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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 communities that <br /> indirectly provide affordable housing. Housing units that were not developed or designated <br /> with income guidelines (i.e. assisted) yet are more affordable than other units in a community <br /> are considered "naturally-occurring" or "unsubsidized affordable" units. This rental supply is <br /> available through the private market, versus assisted housing programs through various <br /> governmental agencies. Property values on these units are lower based on a combination of <br /> factors, such as: age of structure/housing stock, location, condition, size, functionally obsolete, <br /> school district, etc. <br /> Net Income—Income earned after payroll withholdings such as state and federal income taxes, <br /> social security, as well as retirement savings and health insurance. <br /> Net Worth—The difference between assets and liabilities, or the total value of assets after the <br /> debt is subtracted. <br /> Pent-up demand—A market in which there is a scarcity of supply and as such, vacancy rates are <br /> very low or non-existent. <br /> Population—All people living in a geographic area. <br /> Population Density—The 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 over a <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 available to each income eligible <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 program or <br /> subsidy. <br /> Saturation—The point at which there is no longer demand to support additional market rate, <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 includes an entire spectrum of <br /> MAXFIELD RESEARCH&CONSULTING,LLC 121 <br />