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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 119 <br />