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APPENDIX -DEFINITIONS <br />Naturally Occurring Affordable Housing Although affordable housing is typically associated <br />with an income-restricted property, there are other housing units in communitie <br />indirectly provide affordable housing. Housing units that were <br />with income guidelines (i.e. assisted) yet are more affordable than other units in a communit <br />are considered naturally-occurring or unsubsidized affordable units. This rental sup <br />available through the private market, versus assisted housing pr <br />governmental agencies. Property values on these units are lower base <br />factors, such as: age of structure/housing stock, location, cond <br />school district, etc. <br />Net Income  Income earned after payroll withholdings such as state and feder <br />social security, as well as retirement savings and health insura <br />Net Worth The difference between assets and liabilities, or the total valu <br />debt is subtracted. <br />Pent-up demand A market in which there is a scarcity of supply and as such, vac <br />very low or non-existent. <br />PopulationAll people living in a geographic area. <br />Population DensityThe population of an area divided by the number of square miles of land <br />area. <br />Population Trends  Changes in population levels for a particular geographic area ov <br />specific period of time a function of the level of births, deaths, and in/out migration. <br />Project-Based rent assistance Rental assistance from any source that is allocated to the <br />property or a specific number of units in the property and is av <br />tenant of the property or an assisted unit. <br />Redevelopment  The redesign, rehabilitation or expansion of existing properties. <br />Rent burden  gross rent divided by adjusted monthly household income. <br />Restricted rent  The rent charged under the restriction of a specific housing pro <br />subsidy. <br />Saturation The point at which there is no longer demand to support addition <br />affordable/subsidized, rental, for-sale, or senior housing units. Saturation usually refers to a <br />particular segment of a specific market. <br />Senior Housing The term senior housing refers to any housing development that is <br />restricted to people age 55 or older. Today, senior housing inc <br />121 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />