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<br />, . <br /> <br />Types of Projects <br /> <br />I. Moderate to large number of residential units (i.e. <br />500 to 1000+), assuming a diverse mix of product <br />types, or master planned communities. <br /> <br />2. Proj ects that are not expected to conunence escrow <br />closings to homeowners for a year or more. <br /> <br />3. Projects that represent a uniqne market offering. <br /> <br />4. Projects located in rural areas at the fringe of <br />development <br /> <br /> <br />L Empire Economics concurs that issuers should have market absorption <br />studies prepared for projects that meet the criteria set forth by the CDIAC. <br />Furthermore, based upon recent marketing conditions, there has been a <br />significant amount of housing price appreciation since 2002, due primarily to <br />[mancial factors, as compared to the traditional factor of employment <br />growth. Empire Economics strongly reconunends that Issuers have the <br />Market Absorption Study discuss the potential impacts of higher mortgage <br />rates. <br /> <br />2. For conunercial-industrial projects, there has only been moderate rates of <br />employment growth in recent years. <br /> <br />10 <br />