Heights by WinstonVenable

VIEWS: 76 PAGES: 37

									DEMOGRAPHIC CHARACTERISTICS AND TRENDS
HEIGHTS SUBMARKET #4




 A. SUBMARKET DESCRIPTION
   1. LOCATION

     The Heights Submarket is located in Harris County in the northwestern portion
     of the Houston and is defined by the following boundaries: Interstate 610 to the
     north, Interstate 45 to the east, Washington Avenue to the south, and North
     Shepherd Drive to the west. The Heights Submarket was determined through
     interviews with area leasing and real estate agents, government officials,
     economic development representatives, and the personal observations of our
     analysts. The personal observations of our analysts include physical and/or
     socioeconomic differences in the market and a demographic analysis of the
     area households and population.

   2. COUNTY SEAT

     Houston




                                    III-121
3. LOCAL GOVERNMENT

 The Heights Submarket is located within the Houston jurisdiction. Houston is
 a home-rule city with nine city council districts and five at-large council
 positions, which represent the entire city. Each council position and the city
 controller position are non-partisan. Each position has a three-term limit; each
 term is two years.

4. AREA

 Area: 7.0 square miles
 2005 Population: 38,644
 2005 Households: 15,737

5. COMMUNITY SERVICES AND INFRASTRUCTURE

 A map illustrating the location of community services is on the following page.




                                III-122
                                                                                                                                                                                                                                                                      E 32nd St
                                                                                                                                                                                                                                                                                                                     Heights: Community Services                                                                                                                                                                                            No                                                                                            Cap




                                                                                                                                                                                                                                          Yale St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   ell St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 S
                                                                                                                                                                                                                                                                                                                                                                                                  nton Blvd



                                                                                                                                                                                                                                                                                                                                                                                                                                                              astman St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         ay St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         St
                                                               C




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    vernus St
                                                                                                                                                                                                                                                                                                                                                                                                  ogers St
        nsmere St


                                              tridge Rd                                                                        St                                                                                                                                                                                                                                                                                                                                                                                                                      rth



                                                                                     t




                                                                                                                                                                                                                                                                                                                                                                                                   a St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Pai




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       vd
                                                                                                                                                                                                                                                                                                                                        ccomb St
                                                                                                                        W 31st




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          E 31st
                                                                                            261                                                                                                                                                                                                                                                                                                                                                                                                                                                               Fw                                                                                        Reid St
                                                                                                                                                                                                                                                                                                                                                   Exit 16                                                                                                                                                                                             I-610                                                           North Loop E




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            I 45
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                y




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Robertson St
                                                                                                                   W 30th St                                                                               E 30th St                                                                                                                                       I 610                                                                                                                                                                                 I 610
                                                                                                                                                                                                                                                                                                                  610                                                                                                                                                                                                                                                                 610
                                                                                                                                                                                            Exit 10m            E 29                                                                                                                                                                                                                                                                                                                  Kelley St
                                                                                                                                                                                                                     th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Leon St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   N
                                                                                                   State Hwy 261




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Fulton St
                                                                                                                                                                                                                                                                                                                                                                               Princeton St
                I 610                                                                 610                                                                                                            North Loop                                                                                                                                                                                                                                                                             E 28th St
    th Loop W                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Eleanor St




                                                                                                                                                                                                                                                                                                                                                                                                                       Grinnell
          W 28th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  I 45
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Avenue of Oaks St




                                                                                                                                                                                                                                                                                                                                                                                                                Baylor St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Sylvester Rd
                                                                                                                                                                                   Driveway                                       E 27th St                          X




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Helmers St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Enid St
                                                               X                                                             W 27th St                                                                                                                                                                                                                                                                                                                                                                                                             Woodard St




                                                                                                                                                                                                                                                                                                                                                          Cornell St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        90




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       S
                                                                                                                                                                                                                                  E 26th St                                                                                                                                                                                                                                              Samuel St             Eichwurzel Ln
                                               Brinkman St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Fairbanks St
                                                                                                                               Lawrence St
                                                                                                                                                     W 26th St                                                                                                                                                                                                                                                                                                                                                  Danna Ln




                                                                                                                                                                                                                                                                                                                                     Gostic St
                                                                                                                                                                                                                                        Aurora St                                                                                                                                                                                                                                         Service St
Beall St




                                                                                                                                                                                                                                                                                                                                                                                                                                       Gibbs St                                                              Robert Lee Rd                         Milwaukee St
                                                                            W 25th St                                                                                                                                             E 25th St                                                                                                                                                                                                                                                Lenard St




                                                                                                                                                                                                                                                                                                                                                                                                                                                 Airline Dr




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Ih 45
                                                                                                                                                                                                                                  Munford St                                                                                                                                                                                                                                                                                               Graceland St      Gri                                                                                                                                                                                                                          610




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Northwood St
                                                                                                                                                                                                                                                                                                                                                                                              Norhill Blvd
                                                                                                                                                                                   Ashland St
                                                                            W 24th St                                                                                                                                                   E 24th St                                                                                                                                                                                                                                                                                            English St
                                                                                                                                                        Nicholson St                                                                                                                                                                                                                                                                                                                                               Link Rd




                                                                                                                                                                                                              Rutland St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tabor St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Hov Fw
                                                                                                                                                                                                                                   E 23rd St                                                                                                                                                                                                                                                                                                   Sue St




                                                                                                                                                                                                                                                                                                                                       Carter St
                                     W 23rd St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 H
                                                                                                                                                                                                                                                                           v




                                                                                                                                                                                                                                                                                                                                                                                                                     Michaux St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Wynne St                          Joyce St




                                                                                                                                                                                                                                                                                                                                         Singleton St
                                                                                                                                                                                                                                                                                                                         Oxford St
                                                                                                                                                                                                                                                    E 22nd St                                                                                                                                                                       Adele St




                                                                                                                                                                                                                                                                                                           Columbia St
                                                                                                                                                                                                                                                                                            Arlington St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Y TX
                                     W 22nd St                                                                                                                                                                                                                                                                                                                                                                                                                                                   Louise St                                            Gale St




                                                                                                                                                                                                                                                                                                                                            Gostick St
                                                                                                                                                                                                                                          Yale St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    y
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Tarver St                                         Ga
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         HOUSTON
                                                                             W 21st St                                                       X                                                                                                                                                                                                                                                                                                                                                                           Canadian St                                                              X
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    HOUSTON TX
                                                                                                                                                                                                                                                                                                                                                                                                                                  Robbie St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Bristol St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Fisk St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Irvington Blvd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Edison St



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Moore St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Billingsley St
                                                                                                                                                                                                                                                     X




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Averill St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Beggs St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Moody St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        K VILLAG TX




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Hain St
                                                                                                                                                                                                                                                     E 20th St                                                                                                                                                                                                                          W Cavalcade St




                                                                                                                                                                                                                                                                                                                                                                                                                                                     Airline Dr
                                                                            W 20th St                                                                                                                                                                                                                                                                                                                                                                                                                       45




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Elser St
                                                                                                                                                                                                                                                                                                                                                     Sheldon
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            45


                                                                                                                                                                            w
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   59

                                                                                                                                                                                                                                                                                                                     E 19th St                                                                Kern St                                                                      Posey St                                                                                                                      Cavalcade St




                                                                                                                                                                                                                                                                                                                                                                        N
                           W 19th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Pettit St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Ev




                                                                                                                                                                                                                                                                                                                                                                             Ma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Idylwild St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Exit 50b
                                                                                                                                                                                                                                             E 18th                                                E 18th St                                                                                                                                                                                                                         Mathis St




                                                                                                                                                                                                                                                                                                                                                                               in
                                                                                                                                                                                            W 18th St                                               St
                              W 18th St
                                                                                                                                                                                                                                                                                                                                                                                       y St                                                                                                                                                                                                                                                                                                        Frawley S




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Siegel St
                                                                                                                                                                                                                                                                                                                                                                                          St
                                                                                                                                                                                                                                                                                                                                                                                                                                              Beck




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Vincent St
                                                                                                                                                                                                                                                                                                                                                           St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Cordell St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        610




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Archer St
                                                                                                                                                                                                                                                                                                                  E 17th St                                                            Winston
                                                                                                                                                                                                                                                                                                                                                             X                                                                                                                                    Pittman St
                                                                                     N Durham Dr




                                 W 17th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Amundsen St                                                                 Connecting Rd
                                                                                                                                                                                                                                                                                                                                                                                                                                             Walling St
                                                                                                                                                                                                      X                                      E 16th St                                                                                                                                                                                                                                                                                                                                 Coronado St                                                                              Weiss




                                                                                                                                                                                                                                                                                                                                                                                                                                  Harris Ct
                          W 16th St                                                                                                                                                                                                                                                                                                                                                                                                          Clio St
                                                                                                                                                                                                                                                                                                                                            ie St                                                                                                                                    v




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Freemont St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Walton St
                                                                                                                                                                                                                                                                                                                          Pedd                                                                                                                                                                                                                                                                                          Cody St                                                                                 Ma                                        WEST UNIVERSITY PLAC TX
                    W 15th 1/2 St                                                                                                                                                                                                                                                                                                                                         Le Green St                                                           WP




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Ra
                                                                                                                                                                                                                                                                                                                                                                                                                                                     atton                                                                                                                                                                                                                 Patton St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          SOUTHSIDE PLACE TX
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Eg




                                                                                                                                                                                                                                                                                                                                                    Beverly St
                                                                                                                                                                                                                                             E 15th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      mp
                     W 15th St                                                                                                                                                                                                                                                                                                                                                                                                                                                       St                                                                                                                                                                                                                                                           BELLAIRE TX




                                                                                                                                                                                                                                                                                                                                                                                                                                 St
                                                                                             N Shepherd Dr




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 F




                                                                                                                                                                                                                                                                                                                                                                                                                        Edsee St
                                                                                              Laird St




                                                                                                                                                                                                                                                                                                                  Algregg St                                                                                                                                                                                                                           Heslep St
                                                                                                                                                                                                                                                                              X




                                                                                                                                                                                                                                                                                                                                                                                                                             ian


                                                                                                                                                                                                                                                                                                                                                                                                                                                                          De George St
                W 14th 1/2 St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Erin S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            X




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Fu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Ke                                                                                                 0                2           4          6




                                                                                                                                                                                                                                                                                                                                                                                                                          Jul
                                                                                                                                                                                                                                             E 14th St                                                                                                                                                                                                                                                                                            Gardner St                                                                                   nn




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  lto
                      W 14th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Ca Wee




                                                                                                                                                                                                                                                                                                                                                                         Studewood St
                                                                                                                                                                                                                                                                                                                                                                                                        W Gardner St                                                                                                                                                                                                                             on                                                                    Sh
                    Timbergrove Ln




                                                                                                                                              Blair St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      n
                                                                                                                                                                                                                                                                                                                  E 13th 1/2 St                                                                                                                                                            N                                                           Fugate St                                            le m
                                                                                                                                                                                                                                                                                                                                                                                                          W Fugate St                                                                                                                                                                                                                                                                                                                                             Miles




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Alb
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  M                                                                                                           nd s                                      St
                                                  Dian St




                                                                                                                                                                                                                                                                                                                                                                             Oak Ridge St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   ain
                                                                                                                                                                                                                                             E 13th St                                                     X                                                                                                                                                                                                                                                                                                    ar St
                                                                                                                                                                                                                                                                             Cortlandt St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           e
      Ln                                                                                                                                                                                                                                                                                                                                                                                               W Melwood St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    X




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Moss St Bruce St
                                                                W 13th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Melwood St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            rS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Reagan St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                St                                                                                                St
                                                                                                                                                                                                                                                                                                                  E 12th 1/2 St                                                                          Pizer St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  t
                                                                                                               X                                                                                                                                                                                                                                                                                            W Temple St                                                                                                         Temple St                                                                              Searle Dr                          Collingsworth St Colli
                                                                                                                              v                                                                                                  vE 12th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Map layers




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Irvington Blvd
                                       W 12th St                                                                                                                                                                                                                                                                                                                                                                                                                                                         W Cottage St                                                                       Cottage St                                                                       Bo
                                                                                                                                                                                                                                                                                                                  E 11th 1/2 St                                                                                                                                                                                                                                                                                                                              v
C




                                                                                                                                                                                                                                                                                                                                                                                                                                                              Key St                                                                                                                       Dell Ct                                                                     Bigelow S                                                                          Submarket
                                                                                                                                                                                                                                                                                                                                                                                       Peco                                                                                                                  Railey St
   Je




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       r
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       I 45 N
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    te
                                                                                                                                                                                                                                                                                                                                                                                           re M
          st




                                                                                                                                                                                                                        11th St E 11th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  in
                                                                                                                                                                                                                                                                                                                                                                                                                        icha                                                                              Pecore St                                                                                                                                                                                            Ba
            er




                                                                                              W 11th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Je
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 y Fire Department




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 M
                                                                State Hwy 261




                                                                                                                                                                                                                                                                                                                                                                                                                             ux                                                                                                                                                             ss
               B


                                              Bay Oaks Rd




                                                                                                                                                                                                                                          E 10th 1/2 St                                                                                                                                                                                                                                                                                                                            M
                            lv




                                                                                                                                                                                                               W 10th 1/2 St                                                                                                                                                                                                                                                                                       Redan St                                                                    am                                                                                                            Hays
                                                                                                                                                                                                                                                                           X                                                                                                                                                                                                                                                                                                     t ari
                               d


                                                                    Prince St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       go Lil ine
                                                                    Nashua St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               aS
 ransto                                                                                        W 10th St                                                                                                               E 10th St                                                                                                                                            Driveway
                                                                                                                                                                                                                                                                                                                                                                                              X                                                                                                         Merrill St                                                          rm           ld a c S t                                                                                                                                              C Police




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Florence St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          No




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Morrison St
         n Ct




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Beauchamp St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Helen St
                                                                                                                                                                                                                                             Omar St                                                                                                                                                                                                                                                                                                                    E                   St    St                                                                              Halpern St
 oydon                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         X                                                                                                                                                                                                 Airport/Airfield




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                I4




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Reynolds St
         Ct                                                                                                                                                                                                                                                                                                                       Highland St                                                                                                                                                                                                                                                        St
                                                                                                                                                                                                                                                                                                                                                                        Studewood St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Ma S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Park




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Atlantic St
                                                                                                                                                                                                                                                           Heights Blvd




                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Watson St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Gentry St
                                                                                                                                                                                                                                                                          E 9th St
                                                                                                                            Alexander St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   5
                                                                                                                            Lawrence St




                                                                                                                                                      W 9th St                                                                                                                                                                                                                                                                                                                                                                                                                          Glen
                                                                                                                                                                                                                                                                                                                                        Bayland Ave                                                                                                                                                                                                                                                                                                                                    Luzon St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 \
                                                                                                                                                                                                                                Allston St




  Ra




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     inf
     m                                                                                                                                                                                                                                                                                                         E 8th 1/2 St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 College/Univ




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         ord
       p                                                                                                                                                                                                                                                                                                                         Woodland St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 w
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Hospital

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Northwood St
                                                                                                                                                                                                                                                                          E 8th St                                               Euclid St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             St
                                                                                                                                                                                                                                                                           X                                                                                                                                                                                                                                                                                        North St
                                                                                                                                  Herkimer St



                                                                                                                                                                                         Ashland St
                                                                                                                                                                                                       Tulane St




                    Drivew Glen Oaks St
                                                                                                                                    Dorothy St



                                                                                                                                    Nicholson St




                                                                                                                                                                                                                                                                                                                                                Byrne St                                                                                                                                                                                                            Payne St                                                                                     Boundary St
                          ay
                                                                                                                                                                       X                                                                                                                                     E 7th 1/2 St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 T
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Oilfield
                                                                                                                                                                                                                   Rutland St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        K ee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Parkview St
                                                                                                                                                                                                                                                                                                                                              Teetshorn St                                                                                                                                                                                                                                                                                                        l St
                                                                                                                                             v




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Ide
                                                                                                                                                                                                                                          W 7th StE 7th St                                                                                                                                                                                                                                                                                                                                                                                                    C ar St
                                              Moy St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Ful
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 v




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                v
                                                                                                                                                                                                                                                                                                                                                                                                 Norhill Blvd




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Park




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Com berry
                                                                                                                                                                                                                                                                                                                                                     Ridge St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Tac St
                                                                                                                                                                            Waverly St




 Egbert St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         St                                                                                                                                            ris
                                                                                                                                           Leafton Ln




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  al S
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                                                                                                          6
6. DEMOGRAPHIC CHARACTERISTICS AND TRENDS

   a. POPULATION TRENDS

       The Heights Submarket population base has decreased by 871 between
       1990 and 2000. This represents a 2.2% decrease from the 1990 total
       population, or an annual rate of 0.2%. The submarket population bases for
       1990, 2000, 2005 (estimated), and 2010 (projected) are summarized as
       follows:

                                                             YEAR
                                     1990            2000         2005         2010
                                  (CENSUS)        (CENSUS)    (ESTIMATED) (PROJECTED)
  POPULATION                        40,424          39,553        38,644     38,156
  POPULATION CHANGE                    -             -871          -909        -488
  PERCENT CHANGE                       -            -2.2%         -2.3%       -1.3%
 Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC


       It is projected that the total population will decrease by 488 people, or
       1.3%, between 2005 and 2010.

   b. HOUSEHOLD TRENDS

       While the population within the Heights Submarket decreased from 1990
       to 2000, the total number of households has increased by 428 (2.7%)
       between 1990 and 2000. Household trends within the Heights Submarket
       are summarized as follows:

                                                             YEAR
                                     1990            2000           2005        2010
                                  (CENSUS)        (CENSUS)     (ESTIMATED) (PROJECTED)
  HOUSEHOLDS                        15,606          16,034        15,737      15,665
  HOUSEHOLD CHANGE                     -              428           -297         -72
  PERCENT CHANGE                       -             2.7%          -1.9%       -0.5%
  HOUSEHOLD SIZE                      2.6             2.5            2.5         2.4
 Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC


       Total household growth has been positive between 1990 and 2000, but is
       projected to decrease when there will be a total of 15,665 households in
       2010. This is a decrease of approximately 37 households annually.




                                        III-124
                             The submarket household bases by age are summarized as follows:

                   HOUSEHOLDS            2005 (ESTIMATED)                2010 (PROJECTED)     CHANGE 2005-2010
                      BY AGE            NUMBER     PERCENT             NUMBER      PERCENT   NUMBER   PERCENT
                     UNDER 25              761       4.8%                 823         5.3%       62       8.1%
                       25 - 34            3,354      21.3%               2,635       16.8%     -719     -21.4%
                       35 - 44            3,829      24.3%               3,683       23.5%     -146      -3.8%
                       45 - 54            3,358      21.3%               3,455       22.1%       97       2.9%
                       55 - 64            2,070      13.2%               2,497       15.9%     427      20.6%
                       65 - 74            1,149      7.3%                1,397        8.9%     248      21.6%
                       75 - 84             815       5.2%                 782         5.0%      -33      -4.0%
                    85 & HIGHER            401       2.5%                 394         2.5%       -7      -1.7%
                           TOTAL         15,737     100.0%              15,666      100.0%      -71      -0.5%
                  Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC


                             Between 2005 and 2010, the greatest growth among household age groups
                             is expected to be among households between the ages of 55 and 74.

                             Households by tenure are distributed as follows:

                                                          2000 (CENSUS)                2005 (ESTIMATED)
                              TENURE                HOUSEHOLDS      PERCENT         HOUSEHOLDS PERCENT
                          OWNER-OCCUPIED               7,876          49.1%            7,690        48.9%
                          RENTER-OCCUPIED              8,158          50.9%            8,047        51.1%
                                    TOTAL              16,034        100.0%            15,737       100.0%
                        Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC


                             Renter-occupied households, as evidenced by the fact that nearly 51% of
                             all occupied housing units are renter-occupied, dominate the market.

                             The household size within the submarket, based on the 2000 Census, is
                             distributed as follows:

 PERSONS PER               2000 (CENSUS)                        2005 (ESTIMATED)             CHANGE 2000-2005
 HOUSEHOLD            HOUSEHOLDS     PERCENT                HOUSEHOLDS      PERCENT       HOUSEHOLDS PERCENT
    1 PERSON             5,984         37.3%                   5,989          38.1%             5          0.1%
   2 PERSONS             4,604         28.7%                   4,459          28.3%           -145        -3.1%
   3 PERSONS             2,042         12.7%                   1,998          12.7%            -44        -2.2%
   4 PERSONS             1,531          9.5%                   1,470          9.3%             -61        -4.0%
   5 PERSONS              894           5.6%                     861          5.5%             -33        -3.7%
  6+ PERSONS              979           6.1%                     961          6.1%             -18        -1.8%
         TOTAL           16,034       100.0%                   15,738        100.0%           -296        -1.8%
Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC




                                                             III-125
                    Based on the 2000 Census, the following is a distribution of housing units
                    in the submarket by year of construction.

                                                                   HOUSING UNITS
                      YEAR                OWNER              PERCENT        RENTER           PERCENT
                1999 TO MARCH 2000          92                  1.2%            8              0.1%
                    1995 TO 1998            187                 2.4%           128             1.6%
                    1990 TO 1994            97                  1.2%           82              1.0%
                    1980 TO 1989            482                 6.1%           567             7.0%
                    1970 TO 1979            223                 2.8%           807             9.9%
                    1960 TO 1969            324                 4.1%          1,253           15.4%
                    1940 TO 1959           1,633               20.7%          2,665           32.7%
                  1939 OR EARLIER          4,838               61.4%          2,648           32.5%
                              TOTAL        7,876              100.0%          8,158           100.0%

                    Approximately 4.8% of the owner-occupied homes in the submarket were
                    built since 1990. From 1995 through March 2000, the market absorbed
                    279 new owner-occupied homes, translating into nearly five homes per
                    month over this period.

                            HOUSING UNIT BUILDING PERMITS FOR
                                    HARRIS COUNTY, TX
                                          1999    2000     2001                  2002      2003      2004
 UNITS IN SINGLE-FAMILY STRUCTURES       16,055  18,244   20,122                23,052    26,450    28,020
 UNITS IN 2-UNIT MULTIFAMILY
 STRUCTURES                                82      22       18                   144        92       212
 UNITS IN 3- AND 4-UNIT MULTIFAMILY
 STRUCTURES                                644     96       394                  811        71       63
 UNITS IN 5+ UNIT MULTIFAMILY
 STRUCTURES                              9,081    6,203    5,885                10,332    14,370    8,100
 UNITS IN ALL MULTIFAMILY STRUCTURES      9,807   6,321    6,297                11,287    14,533    8,375
                           TOTAL UNITS   25,862  24,565   26,419                34,339    40,983    36,395
Source: SOCDS



                                             SUBSTANDARD UNITS 2000 CENSUS
                                                                 LACKING
                           TOTAL                  COMPLETE      COMPLETE
                          HOUSING                  PLUMBING     PLUMBING                   PERCENT
            TENURE         UNITS        PERCENT   FACILITIES    FACILITIES               SUBSTANDARD
           OWNER-
           OCCUPIED            7,876     49.1%              7,836          40                0.5%
           RENTER-
           OCCUPIED            8,158     50.9%              8,063         95                 1.2%
              TOTAL            16,034    100.0%             15,899        135                0.8%
         Source: 2000 Census




                                                  III-126
                              POVERTY STATUS 2000 CENSUS
                     POPULATION NOT LIVING IN    31,840                          80.5%
                     POVERTY
                     POPULATION LIVING IN         7,713                          19.5%
                     POVERTY
                                        TOTAL*   39,553                          100.0%
                    Source: Summary File 3, Census of Population and Housing, U.S. Bureau of
                    the Census, 2000
                    * Population for whom poverty status is determined



                                         TURNOVER RATE
                                   HOUSTON MSA                               64.4%
                    Source: 2003 IREM Income/Expense Analysis for Conventional Apartments



                             PERCENTAGE OF RENT-OVERBURDENED
                               HEIGHTS SUBMARKET          19.8%
                    Source: 2000 Census, Claritas



  7. INCOME TRENDS

      The distribution of households by income within the Heights Submarket is
      summarized as follows:

    HOUSEHOLD                   2000 (CENSUS)      2005 (ESTIMATED)    2010 (PROJECTED)
       INCOME                NUMBER PERCENT NUMBER PERCENT NUMBER PERCENT
  LESS THAN $10,000            1,975         12.3%   1,617       10.3%  1,375         8.8%
   $10,000 - $19,999           2,178        13.6%   1,622        10.3% 1,343          8.6%
   $20,000 - $29,999           2,180        13.6%   1,788        11.4% 1,483          9.5%
   $30,000 - $39,999           1,994        12.4%   1,806        11.5% 1,533          9.8%
   $40,000 - $49,999           1,537         9.6%   1,558         9.9% 1,471          9.4%
   $50,000 - $59,999           1,247         7.8%   1,250         7.9% 1,302          8.3%
   $60,000 - $74,999           1,654        10.3%   1,499         9.5% 1,506          9.6%
   $75,000 - $99,999           1,412         8.8%   1,834        11.7%  1,829        11.7%
  $100,000 & HIGHER            1,857        11.6%   2,763        17.6% 3,823         24.4%
               TOTAL          16,034        100.0%  15,737      100.0% 15,665       100.0%
   MEDIAN INCOME                    $38,440               $46,642             $54,821
Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC


      In 2000, the median household income was $38,440. This increased 21.3% to
      $46,642 in 2005. By 2010, it is estimated the median household income will
      be $54,821, an increase of 17.5% over 2005.

      Between 2000 and 2005, most of the household growth was among
      households with incomes of $75,000 and higher.




                                            III-127
             The following tables illustrate renter household income by household size for
             2000, 2005 (estimated), 2006 (projected), 2007 (projected), 2008 (projected),
             and 2009 (projected) for the submarket:

      RENTER                                                2000 CENSUS
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON      4-PERSON   5+-PERSON     TOTAL
     $0 - $10,000               828         254           108           55         93         1,338
   $10,000 - $20,000            745         264           251          112         173        1,545
   $20,000 - $30,000            521         281           160          199         272        1,434
   $30,000 - $40,000            490         272           132          158         135        1,187
   $40,000 - $50,000            330         188           93            88         100         799
   $50,000 - $60,000            158         164           69            73         41          505
       $60,000+                 305         525           187          123         210        1,350
               TOTAL           3,378       1,948         1,001         808        1,023       8,158
Source: Ribbon Demographics, Claritas


      RENTER                                             2005 ESTIMATED
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON 4-PERSON        5+-PERSON     TOTAL
     $0 - $10,000               744         205           92        46             72         1,160
   $10,000 - $20,000            646         204          181        68             113        1,213
   $20,000 - $30,000            478         225          126        165            213        1,207
   $30,000 - $40,000            482         245          119        135            131        1,111
   $40,000 - $50,000            424         186          103        81             133         927
   $50,000 - $60,000            184         164           70        61             43          521
       $60,000+                 504         696          256        163            288        1,907
               TOTAL           3,462       1,925         947        719            994        8,047
Source: Ribbon Demographics, Claritas


      RENTER                                             2006 PROJECTED
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON 4-PERSON        5+-PERSON     TOTAL
     $0 - $10,000               736         196           88        45             69         1,135
   $10,000 - $20,000            635         195          173         65            106        1,174
   $20,000 - $30,000            470         218          121        158            202        1,169
   $30,000 - $40,000            467         237          116        132            131        1,083
   $40,000 - $50,000            424         183          102         79            131         919
   $50,000 - $60,000            190         166           73         63            46          537
       $60,000+                 548         730          272        172            309        2,030
               TOTAL           3,471       1,927         944        714            993        8,049
Source: Ribbon Demographics, Claritas


      RENTER                                             2007 PROJECTED
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON 4-PERSON        5+-PERSON     TOTAL
     $0 - $10,000               729         187           85        44             66         1,110
   $10,000 - $20,000            624         186          165         61             99        1,135
   $20,000 - $30,000            463         212          115        152            190        1,131
   $30,000 - $40,000            453         230          112        128            131        1,055
   $40,000 - $50,000            424         181          100         78            129         911
   $50,000 - $60,000            197         169           76         64            49          554
       $60,000+                 593         764          288        182            329        2,155
               TOTAL           3,481       1,928         941        709            992        8,050
Source: Ribbon Demographics, Claritas




                                            III-128
      RENTER                                             2008 PROJECTED
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON 4-PERSON       5+-PERSON   TOTAL
     $0 - $10,000               721         178           81        42            62       1,084
   $10,000 - $20,000            612         177          157         58            92      1,095
   $20,000 - $30,000            455         205          110        145           178      1,093
   $30,000 - $40,000            439         223          109        124           131      1,026
   $40,000 - $50,000            424         178           99         76           127       903
   $50,000 - $60,000            203         171           78         66           51        570
       $60,000+                 637         798          304        192           349      2,280
               TOTAL           3,491       1,929         937        703           991      8,052
Source: Ribbon Demographics, Claritas


      RENTER                                             2009 PROJECTED
   HOUSEHOLDS               1-PERSON    2-PERSON      3-PERSON 4-PERSON       5+-PERSON   TOTAL
     $0 - $10,000               713         169           77        41            59       1,059
   $10,000 - $20,000            601         168          148         54            85      1,056
   $20,000 - $30,000            447         198          104        138           166      1,054
   $30,000 - $40,000            424         215          106        121           131       997
   $40,000 - $50,000            424         175           97         74           125       895
   $50,000 - $60,000            210         173           81         68           54        587
       $60,000+                 683         833          320        201           370      2,406
               TOTAL           3,501       1,931         934        698           990      8,053
Source: Ribbon Demographics, Claritas

             The following tables illustrate renter household income by household size
             (55+) for 2000, 2005 (estimated), 2006 (projected), 2007 (projected), 2008
             (projected), and 2009 (projected) for the submarket:

     RENTER                                                2000 CENSUS
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON     4-PERSON   5+-PERSON   TOTAL
    $0 - $10,000                533         63            8            6           0        611
  $10,000 - $20,000             273         67            23            0          9        372
  $20,000 - $30,000              82         69            36            9          0        197
  $30,000 - $40,000              44         23            6            0           9         81
  $40,000 - $50,000              66         21            0            11          9        107
  $50,000 - $60,000              18         13            0            8          13         52
      $60,000+                   23         27            20            0          6         76
              TOTAL            1,039       282            93           35         47       1,496
Source: Ribbon Demographics, Claritas


     RENTER                                              2005 ESTIMATED
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON 4-PERSON       5+-PERSON   TOTAL
    $0 - $10,000                466         53            8          4             0        532
  $10,000 - $20,000             280         68            29         0            12        389
  $20,000 - $30,000             125         80            44        15             2        265
  $30,000 - $40,000              58         29            13         1            32        133
  $40,000 - $50,000              71         20             2         9            21        123
  $50,000 - $60,000              22         14             0        12            27        75
      $60,000+                   42         49            35         1            13        140
              TOTAL            1,065       312           131        42            107      1,656
Source: Ribbon Demographics, Claritas




                                            III-129
     RENTER                                              2006 PROJECTED
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON 4-PERSON      5+-PERSON   TOTAL
    $0 - $10,000                463         51            7          5            0        527
  $10,000 - $20,000             284         66            30         0           12        392
  $20,000 - $30,000             124         82            43        14            2        265
  $30,000 - $40,000              59         29            13         1           34        136
  $40,000 - $50,000              74         24            3          9           21        131
  $50,000 - $60,000              22         15            1         13           29        78
      $60,000+                   47         56            40         2           18        162
              TOTAL            1,074       323           137        44           115      1,692
Source: Ribbon Demographics, Claritas


     RENTER                                              2007 PROJECTED
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON 4-PERSON      5+-PERSON   TOTAL
    $0 - $10,000                460         49            7          5            0        522
  $10,000 - $20,000             288         65            31         0           11        395
  $20,000 - $30,000             124         84            42        14            2        266
  $30,000 - $40,000              60         29            14         1           36        139
  $40,000 - $50,000              77         28            3         10           21        139
  $50,000 - $60,000              21         15            1         13           31        82
      $60,000+                   51         63            46         2           22        185
              TOTAL            1,082       334           143        46           122      1,727
Source: Ribbon Demographics, Claritas


     RENTER                                              2008 PROJECTED
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON 4-PERSON      5+-PERSON   TOTAL
    $0 - $10,000                457         48            6          6            0        517
  $10,000 - $20,000             293         63            32         0           11        398
  $20,000 - $30,000             124         86            41        14            2        266
  $30,000 - $40,000              61         28            14         1           38        142
  $40,000 - $50,000              80         33            3         11           21        147
  $50,000 - $60,000              21         16            2         13           33        85
      $60,000+                   56         71            51         3           26        207
              TOTAL            1,091       344           150        48           130      1,763
Source: Ribbon Demographics, Claritas


     RENTER                                              2009 PROJECTED
 HOUSEHOLDS 55+             1-PERSON    2-PERSON      3-PERSON 4-PERSON      5+-PERSON   TOTAL
    $0 - $10,000                454         46            6          6            0        512
  $10,000 - $20,000             297         61            33         0           10        401
  $20,000 - $30,000             123         88            40        14            2        267
  $30,000 - $40,000              62         28            14         1           40        145
  $40,000 - $50,000              83         37            4         12           21        156
  $50,000 - $60,000              20         17            2         13           35        88
      $60,000+                   61         78            57         4           30        230
              TOTAL            1,100       355           156        50           138      1,798
Source: Ribbon Demographics, Claritas


               Data from the preceding tables is used in our demand estimates.




                                            III-130
8. LOCAL ECONOMIC PROFILE AND ANALYSIS

    a. LABOR FORCE PROFILE

         Services and Retail Trade comprise a little more than 67% of the
         submarket labor force.

         Employment within the Heights Submarket as of 2005 is distributed as
         follows:

         SIC GROUP         ESTABLISHMENTS PERCENT                                     EMPLOYEES            PERCENT
AGRICULTURE & NATURAL
RESOURCES                        22         1.1%                                             163              0.8%
MINING                            8         0.4%                                              48              0.2%
CONSTRUCTION                     114        5.5%                                           1,105              5.4%
MANUFACTURING                    141        6.7%                                           2,567             12.5%
TRANSPORTATION & UTILITIES        62         3.0%                                            770              3.8%
WHOLESALE TRADE                  142         6.8%                                           2,920            14.3%
RETAIL TRADE                     506        24.2%                                           3,947            19.3%
F.I.R.E.                         146         7.0%                                           1,135             5.5%
SERVICES                         909        43.5%                                           7,114            34.7%
GOVERNMENT                       18         0.9%                                             602              2.9%
NON-CLASSIFIABLE                 22         1.1%                                             109              0.5%
                   TOTAL        2,090      100.0%                                          20,480            100.0%
Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC
Note: Due to the fact that this survey is conducted of establishments and not of residents, some employees may not live
within the submarket. However, these employees are included in our labor force calculations because their places of
employment are located within the submarket.


         According to the Greater Houston Partnership, the 10 largest private
         employers within the Houston area comprise a total of 124,118 employees.
         These employers are summarized as follows:

                                                                                                      TOTAL
                  INDUSTRY                                          BUSINESS TYPE                   EMPLOYED
      MEMORIAL HERMANN HEALTH CARE                                   HEALTHCARE                        16,300
      CONTINENTAL AIRLINES                                         TRANSPORTATION                      16,000
      UNIVERSITY OF TEXAS –
      MD ANDERSON CANCER CENTER                                       HEALTHCARE                       16,000
      HALLIBURTON                                                     OIL REFINING                     14,000
      UNIVERSITY OF TEXAS
      MEDICAL BRANCH AT GALVESTON                                  HEALTHCARE                           12,318
      KROGER                                                        GROCERY                             12,000
      ARAMARK                                                     FOOD SERVICES                         10,000
      RELIANT ENERGY                                            ELECTRIC SUPPLIER                       9,500
      HCA                                                          HEALTHCARE                            9,000
      HEWLETT PACKARD                                         COMPUTER/ELECTRONICS                       9,000
                                                                              TOTAL                    124,118




                                            III-131
b. EMPLOYMENT TRENDS

  The employment base has increased by 5.3% over the past five years in
  Harris County, less than the Texas state average of 6.4%.

  Unemployment rates for Harris County and Texas are illustrated as
  follows:

                                  UNEMPLOYMENT RATE
          YEAR            HARRIS COUNTY           TEXAS
           1996                5.6%                5.8%
           1997                5.2%                5.4%
           1998                4.4%                4.9%
           1999                4.8%                4.7%
           2000                4.4%                4.4%
           2001                4.8%                5.0%
           2002                6.2%                6.3%
           2003                6.9%                6.7%
           2004                6.4%                6.1%
           2005                5.8%                5.6%

  The unemployment rate in Harris County has remained between 4.4% and
  6.9%, constant with the state average since 1996.




                          III-132
RENTAL HOUSING ANALYSIS (SUPPLY) – HEIGHTS
SUBMARKET #4
 A. OVERVIEW OF RENTAL HOUSING

    Vogt Williams & Bowen, LLC identified and personally surveyed one Tax
    Credit/market-rate property and four market-rate developments in the Heights
    Submarket. There is only one Tax Credit property in the market, Jefferson
    Davis Lofts, a 34-unit mixed income property that is currently under
    construction. This property will contain studio, one-, two, and three-bedroom
    units available to households earning at or below 30%, 40%, 50%, and 60%
    AMHI. There will also be units available at market-rate. At the time of this
    report, all units are under construction with none pre-leased.

    The surveyed market-rate developments have a combined occupancy rate of
    96.4%. According to the on-line property inventory list of Tax Credit
    allocations provided by the Texas Department of Housing and Community
    Affairs (TDHCA), there are no other Tax Credit properties in the Heights
    Submarket.

    This survey was conducted to establish the overall strength of the rental
    submarket, establish and confirm vacancy and rent levels, and gather
    information on the current rental housing situation resulting from hurricanes
    Katrina and Rita.

    Following is the list of market-rate properties surveyed, both in person and by
    telephone:

                             MARKET-RATE
     MAP                      YEAR BUILT/                              TARGET
     I.D.      PROJECT NAME   RENOVATED               TOTAL UNITS      MARKET
       2          SKYLINE       1960/2005                 76           FAMILY
       3        SHADOW OAKS       1962                    23           FAMILY
       4      OAKWOOD MANOR     1972/2005                 96           FAMILY
       5      WOODLAND GREEN      1960                    30            FAMILY

    The following table summarizes the overall market-rate rental market:

                                                                          GROSS RENT
    BEDROOMS     UNITS        DISTRIBUTION      VACANT       PERCENT        RANGE
      STUDIO       39              17.3%           4           10.3%        $423-$535
   ONE-BEDROOM    104              46.2%           2            1.9%        $560-$746
   TWO-BEDROOM     82              36.4%           2           2.4%         $639-$882
           TOTAL  225             100.0%           8           3.6%

    Note the above chart includes market-rate units at market-rate properties and
    market-rate units at mixed-income properties (Tax Credit/market-rate).



                                      III-133
Most of the units in the market are smaller unit types (studio, one- and two-
bedroom units). Most of the vacant units are occurring in the studio units
with 10.3% vacant. The Tax Credit property currently under construction will
be the only multifamily development in the submarket to offer larger units
types (three-bedroom units).

We rated each property surveyed on a scale of A through E. All properties
were rated based on quality and overall appearance (i.e., aesthetic appeal,
building appearance, landscaping, and grounds appearance).

Of the market-rate properties that were surveyed by Vogt Williams & Bowen
in person, 42.7% have a quality rating of B-; the remaining 57.3% were
surveyed by telephone and therefore were not given a quality rating.

      QUALITY RATING       TOTAL UNITS           PERCENT
            B-                  96                 42.7%
            NA                 129                 57.3%

The following tables summarize the range and median size of the surveyed
units by property type and bedroom type:

                 MARKET-RATE – NET SQUARE FEET
          UNIT TYPE    MINIMUM      MAXIMUM    MEDIAN
           STUDIO         375          550       550
        ONE-BEDROOM       600          982       650
        TWO-BEDROOM       700         1,003      900

The following tables summarize the distribution of appliances and unit
amenities among all non-subsidized surveyed properties:

                             APPLIANCES
         APPLIANCE         PROJECTS   PERCENT            UNITS
           RANGE               5        100.0%            225
       REFRIGERATOR            5        100.0%            225
        DISHWASHER             3        60.0%             119
          DISPOSAL             3        60.0%             119



                            UNIT AMENITIES
          AMENITY          PROJECTS    PERCENT           UNITS
        AC – CENTRAL           4         80.0%            149
        AC – WINDOW            1         20.0%             76
      FLOOR COVERING           5         100.0%           225
       PATIO/BALCONY           2         40.0%            106
         CEILING FAN           4         80.0%            129
          WINDOW
        TREATMENTS              5             100.0%       225




                                    III-134
                           PROJECT AMENITIES
            AMENITY         PROJECTS   PERCENT             UNITS
             ON-SITE
          MANAGEMENT              3             60.0%        202
            LAUNDRY               5             100.0%       225
         SECURITY GATE            2              40.0%        30
           PICNIC AREA            1             20.0%         23

B. PLANNED MULTIFAMILY DEVELOPMENT

  Based on the Texas Department of Housing and Community Affairs allocation
  list of affordable multifamily housing projects, there are no Tax Credit
  developments that have been allocated but not built in the submarket.

C. HOUSING CHOICE VOUCHER HOLDERS

  According to the Housing Authority of the City of Houston (HACH), there are
  approximately 14,095 Housing Choice Vouchers currently allocated, with
  approximately 8,000 people on the waiting list. According to the Housing
  Authority, approximately 7% to 10% of the Vouchers turnover per month.

  Below are the current Payment Standards for Housing Choice Vouchers
  issued by HACH.

                         PAYMENT STANDARDS
                STUDIO UNIT                 $551
                ONE-BEDROOM UNIT            $612
                TWO-BEDROOM UNIT            $743
                THREE-BEDROOM UNIT          $990
                FOUR-BEDROOM UNIT          $1,245

  According to the Harris County Housing Authority, there are approximately
  1,840 Housing Choice Vouchers issued throughout the county, with an
  additional 500 vouchers issued to hurricane evacuees. Housing authority
  representatives stated that there are approximately 598 people currently on the
  waiting list for additional Vouchers, which is closed. The payment standards
  for Harris County are equal to the current Fair Market Rents (FMR).

D. HURRICANE IMPACT ON THE RENTAL HOUSING MARKET

  None of the six surveyed properties reported housing hurricane evacuees.

  A map indicating the location of apartments surveyed is on the following on
  page.




                                      III-135
                                                                                                                                                                                                                                                                                                                 Heights: Apartment Locations                                                                                                                                                                                    No
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                                                                    W 26th St                                                                                                                                                 Aurora St                                                                                                                                                                                                                                                  Service St                                                        Robert Lee Rd                                                                         Milwaukee St
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         610
                                                                                                                                                                                                                                                                                                                                                                                                       St
                                                                                                                                               Nicholson St


                                                                                                                                                                          Ashland St
                                                                    W 24th St                                                                                                                                                 E 24th St                                                                                                                                                             bs                                                                                                                                                                                                                                      English St
                                                                                                                                                                                                                                                                                                                                                                                     Gib                                                                                                                                                                                     Link Rd




                                                                                                                                                                                                    Rutland St




                                                                                                                                                                                                                                                                                                                                                 ain S



                                                                                                                                                                                                                                                                                                                                                                                                    Norhill Blvd




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Hov Fw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Sue St




                                                                                                                                                                                                                                                                                                                                                  Singleton St
                               W 23rd St                                                                                                                                                                                 E 23rd St                                                                                                                                                                                                                                                                                                                                                                                                                          H




                                                                                                                                                                                                                                                                                                                                                                                                                          Michaux St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Wynne St                                                              Joyce St




                                                                                                                                                                                                                                                                                                                      Oxford St



                                                                                                                                                                                                                                                                                                                                                      t
                                                                                                                                                                                                                    E 22nd St                                                                                                                            Adele St




                                                                                                                                                                                                                                                                                                        Columbia St
                                                                                                                                                                                                                                                                                         Arlington St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Y TX
                               W 22nd St                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Louise St                                                                                                                           Gale St




                                                                                                                                                                                                                                                                                                                                                        Gostick St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         y
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Tarver St                             Canadian St                                                     Ga
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        HOUSTON
                                                                     W 21st St




                                                                                                                                                                                                                                Yale St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   HOUSTON TX
                                                                                                                                                                                                                                                                                                                                                                                                                                    Robbie St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Cordell St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Bristol St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Fisk St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Irvington Blvd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Edison St



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Moore St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Averill St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Beggs St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Billingsley St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Moody St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       K VILLAG TX
                                                                                                                                                                                                                                                                                                                                                      W Cavalcade




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Hain St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Armstead
                                                                                                                                                                                                                                              E 20th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Emir
                                                                    W 20th St                                                                                                                                                                                                                                                                                     St                                                                                                                                                                                      45




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Elser St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             !
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4




                                                                                                                                                                                                                                                                                                                                                                 Sheldon St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           45

                                                                                                                                                                                                                                                                                                                  E 19th St                                                         Kern St                                                                                                                                                                                            Cavalcade St                                                                                                                                                                               59


                       W 19th St                                                                                                                                                                                                                                                                                                                                                                                                                                                              Pettit St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Enid St
                                                                                                                                                                                                                                                                                                                                                                                   Dunbar St                                                                                                                                                                                                                                                                                             Ev




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Exit 50b
                                                                                                                                                                                                                                   E 18th




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Walton St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Sharman St
                                                                                                                                                                                                                                                                                                E 18th St                                                                                                                                                                                                                 Mathis St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Tabor St
                          W 18th St                                                                                                                                                W 18th St                                              St                                                                                                                                 Jerome St                                                                                                                                                                                                                                                                                             Frawley S




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Siegel St
Beall St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 St
                                                                                                                                                                                                                                                                                                                                                                         Winston St       Beck                                                                                                                                                                                                                                                                                                                                         610
                                                                                                                                                                                                                                                                                                               E 17th St                                                                                                                                                                                                  Pittman St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Fulton St
                                                                             N Durham Dr




                             W 17th St                                                                                                                                                                                                                                                                                                                                 Walling St                                                                                                                                                                                                                                                                                                           Amu




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Northwood St
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Edsee St
                                                                                                                                                                                                                                   E 16th St                                                                                                                                                                                                                                                                                       Coronado St                                                                                                                                             Weiss




                                                                                                                                                                                                                                                                                                                                                                                                                             Harris Ct
                      W 16th St                                                                                                                                                                                                                                                                                                                                                                                                           Clio St
                                                                                                                                                                                                                                                                                                                                         ie St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Irvington Blvd
                                                                                                                                                                                                                                                                                                                       Pedd                                                                                                                                                                                          Jewett St                                                                                                                                                                 Ma                                        WEST UNIVERSITY PLAC TX
             W 15th 1/2 St                                                                                                                                                                                                            !
                                                                                                                                                                                                                                      3
                                                                                                                                                                                                                                                                                                                                                                                Le Green St                                                                                                                                                                                                   Cody St                                                                                                                                    SOUTHSIDE PLACE TX
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              W Patton St                                                         Patton St                                                                     Eg




                                                                                                                                                                                                                                                                                                                                                      Beverly St
              W 15th St                                                                                                                                                                                                            E 15th St
                                                                                                                                                                                                                                                                                                                                                                                                                                          Fenwick St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 BELLAIRE TX
                                                                                     N Shepherd Dr




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Driveway
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                F
                                                                                      Laird St




                                                                                                                                                                                                                                                                                                               Algregg St                                                                                                                                                                            Heslep St
           W 14th 1/2 St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Erin S




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Fu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Ke                                                                                                   0                2           4          6
                                                                                                                                                                                                                                   E 14th St                                                                                                                                                                                                                                                                                           Gardner St                                                                           nn




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           lto
                 W 14th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Ca Wee




                                                                                                                                                                                                                                                                                                                                                                               Studewood St
                                                                                                                                                                                                                                                                                                                                                                                                                   W Gardner St                                                                                                                                                                                               on                                                                       Sh
              Timbergrove Ln




                                                                                                                                    Blair St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               n
                                                                                                                                                                                                                                                                                                               E 13th 1/2 St
                                                                                                                                                                                                                                                                                                                                                                                                                          W Fugate St N M                                                                     Fugate St                                                                   le m                                                                                                                                                   Miles




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Alb
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            nd s                                       St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    I 45 N
                                          Dian St




                                                                                                                                                                                                                                                                                                                                                                                                                                         ain                                                                                                                                                  ar St
                                                                                                                                                                                                                                                 Heights Blvd




                                                                                                                                                                                                                                                                                   E 13th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           e
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Moss St
                                                                                                                                                                                                                                                                Harvard St




  Ln                                                    W 13th St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            rS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Melwood St




                                                                                                                                                                                                                                                                                                                                                                                                                                           Julian St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     St                                                                                         St
                                                                                                                                                                                                                                                                                                               E 12th 1/2 St                                                                                                                                Pizer St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Temple St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Collingsworth St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Karnes St
                                                                                                                                                                                                                                                                                                                                                                                               W Temple St                                                                                                                                          Colli                                           Searle Dr
                                                                                             State Hwy 261




                                                                                                                                                                                                                                                                                   E 12th St                                                                                                                                                                                                                                                                                                                                                                                                                                                     Map layers




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Opal Ct
                                   W 12th St                                                                                                                                                                                                                                                                                                                                                                                                                                                W Cottage St                             Connecting Rd Bo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Cottage St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Emerald Ct
                                                                                                                                                                                                                                                                                                               E 11th 1/2 St
C




                                                                                                                                                                                                                                                                                                                                                                                             Peco                                                                Key St                                                                 R amp Bigelow S                                                                                                                                                                           Submarket
 Je




                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Railey St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Houston Ave
                                                                                                                                                                                                                                                                                                                                                                                                 re M
      st




                                                                                                                                  W 11th St                                                                                             11th St E 11th St                                                                                                                                                                    icha                                   Pecore St         !
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      5                                                              Ba
        er




                                                                                                                                                                                                                                                                                                                                                                                                                                  ux                                                                               Je




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              North Fw
                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Quinn St                              ss                                                                                                                                                                                                           Interstate Hwys
           B


                                      Bay Oaks Rd




                                                                                                                                                                                                                                                                                                               E 10th 1/2 St                                                                                                                                                                                M
                        lv




                                                                                                                                                                                                     W 10th 1/2 St                                                                                                                                                                                                                                                                                           ar         am                        Hays
                           d




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Redan St
                                                        Prince St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           in
                                                        Nashua St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Reagan St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                N              ig
ransto                                                                                                                                                                                                       E 10th St                                                                                                                                                                                                                                                    Merrill St              M              ol Lila e S                                                                                                                                                                                                      US Hwys
                                                                                                             Herkimer St




                                                                                       W 10th St                                                                                                                                                                                                                                                                                                                                                                                                    ai             d      cS t
        n Ct                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           n             St
                                                                                                                                                                                                                                                                                                                         Omar St                                                                                                                                                                                              t           Halpern St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       y
oydon                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    St                                                                                                                                                                                                                       State Hwys
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               r




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Reynolds St
        Ct                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Highland St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           nde                           Park
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Atlantic St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Gentry St
                                                                                                                                                                                                                                        E 9th St
                                                                                                                                                                                                                                                                               Cortlandt St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Bayland Ave Olea
                                                                                                                   Alexander St




                                                                                                                                                              W 9th St
                                                                                                                   Lawrence St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Glen
                                                                                                                                                                                                                                                                                                                                                                              Studewood St




                                                                             Driveway                                                                                                                                                                                                                                                                                                                                                                                                                                                      Luzon St
                                                                                                                                                                                                                      Allston St




 Ra




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Eu

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Ma
    m                                                                                                                                                                                                                                                                                                             E 8th 1/2 St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                ! Market Rate




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        n
                                                                                                                                                                                                                                                                                                                                                                                                        Woodland St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             inf
      p




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Florence St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              i ce
                                                                                                                         Dorothy St



                                                                                                                                            Nicholson St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 or d
                                                                                                                                                                                                                                        E 8th St                                                                                                                                                    Euclid St                                                                                                                                                                                                                                                                                                                   ! Market Rate/Tax Credit




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   St
                                                                                                                                                                                Ashland St
                                                                                                                                                                                             Tulane St




                                                     Glen Oaks St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Helen St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Boundary St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    St
                                                                                                                                                                                                                                                                                                          E 7th 1/2 St                                                                                         Byrne St                                                                                                                                   Payne St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                0     .2      .4   .6
                                                                                                                                                                                                         Rutland St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   St
                                                                                                                                                                                                                                                                                                                                                                                                      Norhill Blvd




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Parkview St                                                                        rris




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         I de



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Fre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Mo




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Eve n St
                                                                                                                                                                                                                                W 7th StE 7th St                                                                                                                                                                      Teetshorn St
                                       Moy St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             n




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             al S



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         em
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ma




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Che St
Egbert St
                                                                                                                                                                   Waverly St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           St
                                                                                                                                   Leafton Ln




                                                                                                                                                                                                                                                                                                                                                                                                                        Ridge St                                                                                                                                                                                              t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Quit




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          rett
                                                                                                                                                                                                                                                                                                                                  E 6th 1/2 St                                                                                                                                                        Sage                                                                                                                 lS                                                                                                                       Miles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       C ar




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            a
 ansas St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 t
                                                                                                                                                                                                                                                                                                                                                                                                                       Michaux St




               Roy Cir                                                                                                                                                                                                                                                                                                                                                                                                                                                      Th




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             stn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           k Dr
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Gr Wa




                                                                                                                                                                                                                                                                                                                                                                                                                                                                              el                     ite Oa Wh                                                                                                                                             ry
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      H en
                                                                                                                                                                                                                   Rutland Pl




       Kiam St                                                                                                                                                                      W 6th St                                    W 6th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                               ee




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Wh                                                                                                                                                                                                                                              1:30,269




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                ut S
                                                                                                                                                                                                                                                                                                                                                                              Usener St                                                                                          m                              ite Wrightwood St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  nle




       Petty St                                                                                                                                                                                                                                                                                                                                                                                                                  Usener St                                                     Dr                  Oa
                                                                    Roy St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     kD                                                                                                             St                      N




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    t
                                                                                                                                                                                                                                                                                                                             E 5th 1/2 St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      af




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Th outh S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               nie
                                                                                                                                                                                                                                                                                                                                                                                                               Forester




      Darling St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       r                                                                                                  Win
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  all S
                                                                                                                                                                                                                                                                                                                                                                                                                                                            !                                                              45
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         tson St




                                                                                                                                                                                                                           W 5th St E 5th St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         St




                                                                                                                                                                                                                                                                                                                                                                                                                                                            2




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Co
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           om
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      St Pasch
                                                                                                                                                                                                                                                                                                                                                                                St




       Larkin St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  rie




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              as
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          v                                                            es S
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Ho                                                      Ma
                                                                                                                                                                                                                                                                                                                                                                            ont
                                                                                                                                                    Raiff St




            Cornish St
                                                                                                                                                                                                                                                                                                               Columbia St
                                                                                                                                                                                                                                                                                                Arlington St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Jam an S




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 St
                                                                                                                                                                                                                                                                                                                             Oxford St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Depelchin St                                                                                                                         t
                                                                                                                       W 4th StE 4th St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                pS              g
                                                                                                                                                                                                                                                                                                                                                                          em
                                                     Reinerman St




                                                                                                           Kolb St                                                                                                                                                                                                                                                                                                                                                                                                                                            Exit 76                                                             isho             Gar




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xit 765b                                                                                   I 10 E                                                                                                                                                                                                                                                                                                                                                                                                     Weber St                                                       8                                                          B
                                                                                Katy Fwy
                                                                                                                                                                                                                                                                                                                                                                      d




                                                                                                       I 10 W                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      St
                                                                                                                                                                                                                                                                                                                                                                                                                                 HOUSTON
                                                                                                                                                                                                                                                                                                                                                                   Stu




                                                                                                                             Exit 766                                                                                                                                                                                                                                                                                                                                                                 Alamo St                                                                                                                                 an              S
                                                                                       Nolda St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Hog            ey
                                                                                                                    Herd 10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ckn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Goliad St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Ovid St
                                                                                       Inker St Marina St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Kee
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Pin
                                                                                                                                                                                                                                                                                                                                                                                                                                                   r St
                     Detering St




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            t o




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Flet
                                                                                                   Spencer St                                                                                                                                                                                                                                                                                                                                                Spring St                                                                                                                                                                                 ring
                                                                             Durham Dr




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   ne
                                                                                       Eigel St                                              Conne                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Har
                                                                                                                                                                                                                                                                                                                                                                                                                                                lo
                                                                              Sandman St




                                                                                                                                                  cting R                                                                                                                                                                                                                                                                                                                                                                          Shearn St                                                   I1 0E




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     che
                                                                                                                                                                                                                                                                                                                                                                                                                                             Tay




                                                                                                            Koehler St   E 2nd St                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          sS




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                                                                                                  6
DEMAND ANALYSIS – HEIGHTS SUBMARKET #4
A. DEMAND FOR TAX CREDIT HOUSING

  There are no clear or concise methodologies to forecast the need for Tax
  Credit housing. This is because housing markets are static with households
  often entering and exiting by tenure and economic profile. This position
  statement will discuss the potential pitfalls and limitations of various
  methodologies and present a recommended solution.

  There appear to be only two sources of demand for new Tax Credit housing.
  This is represented by a positive increase in income-qualified households
  and replacement of functionally obsolete product. The first source of
  demand is generally easily quantifiable but presents challenges to accurately
  forecast. This is especially true as we get further from the 2000 Census and
  development expands into previously undeveloped areas. The problem is
  further compounded by the fact that housing market analysts often fail to
  analyze income-appropriate household growth by household size.
  Projections based only on income often include estimates of smaller
  households even though they are over income-qualified due to their
  household size limitation (i.e. income analysis based on a five-person limit
  set at $46,000 includes two-person households with incomes above their
  maximum but below $46,000, thus overstating the number who are
  qualified). Therefore, caution should be exercised when considering income
  household growth alone.

  1. Overstatement of demand

     A much larger challenge, and one that creates greater demand for Tax
     Credit housing, is replacement of functionally obsolete product.
     Unfortunately, measurement of this is very subjective and imprecise.
     However, in most inner-city locations or non-growth areas, this is the
     only need for Tax Credit units.

     The approval of Tax Credit units in these areas has created, in some
     instances, an overbuilt market that is characterized by high vacancy rates
     and low rents. However, this overbuilding only occurs when there is no
     corresponding decline in the existing housing stock. This decline could
     occur through demolition or replacement of functionally obsolete
     product.




                              III-137
It is easy to illustrate how a market can be impacted if rental household
growth is minimal. Hypothetically, consider a market that has 1,000
income-appropriate rental housing units (under Tax Credit guidelines)
with a current vacancy rate of 4% (or 40 vacant units). Assume a 150-
unit Tax Credit property of new construction is approved and built. This
market then goes from a 1,000-unit market to a 1,150-unit market.
Without any corresponding increase in income-qualified households or
reduction in the existing supply by demolitions, condominium
conversions, or some other use, the area vacancy rate goes from 4% to
16.5% (40+150/1,150).

This is a very simplistic example but does illustrate the ease at which a
market can get out of balance if it does not experience positive
household growth.         In the current environment, this has been
compounded by the fact that some income-qualified households have
left the rental housing market in favor of home ownership, a decline in
younger, first-time renters due to profound demographic shifts, and, in
some markets, a “doubling-up” of households to save on housing costs.
This is particularly true in some inner-city markets where there has been
a decline in the Housing Choice Voucher supply.

This illustration also assumes an isolated market.           Households,
particularly rental households, are constantly on the move in response to
jobs, educational opportunities, crime, quality of life, families, church,
and a whole host of other factors. Thus, in the previous market
illustration, this new 150-unit project would likely attract new
households from outside the market as well as households improving
their current housing. This creates vacancies in units with the lowest
quality or in units with the lowest perception of value (i.e. properties
priced well above the market).

If, however, this hypothetical market approved 150-units to either
replace or renovate an existing project (or projects), the market would
remain in balance. The problem for analysts is establishing the
appropriate number of units that should be replaced or renovated.
Projecting too many units yields high penetration rates (the aggregate
number of Tax Credit units compared to the number of income-qualified
households) and precludes reasonable absorption and occupancy levels.
If too few affordable units are developed, the market remains stagnant
and tenants remain underserved.




                         III-138
2. Methodologies used to date

   A variety of methodologies have attempted to tackle this issue.
   Substandard units reported in the Census are one source. This is
   typically a very small number and does not accurately reflect functional
   obsolescence. The number of households who are rent overburdened is
   a second factor often considered. However, the Census makes no
   distinction for those households who have elected to be rent
   overburdened or those who are already housed in Tax Credit properties.
   Frankly, a sizeable share of tenants in Tax Credit properties are rent
   overburdened since the program does not specify the share of income
   used for rent.

   We have also reviewed methodologies that use turnover as a measure of
   demand. This methodology does nothing to address the issue of a
   balanced market. (Turnover is a good tool to forecast absorption of a
   project since it considers the number of renters in the market at one time
   considering a move).

3. Methodology based on replacement and growth

   It is our opinion that the only accurate macro approach to forecasting
   Tax Credit demand is to consider both new household growth of
   income-qualified households and replacement of functionally obsolete
   product. As discussed, household growth is generally easier to forecast
   than the number of functionally obsolete units. We propose to forecast
   functionally obsolete product by taking a share of the existing rental
   product over 35 years old (built in 1970 or older) and in need of
   replacement on an annual basis. Considering that the useful life of most
   residential product is 40 years, rental product built prior to 1970 can be
   considered as being functionally obsolete. The share of the product
   functionally obsolete is the issue. It is our opinion that approximately
   2.5% (1/40) of the existing rental product that meets this criteria could
   be designated as functionally obsolete. This would essentially upgrade
   or replace 25% of this older housing stock over a decade, a reasonable
   time period.

   There are, like all methodologies, some obvious shortcomings. Without
   a complete field survey, it is impossible to establish whom this obsolete
   product is serving. Given its age, it is most likely serving tenants paying
   rents at the lowest third of the rent spectrum. This is likely at rent levels
   just below Tax Credit program rents. We argue that for practical
   reasons, all of these units would be appropriate to upgrade. Naturally, it
   is critical to preserve many of these older units with Rental Assistance.




                             III-139
     Another shortcoming is that this methodology generally precludes older
     areas from experiencing new product since household growth is minimal
     or nonexistent. We recommend that if a developer builds new product,
     there must be a demonstration that a similar number of rental units have
     been taken out of the rental base through demolition or conversion to
     another use. It is our opinion that there is no benefit to only allow
     rehabilitations in older, inner-city areas without a corresponding
     decrease in the rental stock. Current new designs are more energy
     efficient, are innovative, often incorporate more appropriate allocations
     of space, and the use of more desirable unit and project amenities.

  4. Conclusions

     There have been a wide variety of methodologies employed to address
     the component of replacement support for slow or no-growth markets.
     Most of these methodologies have used Census data to approximate
     demand. Unfortunately, while the methodologies have generated
     support numbers that appear reasonable, in practice they have
     contributed to overbuilding. The methodology proposed here only uses
     two components of demand: new income-appropriate household growth
     and replacement or renovation of existing product. We believe this will
     provide a more accurate guideline for establishing demand.

     It is important to note that any estimate of demand must be verified with
     a market study. Further, a development that proposes replacement
     support must demonstrate through the market study or other verification
     that there has been a corresponding decline in the existing rental base.
     There may be problems reconciling applications responding to new
     household growth and those that respond to replacement. Subsequent
     “tie-breaker” criteria could be considered to address this issue.

B. DETERMINATION OF INCOME ELIGIBILITY

  To determine demand from income-eligible households, we must first
  establish the income range required to qualify for residency in Low-Income
  Housing Tax Credit (LIHTC) units for the Heights Submarket.

  1. Maximum Income Limits

     Under the Low-Income Housing Tax Credit program, household
     eligibility is based on household income not exceeding the targeted
     percentage of Area Median Household Income (AMHI), depending
     upon household size.




                             III-140
The Heights Submarket has a median household income of $61,000 for
2005 (Harris County). We have analyzed affordable housing demand
for the following income cohorts: 0% to 30% AMHI, 31% to 40%
AMHI, 41% to 50% AMHI, 51% to 60% AMHI, 61% to 80% AMHI,
and 81% to 100% AMHI. The following table summarizes the
maximum allowable income by household size for the Heights
Submarket at 30%, 40%, 50%, 60%, 80%, and 100% of AMHI.

                         TARGETED       MAXIMUM ALLOWABLE
    HOUSEHOLD SIZE         AMHI              INCOME
                            30%               $12,810
                            40%               $17,080
                            50%               $21,350
       ONE-PERSON
                            60%               $25,620
                            80%               $34,150
                           100%               $42,700
                            30%               $14,640
                            40%               $19,520
                            50%               $24,400
       TWO-PERSON
                            60%               $29,280
                            80%               $39,050
                           100%               $48,800
                            30%               $16,470
                            40%               $21,960
                            50%               $27,450
      THREE-PERSON
                            60%               $32,940
                            80%               $43,900
                           100%               $54,900
                            30%               $18,300
                            40%               $24,400
                            50%               $30,500
      FOUR-PERSON
                            60%               $36,600
                            80%               $48,800
                           100%               $61,000
                            30%               $19,770
                            40%               $26,360
                            50%               $32,950
       FIVE-PERSON
                            60%               $39,540
                            80%               $52,700
                           100%               $65,900

The calculations presented in the report are based on a five-person
household for the general population (family) and a two-person
household for seniors age 55 and older.




                      III-141
  2. Income-Appropriate Range

     Leasing industry standards typically require households to have rent to
     income ratios of 27% to 40%. Generally, market-rate properties require
     a lower rent to income ratio, while an acceptable rent to income ratio for
     low-income units is typically around 35%.

     However, to avoid overstating demand at any of the income levels, the
     minimum income is calculated as the maximum income of the previous
     band, with the exception of the 0% to 30% income band, which has a
     minimum income of $0.

C. DEMAND CALCULATIONS

  The following tables summarize projected demand for affordable housing
  for all renter households from 2006 through 2009. Note the 2005 Baseline
  Total Renter Households includes all renter households, while the demand
  analysis only considers households earning up to 100% AMHI ($65,900).
  Therefore, the total Baseline Targeted Income-Qualified Renter Households
  for each income band will not total all renter households. For example,
  there were a total of 8,047 renter households in the Heights Submarket in
  2005; out of this total, 5,455 were income-qualified renter households. This
  results in 2,592 renter households earning above $65,900.




                              III-142
                                    2005 BASELINE DEMAND – HEIGHTS SUBMARKET BY GENERAL OCCUPANCY
                                                                                                              TARGETED AMHI
APPROPRIATE INCOME RANGE BY TARGETED AMHI                              0%-30%          31% - 40%           41% - 50%  51% - 60%                    61% - 80%          81% - 100%
  1-PERSON                                                            ($0-$12,810)   ($12,810-$17,080)   ($17,080-$21,350)   ($21,350-$25,620)   ($25,620-$34,150)    ($34,150-$42,700
  2-PERSON                                                            ($0-$14,640)   ($14,640-$19,520)   ($19,520-$24,400)   ($24,400-$29,280)   ($29,280-$39,050)   ($39,050-$48,800)
  3-PERSON                                                            ($0-$16,470)   ($16,470-$21,960)   ($21,960-$27,450)   ($27,450-$32,940)   ($32,940-$43,900)   ($43,900-$54,900)
  4-PERSON                                                            ($0-$18,300)   ($18,300-$24,400)   ($24,400-$30,500)   ($30,500-$36,600)   ($36,600-$48,800)   ($48,000-$60,100)
  5+-PERSON                                                           ($0-$19,770)   ($19,770-$26,360)   ($26,360-$32,950)   ($32,950-$39,540)   ($39,540-$52,700)   ($52,700-$65,900)

BASELINE TOTAL RENTER HOUSEHOLDS (HISTA DATA)                            8,047             8,047               8,047               8,047               8,047               8,047
TARGETED INCOME-QUALIFIED RENTER HOUSEHOLDS                               925              276                 253                 204                 409                 396
   1-PERSON                                                               300              100                 109                 110                 238                 187
   2-PERSON                                                               209               89                  69                  67                 124                  97
   3-PERSON                                                               102               84                  99                  82                 117                  77
   4-PERSON                                                               182              138                 116                  86                 151                  59
   5+-PERSON                                                             1,718             687                 646                 549                1,039                816
= BASELINE TARGETED INCOME-QUALIFIED RENTER HOUSEHOLDS                    925              276                 253                 204                 409                 396



              Based on the American Housing Survey, the estimated share of demand by bedroom type and household size in the Houston
              MSA is distributed as follows:

                                                DEMAND BY BEDROOM AND HOUSEHOLD SIZE
                                                 STUDIO / 1-BR. 2-BR.       3-BR.                                      4-BR.
                               1-PERSON HH           67%         25%          8%                                          -
                               2-PERSON HH           35%         46%         15%                                         4%
                               3-PERSON HH           16%         55%         22%                                         7%
                               4-PERSON HH           11%         45%         36%                                         8%
                              5+-PERSON HH           10%         42%         31%                                        17%
                             Source: American Housing Survey (Houston MSA, 1998)
                             HH-Household




                                                                         III-143
      These percentages, applied to the number of income-qualified renter
      households in this submarket, are as follows:

                      DEMAND BY BEDROOM TYPE AND HOUSEHOLD SIZE
                                       STUDIO /
                                         1-BR.           2-BR.       3-BR.    4-BR.    TOTAL
                         0%-30%           620             231          74       0        925
                        31%-40%           185              69          22       0        276
    1-PERSON            41%-50%           170              63          20       0        253
  HOUSEHOLD             51%-60%           137              51          16       0        204
                        61%-80%           274             102          33       0        409
                       81%-100%           265              99          32       0        396
                         0%-30%           105             138          45       12       300
                        31%-40%            35              46          15       4        100
    2-PERSON            41%-50%            38              50          16       4        108
  HOUSEHOLD             51%-60%            39              51          17       4        111
                        61%-80%            83             109          36       10       238
                       81%-100%            65              86          28       7        186
                         0%-30%            33             115          46       15       209
                        31%-40%            14              49          20       6         89
    3-PERSON            41%-50%            11              38          15       5         69
  HOUSEHOLD             51%-60%            11              37          15       5         68
                        61%-80%            20              68          27       9        124
                       81%-100%            16              53          21       7         97
                         0%-30%            11              46          37       8        102
                        31%-40%             9              38          30       7         84
    4-PERSON            41%-50%            11              45          36       8        100
  HOUSEHOLD             51%-60%             9              37          30       7         83
                        61%-80%            13              53          42       9        117
                       81%-100%             8              35          28       6         77
                         0%-30%            18              76          56       31       181
                        31%-40%            14              58          43       23       138
   5+-PERSON            41%-50%            12              49          36       20       117
  HOUSEHOLD             51%-60%             9              36          27       15        87
                        61%-80%            15              63          47       26       151
                       81%-100%             6              25          18       10        59
                         0%-30%        787 (46%)      606 (35%)    258 (15%) 66 (4%)    1,717
                        31%-40%        257 (37%)      260 (38%)    130 (19%) 40 (6%)     687
                        41%-50%        242 (37%)      245 (38%)    123 (19%) 37 (6%)     647
                        51%-60%        205 (37%)      212 (38%)    105 (19%) 31 (6%)     553
                        61%-80%        405 (39%)      395 (38%)    185 (18%) 54 (5%)    1,039
   TOTAL (%)           81%-100%        360 (44%)      298 (37%)    127 (16%) 30 (4%)     815
            OVERALL TOTALS               2,256           2,016        928      258
*Due to rounding, some of the above percentages may not total 100%




                                        III-144
                                                                                 HEIGHTS SUBMARKET
                                                                                     2006 DEMAND
 I. GROWTH DEMAND                                                                       0%-30%            31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$20,100)     ($13,000-$26,700)   ($17,300-$33,400) ($21,700-$40,100) ($26,000-$53,500) ($34,700-$66,900)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                        1,718               687                 646               549              1,039               816
    2006 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                              1,696               673                 629               547              1,018               815
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                             -22                -14                 -18                -2               -21                 -1
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (1YEAR)                                                             -22                -14                 -18                -2                -21               -1
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                             1,718               687                 646               549              1,039               816
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
     PROJECTION PERIOD (1 YEAR)                                                           -22                -14                 -18                -2               -21                 -1
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2006                                 1,696               673                 629               547              1,018               815
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                     1,786               708                 662               576              1,072               858
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2006                                            1,696               673                 629               547              1,018               815
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)              0 (0%)            23 (3.6%)         20 (3.6%)         37 (3.6%)          29 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               5                  3                   5                14                 0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                             1,701               676                 657               581              1,055               844
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                      1,786               708                 662               576              1,072               858
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                       1,701               676                 657               581              1,055               844
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                              78                 31                 29                25                 0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (1 YEAR)                                                                              163                 64                  35                20                17                14
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (1 YEAR)****                                                                           75                  24                  13                7                  7                 6
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
  (1 YEAR)****                                                                            58                  24                  13                8                  6                 5
    3-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (1 YEAR)****                                                                           24                  12                  7                 4                  3                 2
    4-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (1 YEAR)****                                                                         6                   4                   2                1                   1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI.
****Based on share of demand by bedroom type calculated.




                                                                                             III-145
                                                                                 HEIGHTS SUBMARKET
                                                                                     2007 DEMAND
 I. GROWTH DEMAND                                                                       0%-30%            31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$20,400)     ($13,200-$27,100)   ($17,600-$33,900) ($22,000-$40,700) ($26,400-$54,300) ($35,200-$67,900)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                        1,718               687                 646               549              1,039               816
    2007 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                              1,675               659                 611               545               998                814
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                             -22                -14                 -18                -2               -21                 -1
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (2 YEARS)                                                           -44                -29                 -35                -5                -42               -3
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                             1,718               687                 646               549              1,039               816
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
     PROJECTION PERIOD (2 YEARS)                                                          -44                -29                 -35                -5               -42                 -3
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2007                                 1,675               659                 611               545               998                814
      TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                     1,763               693                 643               573              1,050               856
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2007                                            1,675               659                 611               545               998                814
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)              0 (0%)            22 (3.6%)         20 (3.6%)         36 (3.6%)          29 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               5                  3                   5                14                 0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                             1,680               662                 638               579              1,033               843
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                      1,763               693                 643               573              1,050               856
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                       1,680               662                 638               579              1,033               843
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                             157                 63                 59                50                 0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
     (2 YEARS)                                                                            240                 94                  64                45                17                14
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)****                                                                         110                 35                  24                16                 6                 6
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)****                                                                         85                  36                  24                17                 7                 5
    3-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)****                                                                         36                  18                  12                9                  3                 2
    4-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (2 YEARS)****                                                                         9                   5                   4                3                   1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI.
****Based on share of demand by bedroom type calculated.




                                                                                             III-146
                                                                                 HEIGHTS SUBMARKET
                                                                                     2008 DEMAND
 I. GROWTH DEMAND                                                                       0%-30%           31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$20,700)    ($13,400-$27,500)   ($17,800-$34,400) ($22,300-$41,300) ($26,800-$55,100) ($35,700-$68,900)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                        1,718               687                646               549              1,039               816
    2008 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                              1,653               644                594               542               977                812
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                             -22                -14                -18                -2               -21                 -1
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (3 YEARS)                                                           -65                -43                -53                -7                -62               -4
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                             1,718               687                646               549              1,039               816
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (3 YEARS)                                                           -65                -43                -53                -7               -62                 -4
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2008                                 1,653               644                594               542               977                812
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                     1,740               678                625               571              1,028               855
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2008                                            1,653              644                 594               542               977                812
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)             0 (0%)            21 (3.6%)         20 (3.6%)         35 (3.6%)          29 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               5                  3                  5                14                 0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                             1,658               647                620               576              1,012               841
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                      1,740               678                625               571              1,028               855
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                       1,658               647                620               576              1,012               841
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                             235                 94                88                75                 0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (3 YEARS)                                                                             317                125                 93                70                16                14
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (3 YEARS)****                                                                         145                47                  35                26                 6                 6
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (3 YEARS)****                                                                          112                47                  35                27                 6                 5
    3-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (3 YEARS)****                                                                         48                 24                  18                13                 3                 2
    4-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (3 YEARS)****                                                                        12                   7                   5                4                   1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI.
****Based on share of demand by bedroom type calculated.




                                                                                           III-147
                                                                                 HEIGHTS SUBMARKET
                                                                                     2009 DEMAND
 I. GROWTH DEMAND                                                                       0%-30%           31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$21,000)    ($13,600-$27,900)   ($18,100-$34,900) ($22,600-$41,900) ($27,200-$55,900) ($36,200-$69,900)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                        1,718               687                646               549              1,039               816
    2009 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                              1,631               630                576               540               956                811
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                             -22                -14                -18                -2               -21                 -1
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (4 YEARS)                                                           -87                -57                -70                -9                -83               -5
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                             1,718               687                646               549              1,039               816
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (4 YEARS)                                                           -87                -57                -70                -9               -83                 -5
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2009                                 1,631               630                576               540               956                811
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                     1,717               663                606               568              1,006               854
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2009                                            1,631              630                 576               540               956                811
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)             0 (0%)            21 (3.6%)         19 (3.6%)         34 (3.6%)          29 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               5                  3                  5                14                 0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                             1,636               633                602               573               990                840
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                      1,717               663                606               568              1,006               854
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                       1,636               633                602               573               990                840
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                             313                125                118               100                0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (4 YEARS)                                                                             394                155                122                95                16                13
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
     (4 YEARS)****                                                                        181                58                  46                36                 6                 6
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (4 YEARS)****                                                                         139                59                  46                36                 6                 5
    3-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (4 YEARS)****                                                                         59                 29                  23                18                 3                 2
    4-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (4 YEARS)****                                                                       15                   9                   7                5                   1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI.
****Based on share of demand by bedroom type calculated.




                                                                                           III-148
              The following tables summarize projected demand for affordable housing for senior households (55+) from 2006 through
              2009.

                                  2005 BASELINE DEMAND – HEIGHTS SUBMARKET BY SENIOR (55+) OCCUPANCY
                                                                                                            TARGETED AMHI
APPROPRIATE INCOME RANGE BY TARGETED AMHI                              0%-30%          31% - 40%         41% - 50%  51% - 60%                61% - 80%        81% - 100%
  1-PERSON                                                            ($0-$12,810)   ($12,810-$17,080) ($17,080-$21,350) ($21,350-$25,620 ($25,620-$34,150) ($34,150-$42,700)
  2-PERSON                                                            ($0-$14,640)   ($14,640-$19,520) ($19,520-$24,400) ($24,400-$29,280) ($29,280-$39,050) ($39,050-$48,800

BASELINE TOTAL RENTER HOUSEHOLDS (HISTA DATA)                             1,656            1,656             1,656             1,656             1,656            1,656
TARGETED INCOME-QUALIFIED RENTER HOUSEHOLDS
   1-PERSON                                                               545              120               99                53                79                53
   2-PERSON                                                               85               33                38                39                32                20
= BASELINE TARGETED INCOME-QUALIFIED RENTER HOUSEHOLDS                    630              153               137               92                111               73



              Based on the American Housing Survey, the estimated share of demand by bedroom type and household size in the Houston
              MSA is distributed as follows:

                                              DEMAND BY BEDROOM AND HOUSEHOLD SIZE
                                                           STUDIO / 1-BR.          2-BR.
                                     1-PERSON HH               67%                  25%
                                     2-PERSON HH               35%                  46%
                             Source: American Housing Survey (Houston MSA, 1998)
                             HH-Households




                                                                        III-149
These percentages, as applied to the number of income-qualified renter
households age 55+ in this submarket, are as follows:

           DEMAND BY BEDROOM TYPE AND HOUSEHOLD SIZE
                              STUDIO /
                                1-BR.      2-BR.   TOTAL
                      0%-30%     365         136     501
                     31%-40%      80         30      110
                     41%-50%      66         25       91
       1-PERSON HH
                     51%-60%      36         13       49
                     61%-80%      53         20       73
                     81%-100%     36         13       49
                      0%-30%      30         39       69
                     31%-40%      12         15       27
                     41%-50%      13         17       30
       2-PERSON HH
                     51%-60%      14         18       32
                     61%-80%      11         15       26
                     81%-100%      7          9       16
                      0%-30%  395 (69%)  175 (31%)   570
                     31%-40%   92 (67%)   45 (33%)   137
                     41%-50%   79 (65%)   42 (35%)   121
        TOTAL (%)
                     51%-60%   50 (62%)   31 (38%)    81
                     61%-80%   64 (65%)   35 (35%)    99
                     81%-100%  43 (66%)   22 (34%)    65
              OVERALL TOTALS      723        350




                          III-150
                                                                                 HEIGHTS SUBMARKET
                                                                                  2006 DEMAND (55+)
 I. GROWTH DEMAND                                                                       0%-30%           31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$14,900)    ($13,000-$19,800)   ($17,300-$24,800) ($21,700-$29,700) ($26,000-$39,600) ($34,700-$49,500)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                         630                153                137                92               111                73
    2006 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                               633                157                136                93               109                80
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                              3                  4                  -1                 1                -2                 7
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (1YEAR)                                                              3                  4                  -1                1                 -2                 7
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                              630                153                137                92               111                73
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (1 YEAR)                                                             3                  4                  -1                 1                -2                 7
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2006                                  633                157                136                93               109                80
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                      666                165                143                98               115                84
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2006                                            633                157                 136                93                109               80
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)             0 (0%)            5 (3.6%)           3 (3.6%)          4 (3.6%)          3 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               0                  0                  0                  0                0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                              633                157                141                96               113                83
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                       666                165                143                98               115                84
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                        633                157                141                96               113                83
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                              19                 25                22                 15                0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (1 YEAR)                                                                               52                 33                  24                16                 2                 1
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (1 YEAR)****                                                                          36                 22                  16                10                 1                 1
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
     (1 YEAR)****                                                                       16                  11                   8                6                   1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI. Further estimated by percentage of renters 55+.
****Based on share of demand by bedroom type calculated.




                                                                                           III-151
                                                                                 HEIGHTS SUBMARKET
                                                                                  2007 DEMAND (55+)
 I. GROWTH DEMAND                                                                      0%-30%               31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                 ($0-$15,100)        ($13,200-$20,100)   ($17,600-$25,100) ($22,000-$30,100) ($26,400-$40,200) ($35,200-$50,200)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                         630                  153                 137                92               111                73
    2007 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                               636                  161                 136                94               107                88
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                              3                    4                   -1                 1                -2                 7
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (2 YEARS)                                                            6                    8                   -2                2                 -4                15
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                              630                  153                 137                92               111                73
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (2 YEARS)                                                            6                    8                   -2                 2                -4                15
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2007                                  636                  161                 136                94               107                88
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                      669                  169                 143                99               113                92
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2007                                            636                   161                 136                94                107               88
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)                0 (0%)            5 (3.6%)           3 (3.6%)          4 (3.6%)          3 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               0                    0                   0                  0                0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                              636                  161                 141                97               111                91
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                       669                  169                 143                99               113                92
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                        636                  161                 141                97               111                91
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                              37                   50                 44                 30                0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)                                                                             71                    58                  47                31                 2                 1
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)****                                                                         49                    39                  31                19                 1                 1
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (2 YEARS)****                                                                       22                  19                  16                12                  1                 0
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI. Further estimated by percentage of renters 55+.
****Based on share of demand by bedroom type calculated.




                                                                                               III-152
                                                                                 HEIGHTS SUBMARKET
                                                                                  2008 DEMAND (55+)
 I. GROWTH DEMAND                                                                       0%-30%           31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$15,300)    ($13,400-$20,400)   ($17,800-$25,500) ($22,300-$30,600) ($26,800-$40,800) ($35,700-$51,000)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                         630                153                137                92               111                73
    2008 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                               638                164                135                95               105                95
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                              3                  4                  -1                 1                -2                 7
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (3 YEARS)                                                            8                 11                  -2                3                 -6                22
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                              630                153                137                92               111                73
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (3 YEARS)                                                            8                  11                 -2                 3                -6                22
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2008                                  638                164                135                95               105                95
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                      672                173                142               100               111                100
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2008                                            638                164                 135                95                105               95
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)             0 (0%)            5 (3.6%)           3 (3.6%)          3 (3.6%)          3 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               0                  0                  0                  0                0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                              638                164                140                98               109                98
 IV. TOTAL SUPPLY AND DEMAND
       TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                       672                173                142               100               111                100
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                        638                164                140               98                109                98
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                              56                 74                67                45                 0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (3 YEARS)                                                                             90                 83                  69                46                 2                 2
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (3 YEARS)****                                                                         62                 56                  45                29                 1                 1
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (3 YEARS)****                                                                        28                  27                  24                18                  1                 1
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI. Further estimated by percentage of renters 55+.
****Based on share of demand by bedroom type calculated.




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                                                                                 HEIGHTS SUBMARKET
                                                                                  2009 DEMAND (55+)
 I. GROWTH DEMAND                                                                       0%-30%            31% - 40%           41% - 50%         51% - 60%         61% - 80%         81% - 100%
    HOUSEHOLD-BASED:                                                                  ($0-$15,500)     ($13,600-$20,700)   ($18,100-$25,900) ($22,600-$31,000) ($27,200-$41,400) ($36,200-$51,700)
    2005 TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS                                         630                153                 137                92               111                73
    2009 TOTAL ESTIMATED INCOME-QUALIFIED RENTER HOUSEHOLDS                               641                168                 134                96               103                102
    ESTIMATED ANNUAL INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH                              3                  4                   -1                 1                -2                 7
    NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (4 YEARS)                                                           11                  15                  -3                4                 -8                29
 II. TOTAL UNITS NEEDED FOR BALANCED (95.0% OCCUPIED) MARKET
    2005 INCOME-QUALIFIED RENTER HOUSEHOLDS (OCCUPIED UNITS)                              630                153                 137                92               111                73
    (+) NEW INCOME-QUALIFIED RENTER HOUSEHOLD GROWTH OVER
    PROJECTION PERIOD (4 YEARS)                                                            11                 15                  -3                 4                -8                29
    (=) TOTAL INCOME-QUALIFIED RENTER HOUSEHOLDS IN 2009                                  641                168                 134                96               103                102
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
    OCCUPIED) MARKET                                                                      675                177                 141               101               108                107
 III. EXISTING RENTAL PRODUCT
    TOTAL OCCUPIED TARGETED RENTAL UNITS 2009                                            641                 168                 134                96                103               102
    (+) ESTIMATED # OF VACANT UNITS (VACANCY %)*                                        0 (0%)              0 (0%)            5 (3.6%)           3 (3.6%)          4 (3.6%)          4 (3.6%)
    (+) PLANNED AND PROPOSED TARGETED UNITS DURING PROJECTION
    PERIOD**                                                                               0                  0                   0                  0                0                  0
    (=) NET EXISTING TARGETED RENTAL PRODUCT                                              641                168                 139                99               107                106
 IV. TOTAL SUPPLY AND DEMAND
    TOTAL TARGETED RENTAL UNITS NEEDED FOR BALANCED (95%
   OCCUPIED) MARKET                                                                       675                177                 141               101               108                107
    (-) TOTAL NET EXISTING TARGETED RENTAL PRODUCT                                        641                168                 139               99                107                106
   (+) 2.5% OF EXISTING RENTAL PRODUCT BUILT PRIOR TO 1970***                              75                 99                 89                60                 0                  0
    (=) TOTAL TARGETED UNITS NEEDED OVER PROJECTION PERIOD
    (4 YEARS)                                                                             108                108                  91                61                 2                 2
    STUDIO/1-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (4 YEARS)****                                                                          75                  73                  59                38                 1                 1
    2-BR. TARGETED UNITS NEEDED OVER PROJECTION PERIOD
   (4 YEARS)****                                                                        33                  35                  32                23                  1                 1
Note: 2005 income-qualified households based on 2005 income limits. 2006-2009 income limits projected based on historical increase (2000-2005).
* Units at 0% to 30% and 31% to 40% are assumed to be 100% occupied. There are no Tax Credit properties located in this submarket; therefore the submarket market-rate vacancy rate has been
applied to units at 41% to 50% and 51% to 60%.
**Based on information obtained from TDHCA and local planning officials. Some unit mixes may be estimated. Units under construction at the date of this report were included in the above table.
***Estimated based on share of income-qualified renter households up to 60% AMHI. Further estimated by percentage of renters 55+.
****Based on share of demand by bedroom type calculated.




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                D. TAX CREDIT DEMAND SUMMARY

                     The table below summarizes the preceding demand analysis. Note the net
                     demand for senior units is included in the total net demand for all Tax Credit
                     units. For example, out of a total demand of 281 units in 2006, there is a
                     demand for 126 units age-restricted to households 55 and older.

                              TAX CREDIT (0%-60%) DEMAND SUMMARY
                                       HEIGHTS SUBMARKET
                                             2006-2009
                                                              2006                        2007     2008     2009
           TOTAL NET DEMAND FOR TAX CREDIT UNITS 0%-40% AMHI   226                         334      442      442
           TOTAL NET DEMAND FOR TAX CREDIT UNITS 41%-60% AMHI  55                          109      163      163

           TOTAL NET DEMAND FOR TAX CREDIT UNITS AGE-RESTRICTED
           TO 55 AND OLDER (0%-40% AMHI)                                         85       129       173         216
           TOTAL NET DEMAND FOR TAX CREDIT UNITS AGE-RESTRICTED
           TO 55 AND OLDER (41%-60% AMHI)                                        41           78    115         152

                     It is important to note that most of the allocated units are serving households
                     at 50% and 60% AMHI. There continues to be a need in the submarket for
                     affordable units targeting households at up to 40% AMHI.

                E. SPECIAL NEEDS HOUSEHOLDS

                     Persons with special needs, as defined by HUD, include persons with
                     disabilities, persons with HIV/AIDS, elderly persons, frail elderly persons,
                     persons with alcohol and/or drug addictions, victims of domestic violence,
                     and public housing residents.

                     Demand from elderly households was described in the previous section.
                     Information on persons with HIV/AIDS, alcohol and/or drug addictions, and
                     victims of domestic violence is typically difficult to obtain. Census data is
                     available to estimate the number of persons with other types of disabilities.
                     Based on 2000 Census data, it is estimated those persons age 16+ with a
                     sensory or physical disability within the Heights Submarket are as follows:

                                             PERSONS WITH DISABILITIES
                                                HEIGHTS SUBMARKET
                                                                                 NUMBER            PERCENTAGE
 TOTAL CIVILIAN NONINSTITUTIONALIZED PERSONS 16 YEARS OR OLDER                    30,893              100%

 SENSORY DISABILITY (BLINDNESS, DEAFNESS, VISION OR HEARING)                          1,148                4%
 PHYSICAL DISABILITY                                                                  2,689                9%
 TOTAL PERSONS WITH DISABILITIES                                                      3,837               13%
Source: 2000 Census; Claritas; Vogt Williams & Bowen, LLC




                                                            III-155
              Note there may be some overlap in the above categories of disability,
              causing the total number to appear higher. We have not included mentally
              disabled residents since this group does not require a specific housing
              product.

              According to the 2000 Census, there are 3,837 persons aged 16 and older
              with either a sensory or physical disability. It is reasonable to assume
              caregivers and/or family members are providing services to these people and
              are therefore not in one-person households. According to Claritas,
              approximately 51.1% of all occupied housing units are renter-occupied.
              Applying this renter percentage to the number of persons with disabilities
              results in approximately 1,961 persons with disabilities living in renter-
              occupied households. Based on the above analysis, in 2005, approximately
              67.8% of all renter households (5,455 income-qualified renter households /
              8,047 total renter households) are income-qualified renter households.
              Applying 67.8% to the number of persons with disabilities living in renter
              households results in 1,330 income-qualified persons with a disability living
              in a renter-occupied household. This analysis is summarized below:

              TOTAL PERSONS WITH DISABILITIES                                         3,837
              (X) RENTER PERCENTAGE                                                   51.1%
              (=) RENTER HOUSEHOLDS WITH DISABLED RESIDENT                            1,961
              (X) BASELINE TARGETED INCOME-QUALIFIED RENTER HOUSEHOLDS (%)            67.8%
              (=) TOTAL INCOME-QUALIFIED RENTER PERSONS WITH DISABILITIES             1,330

  APPROPRIATE INCOME RANGE BY
         TARGETED AMHI                0%-30% 31% - 40% 41% - 50%      51% - 60%   61% - 80%      81% - 100%
   % BASELINE TARGETED INCOME-
   QUALIFIED RENTER HOUSEHOLDS         31.5%      12.6%      11.8%      10.1%       19.0%          15.0%
                X                      1,330      1,330      1,330      1,330       1,330          1,330
  TOTAL INCOME-QUALIFIED RENTER
HOUSEHOLDS WITH DISABLED RESIDENT       419        167        158         134        253            199


              The above analysis assumes persons with disabilities have incomes
              reflective of the general population. In reality, it is more likely persons with
              disabilities will have lower incomes than the general population; therefore,
              the above analysis understates the housing required to serve this component
              at lower incomes. If units were developed to 100% of the above level, a
              large number of vacancies would occur in the market since so many people
              are cared for in conventional units.

              We recommend a development target no more than 2% of total demand for
              special needs households. Due to the limitations of accurate information
              available pertaining to special needs households, we strongly recommend
              any planned project conduct extensive interviews with appropriate local
              service providers, caregivers, medical facilities, etc., to help determine the
              demand of special needs households within that market and the type or
              characteristics of the housing required.



                                               III-156
  At this time, there are six Tax Credit units planned for the disabled. Note
  2% of 1,330 equals to 27 units.

F. HURRICANE IMPACT ON SUBMARKET HOUSING DEMAND

  One major factor impacting the Houston MSA rental housing market at this
  time is the evacuees from hurricanes Katrina and Rita. However, based on
  interviews with local property managers and city officials, it does not appear
  that the Heights Submarket has been significantly impacted. The five
  properties surveyed indicated they have not received any hurricane
  evacuees.




                                   III-157

								
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