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EXECUTIVE SUMMARY <br /> • Another measure of demand is the project and market penetration rate. We estimate that <br /> the income-qualified base for affordable rental housing in the PMA in 2012 is 1,364 senior <br /> households. Dividing the proposed units at Blackhawk Woods(and accounting for PMA <br /> residents and a 5%vacancy factor)by the income-qualified base yields a project penetration <br /> rate of 5.2%. Because there are no competitive affordable senior units in the Market Area, <br /> the gross market penetration is the same as the project penetration.These penetration <br /> rates are low and indicate that the income-qualified renter base is more than sufficient to <br /> support the proposed Blackhawk Woods. <br /> • We estimate that the 84-unit townhome!development would be 40%pre-leased at initial <br /> occupancy. We project that the remaining 50 units should lease at a rate of between four <br /> to six units per month to reach stabilized occupancy(95%)within:approximately eight to <br /> twelve months' <br /> MAXFIELD RESEARCH INC. 4 <br />