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Rocky Mountain CRC recently created their 2015 operating expense report* for Utah’s Low-Income Housing Tax Credit (LIHTC) properties. This report is compiled from data from the portfolio as of year-end 2015. Rocky Mountain CRC has been in the Utah market for over 17 years and now can rely on their LIHTC portfolio to provide history to assist in analyzing the data.
The 2015 study consists of projects containing at least 50 units, analyzing 1,502 units in 19 projects spread throughout Utah, with approximately 95% of the units encumbered by LIHTC rent restrictions. Projects with Section 8 HAP contracts were not included in the analysis. Without replacement reserves, the weighted average total operating expenses for the properties analyzed was $3,716/unit, which is virtually unchanged from the same analysis for 2014. It is interesting to note that the results of the Rocky Mountain CRC analysis are within approximately 2.5% of the results of a recent study completed by CohnReznick LLP.
*Rocky Mountain CRC anticipates that this study will be a tool for other LIHTC partners in their development of tax-credit affordable housing. Rocky Mountain CRC disclaims any liability associated with reliance on any of the information contained herein. This information was compiled by the projects’ managers without verification of submitted data.
To access the these studies, please click on the report listed below:
If you would like more information regarding RMCRC Market Information, please contact Dan Moser, Chief Appraiser at 801.839.7247 or firstname.lastname@example.org