 4-1 34. Existing household demand 4-1 35. New household demand 4-1 36. Commuter demand 4-1 37. Calculation and analysis of Capture Rate 4-5 38. Calculation and analysis of Penetration Rate 4-7 39. Identification of risks E-4 40. Conclusion of Demand analysis 4-1 Absorption Rate 41. Definition and Justification 4-7 42. Estimated time to reach occupancy and percentage of units 4-7 Competitive Rental Market 43. Derivation of achievable market rent and Market Advantage 5-2 44. Derivation of achievable Restricted Rent 5-4 45. List and contact information of all considered properties 5-22 to 5-37 46. Profiles and narrative of comparable properties 5-22 to 5-37 47. Map of comparable properties 5-36 48. Comparable property photos 5-22 to 5-37 49. Comparison of subject property to comparable properties 5-4 50. Existing rental housing evaluation 5-1 51. Rent comparability matrices 5-6 to 5-20 52. Market Vacancy Rates 5-1 53. Availability of Housing Choice Vouchers -- 54. Identification of waiting lists 5-21 55. Explanation of adjustments 5-3 56. Description of overall rental market including share of market-rate and affordable properties 5-20 57. List of existing a LIHTC properties 5-21 58. Discussion of future changes in housing stock including homeownership -- 59. Tax credit and other planned or under construction rental communities in market area 5-20 Other Requirements 60. Market Study Index ATT 3 61. Date of field work / preparation date of report CERT 62. Resume ATT 4 63. Utility allowance schedule N/A 64. Floor plans and elevations N/A 65. Demographic reports used ATT 2 66. Bibliographical list of the data sources used ATT 1 RESUME - LAURIN ASSOCIATES STEFANIE WILLIAMS POSITION: Senior Associate at Laurin Associates (2000 - Present): Primary Duties: Research and analyze demographic and market data. Evaluate present and future trends in housing demand. Write market feasibility studies and reports. Maintain and manage grants for small cities and counties. Conduct housing conditions and household income surveys. Prepare various housing studies. EXPERIENCE: Recent responsibilities (2009): Contract Management for market study projects including, budget, staff management, and work load management. Market feasibility research and reports for affordable housing projects throughout California. Prepared two housing conditions studies, housing needs assessment and income surveys. Provided CDBG Grant Management for three cities. Historically has prepared one market study for the area in which the project is located, and completed one field inspection. EDUCATION: Bachelor of Arts in Communications Studies, Emphasis; Interpersonal Communications, California State University, Sacramento, 2002. ASSOCIATIONS AND AFFILIATIONS: California Council for Affordable Housing National Council of Affordable Housing Market Analysts. LAURIN ASSOCIATES STATEMENT OF QUALIFICATIONS Jayne Raab – Division Manager, BA, MBA Manager, Laurin Associates Division 2008 to present – oversees the staff of associates in the daily management of projects. Ms. Raab has 18 years of affordable housing experience, including extensive experience preparing financing applications to state and local agencies, preparing pro formas and feasibility analyses, and coordinating private projects with public agency funding requirements. Stefanie Williams – Senior Associate, BA Ms. Williams joined the Laurin Associates team in 2000. Ms. Williams specializes in: market feasibility studies; fieldwork and surveys; grant applications; management and administration, and computer database development. Suzanne Gottier – Senior Associate, BA Ms. Gottier joined the Laurin Associates team in 2005. Ms. Gottier specializes in: relocation program assistance; funding compliance and reporting; market feasibility studies; fieldwork; surveys; grant applications; management and administration; and housing element annual progress reports. Denise Williams – Housing Specialist & Labor Compliance Coordinator Ms. Williams joined the Laurin Associates team in 2004. Ms. Williams specializes in: administering FTHB and housing rehabilitation programs; market feasibility studies; field work and surveys; and Davis Bacon and State Prevailing Wage labor compliance monitoring. www.raneymanagement.com Northern California 1501 Sports Drive Sacramento, CA 95834 Tel: 916.372.6100 Fax 916.419.6108 GLOSSARY OF TERMS: Absorption Period ~ the actual or expected period required from the time a property is initially offered for purchase or use by its eventual users all portions have been sold or stabilized occupancy has been achieved. Although marketing may begin before the completion of construction, most forecasters consider the absorption period to begin after the completion of construction. Absorption Rate ~ the average number of units rented each month during the Absorption Period. Acceptable Rent Burden ~ the rent-to-income ratio used to qualify tenants for both income restricted and non-income restricted rents. The Acceptable Rent Burden varies depending on the requirements of funding sources, government funding sources, target markets and local conditions. Affordable Housing ~ housing that costs an owner or renter no more than 30 percent (for rental units), to 35 percent (for owner occupied units) of his or her income. Amenity ~ non-monetary tangible or intangible benefits offered to a tenant, typically on- site recreational facilities or planned programs, services and activities. Annual Demand ~ the total estimated demand present in the market on any one year for the type of units proposed. Area Median Income ~ 100% of the gross median family income for a specific Metropolitan Statistical Area, county or non-metropolitan area established annually by HUD. Assisted Housing ~ housing where the monthly costs of the tenants are subsidized by federal or other programs. Attached Housing ~ two or more dwelling units connected with party walls (e.g. townhomes or flats). Basic Rent ~ the minimum monthly rent that tenants who do not have rental assistance pay to lease units developed through the USDA – RD Section 515 Program, the HUD Section 236 Program and HUD Section 223(d)(3) Below Market Interest Rate Program. The basic rent is calculated on the rent required to operate the property, maintain debt services on a subsidized mortgage with a below-market interest rate, and provide a return on equity to the developer in accordance with the regulatory documents governing the Property. Below Market Interest Rate Program ~ program targeted to renters with income not exceeding 80% of area median income by limiting rents based on BMIR Program requirements and through the provision of an interest reduction contract to subsidize the market interest rate to a below-market rate. Interest rates are typically subsidized to effective rates on one percent or three percent. Capture Rate ~the percentage of income qualified renter households necessary for a proposed property to capture to achieve stabilized occupancy. Calculated by dividing the total number of units at the property by the total number of income eligible renter households in the market (less existing tax credit units in the market). Census Tract ~ a small, relatively permanent statistical subdivision delineated by a local committee of census data users for the purpose of presenting data. Census tract boundaries normally follow visible features, but may follow governmental unit boundaries and other non-visible features; they always nest within counties. The are designed to be relatively homogeneous units with respect to population characteristics, economic status, and living conditions at the time of establishment. Census tracts average about 4,000 inhabitants. Comparable Project ~ a project that is representative of the rental housing choices in the subject’s target market and that is similar in construction, size, amenities or age. Competitive Project ~ a project that is comparable to the subject and that competes at nearly the same rent levels. Contract Rent ~ the actual monthly rent payable by the tenant, including any rent subsidy paid on behalf of the tenant, to the owner, inclusive of all terms of the lease. Demand ~ an estimate of the total number of market participants that have both the desire and the ability to obtain the product and / or services offered. Detached Housing ~ a freestanding dwelling unit, typically single-family, situated on its own lot. Elderly ~ the age typically regarded as “elderly” is subject to numerous definitions, ie: USDA – 62yrs.; HUD - 65yrs.; LIHTC – 55yrs. Extremely low income ~ household income below 30 percent of the local area median, as defined by HUD. Fair Market Rent ~ HUD’s estimate of market rent for an apartment in the conventional marketplace. Feasibility Analysis ~ an analysis undertaken to investigate whether a project will fulfill the objectives of the investor. Garden Apartments ~ apartments in low-rise buildings (typically two to four stories) that feature low density, ample open-space around buildings, and on-site parking. Gross Rent ~ the monthly rental cost to a tenant, inclusive of all utilities costs necessary for habitability of the apartment. High-rise ~ a tall building, usually having more than ten stories in apartment buildings. Household ~ a household includes all the people who occupy a housing unit as their usual place of residence. Housing Choice Voucher ~ federal rent subsidy program which issues rent vouchers to eligible households to use in the housing of their choice. The voucher payment subsidizes the difference between the Gross Rent and the tenants contribution of 30% of adjusted income. Housing Finance Agency ~ state or local agencies responsible for financing housing and administering assisted housing programs. HUD Section 8 Program ~ program administered by HUD and targeted to low and very low income families who pay the higher of either 30 percent of their adjusted income or 10 percent of their gross income rent. Many HUD Section 8 apartments are reserved for the elderly, and a small portion are specially designed for the mobility impaired. HUD Section 202 Program ~federal program which provides direct capital assistance (i.e. grant) and operating or rental assistance to finance housing designed for occupancy by elderly households who have income not exceeding 50% of Area Median Income. The Program is limited to housing owned by 501(3) nonprofit organizations or by limited partnerships where the sole general partner is a 501 (C) (3) nonprofit organization. HUD Section 811 Program ~ federal program which provides direct capital assistance and operating or rental assistance to finance housing designed for occupancy by persons with disabilities who have income not exceeding 50% of Area Median Income. The program is limited to housing owned by 501 ( c) (3) nonprofit organization or by limited partnership where the sole general partner is a 501 ( c) (3) nonprofit organization. HUD Section 236 Program ~ federal program which provides interest reduction payments for loans which finance housing targeted to households with income not exceeding 80% of area median income who pay rent equal to the greater of Basic Rent or 30 percent of their adjusted income. All rents are capped at a HUD approved market rent. Income Band ~ the range of household income from the minimum necessary for affordability to the maximum income a household may earn based upon the restrictions imposed by the market and/or housing program. Income Limits~ Maximum income by county or metropolitan statistical area (MSA), adjusted for household size and expressed a s a percentage of the Area Median Income for the purpose of establishing an upper limit for eligibility for a specific housing program. Income limits for federal, state, and local rental housing programs typically are established at 30%, 50%, 60%, or 80% of AMI. Independent Living ~ individual apartments or homes for elderly residents, offering no special services. Low income ~ as applied to most housing programs, household income below 80 percent of the local area median income, as defined by HUD. Low rise ~ a building with one to three stories. Market Area ~ the geographic or locational delineation of the market for a specific category or real estate. i.e., the area in which alternative, similar properties effectively compete with the subject property in the minds of probable, potential purchasers and users. Market Rent ~ the rental income that a property / apartment unit would most probably command in the open market; indicated by the current rents paid and asked for at comparable properties / apartment units as of the date of the market study. Market Study ~ a macroeconomic analysis that examines the general market condition of supply, demand, and pricing, or the demographics of demand for a specific area or property type. A market study may also include analyses of construction and absorption trends. Metropolitan Statistical Area ~ a geographical entity defined by the federal Office of Management and Budget for use by federal statistical agencies, based on the concept of a core area with a large population nucleus, plus adjacent communities having a high degree of economic and social integration with that core. Qualifications of an MSA requires the presence of a city with 50,000 or more inhabitants, or the presence of an Urbanized Area (UA) and a total population of at least 100,000 (75,000 in New England). The county or counties containing the largest city and surrounding densely settled territory are central counties of the MSA. Additional outlying counties qualify to be included in the MSA by meeting a certain other criteria of metropolitan character, such as a specified minimum population density or percentage of the population that is urban. Mid-rise ~ a building with four to ten stories. Migration ~ the movement of households from one location or market area to another. Mixed Income Property ~ an apartment property containing both tax credit units and unrestricted units. Or a Section 42 property containing both public housing and / or deeply skewed AMI units and LIHTC units. Mobility ~ the ease with which people move from one location to another Moderate Income ~ persons or households with gross family income between 80 and 120 percent of area median income adjusted for household size. Multifamily ~ structures that contain more than five housing units. Net Rent ~ gross rent less utilities costs necessary for habitability of the apartment that are not paid by the landlord and therefore not included in contract rent. Penetration Rate ~ proportion of age and income qualified households, likely to have an interest in subject property. Typically applies to secondary market area or to secondary target group Pent-up Demand ~ demand characterizing a market in which there is a scarcity of supply and vacancy rates are below typical levels. Primary Market Area ~ the most likely geographical area from which a property would draw its support. Public Housing ~ rental projects that are owned and managed by state and local government agencies and made available to low-and middle income tenants at 30% of their adjusted gross income reduced rates. Restricted Rent ~ the maximum allowable rent under the restrictions of a specific housing program or subsidy. Rural Development (RD) Program ~ Federal program which provides low interest loans to finance housing which serves low and moderate-income persons in rural areas who pay 30 percent of their adjusted income on rent, or the basic rent, whichever is higher (but not exceeding the market rent). The Program may include property based rental assistance and interest reduction contracts to write down the interest on the loan to as low as one percent. Saturation~ The point at which there is no longer demand to support additional units. Secondary Market Area ~ the portion of a market area that supplies additional support to a project beyond that provided by the primary trade area. Senior Housing ~ specifically designated for and restricted to, persons who are age eligible which typically reflects the requirements of the restricted program governing the housing 55+, 62+, 65+. Single-Family Housing ~ a dwelling unit, either attached or detached, designed for use by one household and with direct access to a street. It does not share a heating facilities or other essential building facilities with any other dwelling. Special Needs Population ~ specific market niche which is typically not catered to in a conventional apartment property. This population should exhibit certain criteria which can be well-defined and are reasonable quantifiable, in order, for example, to asses the need and demand from this source. Target Income Band ~ the estimated income band from which the subject property will likely draw. Tenure ~ the distinction between owner-occupied and renter-occupied housing units. Turnover ~ the percentage of units that becomes vacant due to evictions, move-outs, or other causes over a one-year period. Unrestricted Units ~ those units at a mixed-income property that are not subject to any income or rent restrictions. Very low income ~ household income below 50 percent of the local area median, as defined by HUD. .