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<br /> <br /> <br /> <br />Bowen National Research <br />155 E. Columbus Street, Suite 220 <br />Pickerington, Ohio 43147 <br />(614) 833-9300 <br /> <br /> <br /> <br /> <br />April 28, 2017 <br /> <br /> <br />Mr. Chris Stokka <br />MWF Properties <br />7645 Lyndale Avenue South <br />Minneapolis, MN 55423 <br />Sent via email: ChrisStokka@MWFProperties.com <br /> <br />Re: Preliminary Tax Credit Support – The Boulevard (Mounds View, MN) <br /> <br />Dear Mr. Stokka, <br /> <br />The purpose of this letter is to address the preliminary market support for The Boulevard, <br />a proposed affordable general-occupancy rental community to be located at 2901 Mounds <br />View Boulevard in Mounds View, Ramsey County, Minnesota. It is our understanding <br />that the project will contain a total of 60 units and will operate under the guidelines and <br />restrictions of the Low-Income Housing Tax Credit (LIHTC) program. To determine <br />support for the 60 proposed units at the subject site, we have established a preliminary <br />Primary Market Area (PMA), surveyed existing Tax Credit and market-rate properties to <br />establish occupancies and rent levels and analyzed the demographic trends that impact <br />the preliminary PMA. We conclude our analysis by providing preliminary demand <br />estimates for your project and comment on the market’s ability to support additional Tax <br />Credit units. In addition to analyzing the depth of support for the subject project within <br />the Mounds View market, this letter also serves as a guide to help establish certain <br />features and/or amenities that should be included at the subject project to ensure its <br />competitive position within the Site PMA. <br /> <br />The key findings of this report are summarized as follows: <br /> <br /> Demographic trends are projected to be positive within the Mounds View Site <br />PMA between 2016 and 2021, in terms of both total population and households. <br />A good base of potential renter support exists in the market, as it was estimated <br />that 7,191 renter households existed in the market in 2016. The number of renter <br />households is projected to increase by 221 (3.1%) between 2016 and 2021. <br /> <br /> The subject project has an overall capture rate of 2.7%, which is considered <br />achievable and demonstrates a good base of income-appropriate renter support <br />within the market for the subject project. <br /> <br />