1. (a)

   1. (1) The market study must identify all comparable units and developments in the primary market area.
   2. (2) There is no minimum or maximum number of comparable developments as all such developments must be included.

   3. (3)

      1. (A) Do not omit any comparable development or information for a comparable development because of lack of information.
      2. (B) Information that is not available must be noted with an "N/A" with an explanation as to why the information was not obtainable.
   4. (4) Market analysts must make all reasonable efforts to obtain information from developments within the market area.
   5. (5) The Arkansas Development Finance Authority shall not consider market studies to comply with the market study guidelines if an unreasonable number of such developments are designated “N/A”.

   6. (6) The following information must be included for each comparable development:

      1. (A) Color photograph or photographs of comparable development;
      2. (B) Development name;
      3. (C) Development address;
      4. (D) Development telephone number;
      5. (E) Distance from subject;
      6. (F) Current occupancy rate;
      7. (G) Purpose (e.g., family, senior, assisted living, supportive housing);
      8. (H) Amenities (unit and common);
      9. (I) Appliances;
      10. (J) Unit features;
      11. (K) Security features;
      12. (L) Utility type;
      13. (M) Waiting list (by unit type);
      14. (N) Development type (LIHTC, HOME, market rate); and
      15. (O)
2. (i) Chart/table outlining:
3. (a) (a) Unit type (e.g., LIHTC, HIGH-HOME, LOW-HOME, market rate);
4. (b) (b) Number of units per unit type;
5. (c) (c) Number of bedrooms and bathrooms per unit type;
6. (d) (d) Square footage for each unit type;
7. (e) (e) Rent for each unit type;
8. (f) (f) Vacancies per unit type; and

9. (g) (g) Current vacancy rate per unit type.

   1. (ii) Totals for each column must be included.

10. (b)

    1. (1) All units within the primary market area that charge rents comparable to the proposed developments that is the basis of the market study shall be included in the analysis of comparable units, regardless of type of financing.

    2. (2) Units with comparable rents within the primary market area shall not be excluded because such units differ from the proposed units in bedroom size by one (1) bedroom, i.e., two-bedroom units in the primary market area, if comparable rents, must be included as a comparable unit to one-bedroom units.

       1. (c) Senior developments shall be included as comparable developments, if otherwise comparable under these guidelines or in the professional determination of the market analyst, when determining market need for family developments.

          1. (d) Exception to comparable rents. Family developments shall be excluded from comparable developments for purposes of determining market need for senior developments, unless determined comparable in the professional judgment of the market analyst.

Codification Notes: "LIHTC" means low-income housing tax credit.