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<br /> <br /> <br />Hillside Heights Apartments, Elk River, Minnesota <br /> <br />Market Analyst Professionals, LLC 3 April 24, 2020 <br />Section 1: Introduction and Scope of Work <br />Market Analyst Professionals, LLC (MAP) has prepared the following Comprehensive Market <br />Analysis Full Narrative Report to determine the market feasibility of an affordable housing project located <br />in Elk River, Minnesota. The report was prepared for Community Housing Development Corporation. <br />The subject proposal is described in detail in Section 3. The market study was prepared in accordance <br />with Minnesota Housing Finance Agency (MHFA) guidelines and industry accepted practices and is <br />written to meet the requirements of the MHFA market study requirement. The market study includes a <br />site visit and field work by the analyst signing the report conducted on April 5, 2020 with the senior <br />analyst signing the report responsible for conclusions and analysis of the report. <br /> <br />Information contained within the report is assumed to be trustworthy and reliable. <br />Recommendations and conclusions in the report are based on professional opinion. MAP does not <br />guarantee the data nor assume any liability for any errors in fact, analysis or judgment resulting from the <br />use of the report. <br /> <br /> <br /> <br /> <br /> <br />