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16 Bowen National Research 155 E. Columbus Street, Suite 220 Pickerington, Ohio 43147 (614) 833-9300 For the purposes of this analysis we assume an opening date of sometime in 2019 for the subject project. Based on the preceding analysis and MHFA methodology, the following is a summary of our demand calculations for the proposed subject project, based on the household projections for the Mounds View Site PMA. Capture Rate Number of Proposed Units 60 Income-Eligible Renter Households – 2019 / 2,239 Capture Rate = 2.7% Generally, capture rates up to 10.0% are considered achievable for general-occupancy properties located in urban/suburban markets such as the Mounds View Site PMA. Therefore, the subject’s 2.7% capture rate is considered low and easily achievable, particularly when considering the general lack of family-oriented LIHTC product within the Mounds View Site PMA. Conclusions Based on the findings of this preliminary analysis, it is our opinion that a development opportunity exists for a new family-oriented LIHTC property within the Mounds View Site PMA. Notably, while a total of four LIHTC properties were identified (one surveyed) within the Site PMA, three are age-restricted. The fourth property, although general-occupancy, only offers a total of 16 units. Thus, the subject project is expected to help fill a void within the Mounds View rental market. The three comparable LIHTC projects surveyed outside the Site PMA, but within the nearby region, are 99.3% occupied, demonstrating strong demand for family-oriented LIHTC product within the region. The subject’s proposed gross rents will be the lowest in the market, relative to those reported among similar unit types at the comparable LIHTC properties surveyed outside the Site PMA. These low proposed gross rents will contribute to the subject’s marketability within the market, particularly when considering the newness and thus superior anticipated quality of the subject project as compared to the existing comparable properties which were originally built between 1966 and 2004. Demographic trends within the Mounds View Site PMA have been, and are projected to continue to be, positive in terms of both total population and households. It is projected that 7,412 (30.0%) of all households within the Site PMA will be renters in 2021, which is an increase of 221, or 3.1%, renter households over 2016 levels. More specific to the subject project, it is estimated that there will be 2,239 income-qualified renter households in the market for the subject project in 2019. This results in a low overall capture rate of 2.7% for the 60 proposed units at the subject site, which is considered easily achievable within the Mounds View market.