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Finally, the consultant(s) will be required to present a technical memorandum addressing <br />some of the qualitative issues in tl~e analysis that will inform the County and Transit in their <br />~ overall evaluation of the development potential of the North End Opportunity Site. <br />The general scope of work for tlle analysis sl~ould, at minimum, include the following <br />components: <br />A. ANALYSIS OF DEMAND FOR HOUSING <br />1. An analysis of and forecast of population growth and employment trends in the study area <br />2. An ailalysis of and forecast of changes and trends in the Salem CBD housing market <br />3. An analysis of vacancy rates, turnover rates, concessions offered as inducement to move- <br />in <br />4. An analysis of absorption rates of newer housing projects by affordability levels as <br />follows: <br />Very low 0-30 percent median family income (MFI) <br />Lo~, 31-60 percent MFI <br />Lower Moderate 61-80 percent MFI <br />Moderate 80-120 percent MFI <br />Market rate 121 percent and over MFI <br />5. An inflation based rent forecast and a growth forecast for the study area <br />6. An assessment of resident interest in the study area with regard to rental versus ownership <br />(i.e., demand for apartment, townhouse, condominium, etc.) <br />B. ANALYSIS OF SUPPLY <br />1. An analysis of available housing by unit type, tenure and income <br />2. A report on rent levels versus housing types available at what levels from 1995 to date <br />3. An evaluation of housing projects under construction and building trends in the study <br />area <br />4. A one to five year forecast for housing supply by unit type, tenure and income level <br />5. Estimate current and projected economic and demographic conditions, supply side <br />inventories and estimates of capture rates, absorption and lease rates for each housing <br />type <br />6. An evaluation of supply side amenities selected `successful' developments offer <br />C. COMPARISON OF SUPPLY AND DEMAND <br />1. A comparison of supply and demand for housing from 1990 to date by affordability leveL <br />Very Low <br />Low <br />Lower Moderate <br />Moderate <br />Market <br />0-30 percent MFI <br />0-60 percent MFI <br />61-80 percent MFI <br />81-120 percent MFI <br />121 percent MFI and up <br />2 <br />