Investor Presentaiton

IMPLICATIONS ⚫2016 study was influenced by unprecedented population growth the state. The theme then was just keep building. •Housing needs based on historic relationships between population and household characteristics suggest that the state's inventory of housing is relatively aligned with projected future needs. Projections suggest the need for approximately 10,000 housing units. ⚫Current market conditions suggest that is not the case. Affordable housing that goes on the market, comes off quickly, except the oldest and least expensive housing. •Generally speaking affordable housing is older and may require renovations. Income restricted low income rental properties are also older and likely in need of renovation. With increasing prices and lack of affordable inventory, homeownership is declining and renter occupied housing is increasing. •This suggests a greater need to focus on housing needs based on household characteristics, market conditions and consumer preference, especially lower income households and seniors.

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