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

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APPENDIX Market rent — The rent that an apartment, without rent or income restrictions or rent subsi- dies, would command in a given area or "Market Area" considering its location, features and amenities. Market study — A comprehensive study of a specific proposal including a review of the housing market in a defined market or geography. Project specific market studies are often used by de- velopers, property managers or government entities to determine the appropriateness of a pro- posed development, whereas market specific market studies are used to determine what house needs, if any, existing within a specific geography. Market rate rental housing — Housing that does not have any income -restrictions. Some prop- erties will have income guidelines, which are minimum annual incomes required in order to re- side at the property. Memory Care — Memory Care properties, designed specifically for persons suffering from Alz- heimer's disease or other dementias, is one of the newest trends in senior housing. Properties consist mostly of suite -style or studio units or occasionally one -bedroom apartment -style units, and large amounts of communal areas for activities and programming. In addition, staff typi- cally undergoes specialized training in the care of this population. Because of the greater amount of individualized personal care required by residents, staffing ratios are much higher than traditional assisted living and thus, the costs of care are also higher. Unlike conventional assisted living, however, which deals almost exclusively with widows or widowers, a higher pro- portion of persons afflicted with Alzheimer's disease are in two -person households. That means the decision to move a spouse into a memory care facility involves the caregiver's con- cern of incurring the costs of health care at a special facility while continuing to maintain their home. Migration — The movement of households and/or people into or out of an area. Mixed -income property— An apartment property contained either both income -restricted and unrestricted units or units restricted at two or more income limits. Mobility — The ease at which people move from one location to another. Moderate Income — Person or household with gross household income between 80% and 120% of the Area Median Income, adjusted for household size. Multifamily — Properties and structures that contain more than two housing units. Naturally Occurring Affordable Housing — Although affordable housing is typically associated with an income -restricted property, there are other housing units in communities that indi- rectly provide affordable housing. Housing units that were not developed or designated with income guidelines (i.e. assisted) yet are more affordable than other units in a community are MAXFIELD RESEARCH AND CONSULTING 166