Housing Needs Assessment

LIHTC Application Assessment

ESI was commissioned by Presby’s Inspired Life to produce an updated market study and housing needs assessment for the 2018 low-income housing tax credit (LIHTC) application. The proposed project is a 55+ age restricted development with 20 percent units set aside for non-elderly disabled. In 2017, ESI provided an assessment for this property, however, its units were then being set aside for only 62 and older residents.

Using expert knowledge of the Philadelphia housing marketing, including the affordable housing sector, ESI conducted a rigorous, compliant market study.

Requirements of PHFA’s MS/HNA include, but are not limited to:

• Determining primary and secondary market areas for the project
• Calculating a capture rate for the provided the number of age- and income-qualified households for thein the primary market,
• Analyzing population demographics, income, housing characteristics and employment figures
• Assessing the project’s impact on the local real estate market
• Discussing the suitability of the project in the primary market area
• Locating and mapping nearby amenities
• Contacting certain stakeholders
• Listing other affordable housing in the primary market area
• Identifying, contacting, and taking photographs of comparable units in the primary market area
• Computing a pricing advantage for the project

ESI concluded the assessment with an explanation of why the proposed housing will be supported by the market and estimating an absorption rate.