Agenda - Council - 08/27/2019 - Laserfiche WebLink

Home

APPENDIX two meals per day and weekly housekeeping in the monthly fee, with the availability of a third meal and personal care (either included in the monthly fee or for an additional cost). Assisted living properties also have either staff on duty 24 hours per day or at least 24-hour emergency response. Building Permit — Building permits track housing starts and the number of housing units author- ized to be built by the local governing authority. Most jurisdictions require building permits for new construction, major renovations, as well as other building improvements. Building permits ensure that all the work meets applicable building and safety rules and is typically required to be completed by a licensed professional. Once the building is complete and meets the inspec- tor's satisfaction, the jurisdiction will issue a "CO" or "Certificate of Occupancy." Building per- mits are a key barometer for the health of the housing market and are often a leading indicator in the rest of the economy as it has a major impact on consumer spending. Capture Rate —The percentage of age, size, and income -qualified renter households in a given area or "Market Area" that the property must capture to fill the units. The capture rate is cal- culated by dividing the total number of units at the property by the total number of age, size and income -qualified renter households in the designated area. Comparable Property — A property that is representative of the rental housing choices of the designated area or "Market Area" that is similar in construction, size, amenities, location and/or age. Concession — Discount or incentives given to a prospective tenant to induce signature of a lease. Concessions typically are in the form of reduced rent or free rent for a specific lease term, or free amenities, which are normally charged separately, such as parking. Congregate (or independent living with services available) — Congregate properties offer sup- port services such as meals and/or housekeeping, either on an optional basis or a limited amount included in the rents. These properties typically dedicate a larger share of the overall building area to common areas, in part, because the units are smaller than in adult housing and in part to encourage socialization among residents. Congregate properties attract a slightly older target market than adult housing, typically seniors age 75 or older. Rents are also above those of the active adult buildings, even excluding the services. 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 — The total number of households that would potentially move into a proposed new or renovated housing project. These households must be of appropriate age, income, tenure and size for a specific proposed development. Components vary and can include, but are not lim- ited to: turnover, people living in substandard conditions, rent over -burdened households, in- come -qualified households and age of householder. Demand is project specific. MAXFIELD RESEARCH AND CONSULTING 162