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<br />INDEPENDENT SENIOR HOUSING MARKET CONDITIONS <br /> <br />their single-family homes, or they do not feel financially ready to make a housing transition <br />due to the loss of retirement funds or other as~ets. Primary Market Area properties appear to <br />be holding steady in the current economic conditions, but slow lease-up at Oaks of Lake <br />George may indicate that there is an adequate supply of market rate independent housing at <br />this time. <br /> <br />. Affordable and subsidized independent senior housing is need-driven from a housing af- <br />fordability standpoint. The market continues to be strong for these housing products as there <br />is only one vacant affordable unit (1.3% vacancy) and no vacant subsidized units. Demand <br />for subsidized housing is very strong based on our conversations with housing professionals <br />and the lengthy waiting lists at Primary Market Area subsidized communities. <br /> <br />. Overall, the current economic conditions are dampening demand for independent senior <br />housing products, particularly market rate housing. Until the economy improves, demand <br />observed in the marketplace may be less than our calculations suggest. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />