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APPENDIX considered "naturally -occurring" or "unsubsidized affordable" units. This rental supply is avail- able through the private market, versus assisted housing programs through various governmen- tal agencies. Property values on these units are lower based on a combination of factors, such as: age of structure/housing stock, location, condition, size, functionally obsolete, school dis- trict, etc. Net Income — Income earned after payroll withholdings such as state and federal income taxes, social security, as well as retirement savings and health insurance. Net Worth — The difference between assets and liabilities, or the total value of assets after the debt is subtracted. Pent-up demand — A market in which there is a scarcity of supply and as such, vacancy rates are very low or non-existent. Population — All people living in a geographic area. Population Density — The population of an area divided by the number of square miles of land area. Population Trends — Changes in population levels for a particular geographic area over a spe- cific period of time — a function of the level of births, deaths, and in/out migration. Project -Based rent assistance — Rental assistance from any source that is allocated to the prop- erty or a specific number of units in the property and is available to each income eligible tenant of the property or an assisted unit. Redevelopment — The redesign, rehabilitation or expansion of existing properties. Rent burden — gross rent divided by adjusted monthly household income. Restricted rent — The rent charged under the restriction of a specific housing program or sub- sidy. Saturation —The point at which there is no longer demand to support additional market rate, affordable/subsidized, rental, for -sale, or senior housing units. Saturation usually refers to a particular segment of a specific market. Senior Housing — The term "senior housing" refers to any housing development that is re- stricted to people age 55 or older. Today, senior housing includes an entire spectrum of hous- ing alternatives. Maxfield Research Inc. classifies senior housing into four categories based on the level of support services. The four categories are: Active Adult, Congregate, Assisted Living and Memory Care. MAXFIELD RESEARCH AND CONSULTING 167