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Rocky Mountain CRC has recently completed their 2016 operating expense report of Utah Low-Income Housing Tax Credit (LIHTC) properties. This report is compiled from data from the portfolio as of year-end 2016. Rocky Mountain has been compiling operating data for the last three years to assist in more accurately underwrite and service loans.
The 2016 study breaks the data into two categories – projects with 20-50 units and projects with more than 50 units. Projects with Section 8 HAP contracts were not included in the analysis. Without Replacement Reserves, the total operating expenses for 2016 were $3,765/unit for projects containing 20 – 50 units, and $3,965/unit for projects with more than 50 units.
New for 2016 is the Operating Expense Trend report which tracks the same properties from 2014 – 2017. This analysis indicates that total operating expenses increased at a 3.0% annual compounded rate during this time period, with the greatest increases in Real Estate Taxes (6.4%) and Payroll (5.2%).
*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 email@example.com