DLM MarketAnalysis[1]

DLM & Associates, LLC.

Affordable Housing Supply and Demand Analysis

For the Town of East Spencer

February 2010

By

Dana Merck



2

Table of Contents

Section Page #

Executive Summary 3 I. Purpose of Analysis 6

II. Background Information 6

III. Expected Buyers 9

IV. Effective Market Area 10 V. Demand/Need for Affordable Housing 12

VI. Number of Potential Buffers in EMA 15

VII. Competition and Capture Rate 16

VIII. Conclusion 18 IX: Recommendations 18


3

Executive Summary:

East Spencer is proposing to build 8-18 affordable homes in the Dunbar Renaissance Village Redevelopment Area along Robin Cr., E. Broad St.,

and S. Long St. near the vacant Dunbar School. The Town expects to build 3 bedroom 2 bath homes and to sell these homes for $105,000 over a two and one-half year period.

I. Conclusion:

It is the determination of this Supply and Demand Analysis that that the proposed housing project can be developed and successfully sold. This

determination has been reached by examining and developing answers to the following questions:

Q: Who are the most likely potential buyers of the proposed homes?

A: The most likely potential buyers for the proposed homes are minority households with incomes of 51%-80% Area Median Family Income.

Q: What is the Effective Market Area from which these buyers are most likely to come?

A: The most likely Effective Market Area for the proposed homes is the greater Salisbury urban area including the City of Salisbury, and the adjacent Towns of East Spencer, Spencer, Granite Quarry, and Faith. Although the buyers described above are expected to come only from Salisbury, East Spencer, and Spencer.

Q: Within this EMA, is there a demand/need for affordable, single-family

housing, such as East Spencer proposes?

A: There is believed to be a serious demand/need for affordable housing

within the EMA, since 27% of EMA households pay more than the HUD recommended 30% of monthly income for housing, and 55% of EMA housing units, considered affordable to low-income households with incomes 51%-80% AMFI, are actually occupied by non low-income households.

Q: How many potential buyers for the proposed homes exist in the EMA?

A: There are 340 minority, family households with incomes of 51%-80%AMFI, but as many as 50% of this number may be constrained from purchasing a home due to credit history or debt load, leaving 170 potential buyers for East Spencer’s proposed homes.


4

Q: How will the proposed homes compete in the local housing market, and is it reasonable to expect that they can capture the necessary

percentage of these buyers to be sold?

A. East Spencer’s homes are priced within the $85-$95 per square foot range of newer homes offering similar square footage and amenities, and are expected to compete well. To sell 8 homes, East Spencer would only have to capture 5% of the potential buyers in EMA and to sell 18 homes capture only 11%, therefore an 18-home development appears reasonable.

II. Recommendations:

To help East Spencer and its development partners better plan and implement its proposed housing project, this analysis provides the

following recommendations:

A. Number of Homes to Develop: Although the local for-sale market might absorb 18 new homes planned

by East Spencer, the Town may want to consider a phased development project with a first phase providing 8 homes to test the market before committing to develop the remaining 10 homes.

C. The Product:

It is recommended that East Spencer’s housing product contain 1,100-1,200 square feet, a paved driveway, but no garage, a rear deck, central

heat and air conditioning, and built in stove, refrigerator, and automatic dishwasher.

D. Marketing:

East Spencer should focus its marketing on obtaining its target buyers from East Spencer, Spencer, and Salisbury. An attractive promotional piece with information about proposed homes to attract buyers should be

developed. Minority churches and social services agencies in all three communities should be consulted to identify prospective buyers. The

Town should also conduct a quarterly workshop to promote the homeownership opportunity it will provide in Dunbar Renaissance Village. The Town should develop a profile of the buyer its is seeking, in

terms of income and debt load and be able to collect information, analyze credit reports and assess a potential buyer’s likelihood of purchasing in 2 years. If buyers show potential, East Spencer must be able to provide

intensive credit counseling, debt management advice, and


5

homeownership preparation to ensure that buyers are ready to purchase when homes are available.

I. Purpose of Analysis: The Town of East Spencer desires to develop new affordable housing in

the area adjacent to the now-vacant Dunbar school, bounded by S. Long St., E. Broad St., and Robin Circle, to help revitalize the area. The specific project area and the entire town of East Spencer, as well, suffer

from distressed economic, demographic, income, and housing trends. Therefore, the Town, as well as government agencies, from whom the

Town is seeking redevelopment funds, and potential development partners, whom the Town seeks to attract to invest in the project, desire to have some information indicating that it is reasonable to expect that

the proposed homes can be sold at the proposed project site, and how many homes should be developed.

This supply and demand analysis is meant to serve such a purpose. It is not meant to be a detailed market study for East Spencer’s affordable

housing plans. Rather it is meant to provide some basic information that indicates that that the proposed housing project can be developed and successfully sold. This analysis attempts to reach this determination by

examining the following issues or questions:

Who are the most likely potential buyers of the proposed homes?

What is the Effective Market Area from which these buyers are most

likely to come?

Within this EMA, is there a demand/need for affordable single-family

housing, such as East Spencer proposes?

How many potential buyers for the proposed homes exist in the EMA?

How will the proposed homes compete in the local housing market,

and is it reasonable to expect that they can capture the necessary percentage of these buyers to be sold?

II. Background Information: A. Project Location:

1. The Larger Community:

The project site is located along Robin Cir., E. Broad St., and S. Long St. at the southern edge of East Spencer, where the Town’s boundary

meets that of Salisbury. East Spencer is a distressed, predominantly


6

minority community. Its population is 85% African-American.1 Unfortunately it is characterized by a variety of urban distress

indicators as noted in the table below:

Distress Indicator Level2

Low Median Household Income $18,947

High Poverty Rate 35.8%

Low Homeownership Rate 47.3%

High Housing Vacancy Rate 12%

Low Median Home Value $66,600

2. The Surrounding Neighborhood:

The general neighborhood (Census Block Group) in which the proposed

project is located is also a predominantly minority area with an African-American population of 89.4%. However, some of the distress indicators noted above are more positive than those of the entire Town. At

$30,633, its Median Household Income is much higher and consequently its poverty rate is much lower at 21.5%. Its Median Home Value at $65,900 is about the same, but at 59.9%, its homeownership

rate is higher.3

3. The Specific Project Area: The specific project area is a distressed urban area. Its population is

also predominantly African-American, but only 6 households actually occupy the immediate project are site. Most of these Households are

believed to be low to moderate income households. Of the homes in the specific project area, 30% are vacant and most of these are dilapidated and need to be demolished.4

B. The Proposed Product:

East Spencer proposes to build modular, 3 bedroom, 2 bath, energy-efficient homes, with central heat and air conditioning, of approximately

1,150 square feet, with built-in appliances that include stove, refrigerator, and dishwasher. East Spencer expects that these modular homes may cost $80-$90 per square foot to build, or $92,000-$103,500

and that these homes will appraise for $105,000. This expectation is based on a recent appraisal of a similar home just built in East Spencer by a local non-profit affordable housing developer. East Spencer expects

1 2000 US Census data-American Fact Finder.

2 2000 US Census data-American Fact Finder

3 2000 US Census data-American Fact Finder

4 Preparer’s personal inspection of project site


7

to sell the developed homes for appraised value. East Spencer is considering building 8-18 dwelling units.5

C. The Proposed Financing:

To make the purchase of the homes it plans to develop affordable for low-income buyers, East Spencer proposes to provide a special financing

program to eligible purchasers. USDA Rural Development Services will provide first mortgages. The product most likely to be used will be the agency’s Payment Assistance Loan, which provides up 80% of the

purchase price (provided a buyer can qualify for this amount). The remaining 20% of the sales price, up to a maximum of $20,000, would be

provided as a “soft” second mortgage through the North Carolina Housing Finance Agency’s (NCHFA) New Homes Loan Pool (NHLP), which the Town expects to join. These loans are provided at 0%, and payments

are deferred until the sale of the house or for 20 years. This NCHFA program requires that buyers invest $750 of their own funds in the

purchase.

These USDA and NCHFA loan products require that buyers maintain

underwriting ratios not exceeding 29%/41%. This means that the monthly mortgage payment cannot be more than 29% of a buyer’s monthly income, and the monthly payment combined with the buyer’s

other recurring monthly debts cannot exceed 41% of monthly income.

The table below provides a summary of purchase financing for four-person households, consisting of 2 parents and 2 children, @ 50% and 80% AMFI, using the USDA Payment Assistance Loan first mortgage and

the NCHFA New Homes Loan Pool second mortgage.

50% AMFI 80% AMFI

Annual Income $32,050 $51,300

Monthly Income $2,670 $4,275

Maximum Recurring Monthly Debt $745 $1,200

Sales Price $105,000 $105,000

Buyer Investment $750 $750

Balance of Funds Needed $104,250 $104,250

NCHFA 2nd Mortgage -$20,000 -$20,000

USDA 1st Mortgage $84,200 $84,200

Current USDA Rate 5.25% 5.25%

Normal Monthly Principal/Interest Payment $448 $448

Payment Assistance Amount -$198 -0*

Actual Monthly Principal/Interest Payment $250 $448

5 The town of East Spencer


8

Monthly Taxes/Insurance Escrow Amount +$100 +$100

Total Actual Monthly Payment $350 $548

Underwriting Ratios 29%/41% 15%/41% 13%/41%

*Because of its income this household does not qualify for payment assistance.

III. The Expected Buyers:

It is believed that the number potential buyers of the proposed homes will be constrained by income, race, and current tenure, as follows:

A. Income:

This analysis takes a conservative approach and assumes that buyers of the proposed homes will fall within an income range of 51%-80% AMFI.

As East Spencer expects to use special federal, state and private financing to fund its redevelopment activity, sale of the homes must be restricted to buyers with incomes not exceeding 80% of Area Median

Family Income (AMFI) for Rowan County, based on family size. Homeownership can often be a difficult financial goal for households

earning less than 51% AMFI. Although some such households may eventually purchase the proposed homes, and there should be concerted effort to exclude any such eligible households, it is believed prudent for

the purposes of this analysis not to consider such households as potential buyers of the proposed homes. It is believed, therefore, that as far as income is concerned, prospective buyers for project homes should

be considered to households with income 51%-80% AMFI. Based on family size, such households would have the incomes shown in the table

below.6

Family Size Minimum Income Maximum Income

1 $22,450 $35,900

2 $25,650 $41,050

3 $28,850 $46,150

4 $32,050 $51,300

5 $34,600 $55,400

6 $37,200 $59,500

7 $39,750 $63,600

8 $42,300 $67,700

6 The amounts in this table are 2006 HUD income levels. 2007 levels should be released soon and may

likely be slightly higher.


9

B. Race:

East Spencer will employ an affirmative marketing strategy in an effort to attract potential buyers who might not otherwise be attracted to the

project site. Unfortunately, however, East Spencer may have a difficult task in attracting non-minority households, and the pool of eligible buyers for East Spencer’s proposed homes may also be shaped by race.

The project is located in a distressed urban community with a minority population of 89% that also experiences low property values, high housing vacancy rates, and poor housing conditions. There are other

purchasing opportunities in the same price range in other sections of the likely Effective Market Area that have different racial compositions and

fewer distress indicators. There should be no effort to engage in racial discrimination in the sale of the proposed homes. However, it just may be too much to expect that the proposed project can transcend established

local settlement patterns. Including non-minority households in the pool of prospective buyers could add for consideration a large number of

households that just may not be realistically attracted to the homes, and thereby unrealistically skew the conclusions of this analysis. It is therefore, recommended that for the purposes of this study, that the pool

of prospective buyers for the proposed homes be considered to be minority households within the above income range.

C. Tenure:

It is also believed that current homeowners should be excluded from the pool of prospective buyers. It is believed that such buyers are much less likely to be attracted to the proposed homes. These homes may offer

such buyers little improvement in terms of space, ambiance, or amenities, and owners in more established residential areas are probably less likely to purchase in a reviving urban area. Sales in which buyers

own existing homes are typically more complicated and require buyers to condition offers and actual purchase on selling their current home. East

Spencer may want to avoid such sales.

IV. The Effective Market Area:

Although East Spencer is a small town with a population of only 1,755,

it is located along I-85 in the midst of a larger metropolitan area. Concord, with a population of 63,429, and Kannapolis, with a population of 40,139 lie within a 20-minute drive to the south along I-85, and

Charlotte, with a population of 640,270 within a 30-minute drive to the south. Lexington, with a population of 20,918, is located within a 15- minute drive north along I-85, and Winston-Salem, with a population of

198,593, lies within a 30-minute dive north along I-85 and US 52. East Spencer is also part of a smaller contiguous urban metro area which


10

includes the Town of Spencer, with a population of 3,394, and the City of Salisbury, with a population of 29,058, the Town of Granite Quarry, with

a population of 2,175, and the small community of Faith, with a population of 695.7 One million people, therefore, reside within what is

an easy commuting distance of the project site. It is certainly possible that a household might relocate from one of these other larger municipalities, and purchase a project area home; especially if they had

some employment, family, or birth connection to the area. However, this is not believed to be very likely. It is believed that the realistic EMA for the proposed project must be a much smaller area closer to the project

site. The entire County of Rowan could be used as the EMA, however, the likelihood of households relocating from the rural areas of a large county

to a reviving small town urban setting are also believed to be low, and the entire county, therefore, is considered too large to be the EMA for the project. It is believed that the most logical EMA for the proposed project

is the Salisbury urban, metropolitan area, consisting of the municipalities of East Spencer, Spencer, Salisbury, Granite Quarry, and

Faith as shown on the map below.

7 2005 municipal population data from the NC Demographics web site of the North Carolina Office of

Budget and management

Effective Market Area


11

V. Demand/Need for Affordable Housing:

This analysis determines that there is a serious demand or need for affordable housing in the EMA. As noted below, a significant number of

households are cost burdened, paying more than 30% of income for rent or mortgage payment, and, as a result, a serious housing affordability “mismatch” exists between housing units considered affordable to certain

income groups, and the income of many of the households that occupy these units.

A. Cost Burdened Households:

The US Department of Housing and Urban development (HUD) considers households, paying more than 30% of monthly income for rent or mortgage payments, to be cost burdened and to occupy unaffordable

housing.

EMA Households Paying More Than 30% of Income for Housing-20008

EMA Component

Household Type Payments >30%

Payments >50%

# % # %

East Spencer Total 290 38% 138 18%

Renter 50%-80% AMFI 16 26% 0 0%

Owner 50%-80% AMFI 45 35% 4 3%

Spencer Total 238 19% 88 7%

Renter 50%-80% AMFI 19 12% 0 0%

Owner 50%-80% AMFI 40 14% 0 0%

Salisbury Total 2,799 27% 1,140 11%

Renter 50%-80% AMFI 158 14% 23 2%

Owner 50%-80% AMFI 461 21% 88 4%

Granite

Quarry

Total 230 25% 83 9%

Renter 50%-80% AMFI 8 19% 4 9%

Owner 50%-80% AMFI 54 35% 8 5%

Faith Total 73 23% 32 10%

Renter 50%-80% AMFI 4 33% 4 33%

Owner 50%-80% AMFI 16 29% 8 15%

Entire EMA Total 3,630 27% 341 3%

Renter 50%-80% AMFI 205 15% 31 2%

Owner 50%-80% AMFI 616 22% 108 4%

8 Comprehensive Housing Affordability Strategy data from State of the Cities Data Set web site


12

B. Affordability Mismatch:

Competition for housing in an unaffordable housing market often creates an affordability “mismatch”. In such a market, as households

compete for housing and attempt to lower their housing costs, higher income households push their way into occupancy of housing units considered affordable to the next lowest income range. Thus many

housing units, affordable to households in the 51%-80% AMFI income range, are actually occupied by households with incomes above 80% AMFI. Many households in the 51%-80%, in turn, then push their way

into units affordable to the 31%-50% income range, while many households in that income group, in their turn, push their way into units

affordable to households in the 0%-30% AMFI range. As can be seen in the table below there is a serious affordability

mismatch for households in the 51%-80% income range within the EMA for East Spencer’s proposed homes. Of the 3,996 occupied housing units

in the EMA considered affordable to households with income 51%-80% AMFI, less than half, 45%, are actually occupied by low-income households with incomes at or below 80% AMFI. The remaining 55% are

occupied by higher income households, who, in an effort to lower their own housing costs, have pushed the 51%-80% AMFI households into even cheaper housing, or forced them to occupy unaffordable housing.

The need for affordable homeownership units in the EMA for households

with incomes of 51%-80% AMFI, the target income range for East Spencer’s proposed homes, is significant. Of the 2,743 existing homeowner households in this income group within the EMA, 60%, or

1,674 occupy unaffordable housing. Of the 1,253 renter households with incomes 51%-80%, the income range most likely to purchase East Spencer’s proposed homes, 505, or 40%, are occupying unaffordable

housing. Many of these might be attracted to a homeownership opportunity that offered an opportunity to obtain more affordable

housing. Its is interesting to note, in the table below, that East Spencer has a

significantly lower incidence of affordability mismatch than do the other components of the EMA. Perhaps the lower income of East Spencer’s

households, compared to the surrounding communities, has held down housing costs. More likely, due to their lower incomes, East Spencer’s households are making greater use of HUD’s Housing Choice vouchers to

contain their housing cost at 30%. This may indicate, however, that East Spencer’s proposed homes are more likely to attract buyers from the other components of the EMA than from East Spencer itself, a marketing

issue that East Spencer should consider.


13

Affordability Mismatch9

Area # Occupied

Units Affordable To Households

51%-80% MHI

% Units

Actually Occupied by Households

<80% MHI

# Affordable

Units Actually Occupied by Households

<80% MHI

East Spencer 178 67.9% 121 Rental Units 82 78.8% 65

Owner Units 96 58.3% 56

Spencer 385 33.2% 128 Rental Units 88 60.2% 53


Granite Quarry 309 42% 129 Rental Units 57 35.1% 20


Salisbury 3,002 46.2% 1,387 Rental Units 1,010 60.4% 610

Owner Units 1,992 39% 777

Faith 122 43% 52 Rental Units 16 0% 0

Owner Units 106 43% 52

Total EMA 3,996 45% 1,817 Rental Units 1,253 60% 748

Owner Units 2,743 40% 1,069

VI. The Number of Potential Buyers in the Effective Market Area

It has earlier been determined that the most likely buyers of East Spencer’s proposed homes will be minority households with incomes 51%-80% AMFI. As can be seen in the table below, there are 579

minority households in 51%-80% AMFI income range in the EMA; in East Spencer, Spencer, and Salisbury. However, all of these cannot be

considered potential buyers. Some are elderly 1-2 person households, unlikely to be attracted to homeownership opportunities. Others may be younger single-person households, not yet ready for homeownership, or

larger families needing more than 3 bedrooms. After factoring out such households, there remain 340 minority, renter, family, households in the 51%-80% AMFI income range in the EMA, who may be potential

candidates for purchasing the proposed East Spencer homes.

9 All of the figures in this section were obtained from the State of the Cities Data System-Comprehensive

Housing Affordability Strategy data


14

Effective Market Area Minority Renter Households With Incomes 51%-80% AMFI10

Area # Households

Total 51%-

80%

Elderly Other Remaining Potential

Family Household Buyers

East Spencer 51 -8 -8 35

Spencer 30 -0 -20 10

Granite Quarry 0 -0 -0 0

Salisbury 498 -8 -195 295

Faith 0 -0 -0 0

Total EMA 579 -16 -223 340

Although these 340 households may be potential prospects for purchasing the homes planned by East Spencer, they may not be

financially capable of purchasing in the near future. East Spencer should expect that the ability of a significant portion of these households to obtain a mortgage, at the level required to purchase one of the proposed

homes during an initial 2-year period, may be constrained by their credit history, or debt load. For example, within the Charlotte Metropolitan

Statistical Area in 2005, 23% of all denied home purchase loan applications from minority households were denied due to debt to income ratio, and 42% due to credit history. Of households with incomes 51%-

80% AMFI, 19% of all denied home mortgage applications were denied due to debt to income ratio, and 40% were denied due to credit history.11 The experience of the preparer leads him to a conservative approach to

this issue and it is estimated that as many as 50%, or 170, of these households may have serious credit and debt issues that will make them

poor candidates for home purchase in the near future. Therefore, it is estimated that there are 170 minority, renter households with incomes 51%-80% MHI within the EMA that could be potential buyers for the

proposed homes.

VII. Competition and Capture Rate:

A. Competition:

It appears that the proposed homes could compete well in the residential for-sale market within the EMA. As far as new homes are concerned, 600

were built in Rowan County in 2006 at an average price of $190,00012. Priced at $105,000, the proposed homes would certainly be priced at a

point well below the average price of a new home in the general area.

10

State of the Cities Data System-Comprehensive Housing Affordability Strategy data 11

Home Mortgage Disclosure Act information-FFIEC web site 12

US Census Data on Rowan County Building Permits


15

At the time of the preparation of this analysis, there were 14 homes listed for sale in the multiple listing service of the Salisbury/Rowan County

Association of Realtors, which with 3 bedrooms, 2 baths, central air and heat, and priced from $90,000-$110,000, were good comparables to the

homes proposed by East Spencer. Information about these homes is presented in the table below. These homes were priced from $95,000-$109,000. Those with 1,100-1,200 square feet, similar to East Spencer’s,

were priced from $83-$95 per square foot. All but one of those built within the past 6 years were priced at $86-$95 per square foot. With a proposed selling price of $105,000 for 1,100-1,200 square feet of livable

area, or $87-$95 per square foot, East Spencer homes fall right into this range and would appear to be competitively priced. Some of these homes

do offer potential buyers the opportunity to obtain substantially greater square footage for a similar, and, in some cases, lower price. However, these are typically much older homes. Two homes, in particular, are

newly built and with 1,120 square feet are very similar to the proposed East Spencer homes. These are listed for $99,000 and $99,999.

It is believed that East Spencer’s proposed homes could compete well in the residential single-family for-sale housing market within the EMA. The

homes would be especially competitive if priced at just under $100,000 and under $90 per square feet.

Current Listings Residential, Single-Family Listings Salisbury/Rowan County Association of Realtors Multiple Listing

Service13 ($90,000-$110,000 with 3 Bedrooms and 2 Bathrooms)

# Price Year

Built

Square Footage Price Per Square Foot

1 99,900 1930 1,555 $64

2 99,999 2006 1,120 $89

3 99,000 2006 1,120 $88

4 109,900 2001 1,160 $95

5 109,900 1885 1,996 $55

6 102,000 1963 1,756 $58

7 99,900 1954 1,420 $70

8 96,000 2001 1,344 $71

9 95,000 2001 1,104 $86

10 99,900 1995 1,400 $71

11 95,900 1943 1,353 $71

12 98,500 1998 1,456 $67

13 101,500 1949 1,713 $59

13

Salisbury/Rowan County Association of Realtors Multiple Service web site


16

14 99,900 1995 1,200 $83

B. Capture Rate:

East Spencer proposes to build and sell 8-18 homes over a two and one-half year period. To sell 8 homes, East Spencer would only have to

capture 5% of the 170 potential buyers for its proposed homes within the EMA. To sell 18, the Town would only have to capture 11%. This seems reasonable given the market described above. The potential buyers of

East Spencer’s product, minority households with incomes of 51%-80% AMFI residing the urban areas of East Spencer, Spencer, and Salisbury,

should be attracted to the opportunity to own a new home with a payment of 29% of monthly income, which may be less than they are paying for rent.

VIII. Conclusion: It is the determination of this analysis, therefore, that there is

reasonable prospect of selling, within two and one-half years, as many as 18 3-bedroom, 2-bath homes for $100,000-$105,000 at the proposed

project site.

IX. Recommendations:

The following recommendations are made to assist the Town of East

Spencer and its development partners in planning and marketing the affordable homes it hopes to develop in the Dunbar Renaissance Village Redevelopment Project.

Number of Homes to Develop:

Although the local market might be able to absorb 18 new homes at the project site, East Spencer may want to develop its project in

phases, with its first phase contain 8 homes. As the market is tested and proves successful, East Spencer can build additional homes.

The Product:

To keep building costs and eventual selling prices low to fit the incomes of the potential buyers, and to be competitive, East Spencer is

advised to consider building as small a product as reasonable, 1,100-1,200 square feet, to provide a paved driveway, but to not provide a

garage. The product should have a rear deck, central heat and air condition, and since buyers are expected to be apartment dwellers, provide built in stove, refrigerator, and automatic dishwasher.


17

Marketing:

Buyers of the proposed homes are most likely to come from the minority populations of East Spencer, Spencer, and Salisbury. East

Spencer should, therefore, develop a non-traditional marketing out- reach to identify potential buyers. East Spencer is encouraged to

develop an attractive promotional piece with information about proposed homes to attract buyers. The Town should work with minority churches and social services agencies in all three

communities to identify prospective buyers. The Town should also conduct quarterly workshops to promote the homeownership opportunity it will provide in Dunbar Renaissance Village. The Town

should develop a profile of the buyer its is seeking, in terms of income and debt load and be able to collect information, analyze credit reports

and assess a potential buyer’s likelihood of purchasing in 2 years. If buyers show potential, East Spencer must be able to provide intensive credit counseling, debt management advice, and homeownership

preparation to ensure that buyers are ready to purchase when homes are available.

DLM MarketAnalysis[1]

Documents

Transcript of DLM MarketAnalysis[1]