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AECOM county as a whole, and neighboring cities and also for the opportunity areas as compared to similar areas in the region. Potential industrial and office employment will be translated into demand for occupied space and land area at employment density and FAR factors. Major anticipated changes in the market that could result in significant changes in historical trends, positively or negatively, will be identified. One of the key questions to address for each of these three sectors is the extent to which market rents support new construction costs, and, if not, how much would they have to increase in real terms to support new construction. Housing Market Trends The existing housing stock will be documented to include age, type, and current market costs for ownership and rental housing based on the most recent data available from secondary data sources. Costs will include an evaluation of long-term trends in terms of housing value and absorption utilizing information from secondary data sources. Estimates of future housing costs will be projected using long term residential property appreciation assumptions. AECOM will estimate the minimum income required to afford current and potential future housing based on current standards for rental and ownership costs as a percentage of income. This will then be compared to estimated household income growth and distribution. AECOM will estimate future demand and absorption for housing units based on projected regional population and employment growth, household formation assumptions by age of householder, and size categories, and the portion that could reasonably be expected to accrue to the Santa Ana market. SCAG projections for the county and Santa Ana will augment Census and American Community Survey data where necessary. Various market share assumptions for the Santa Ana market will be applied to test different scenarios for residential, retail, office and industrial growth in the overall market. Residential absorption rates will also be applied to the Land Use Envisioning Map potential residential transition areas to estimate how much of future residential multifamily demand absorbed in those areas at different price points overtime and at the currently identified densities. We also propose two stakeholder group meetings to supplement the analysis. These meetings would include a range of stakeholders from the different sectors as well as neighborhood and community stakeholders that can share challenges of the current housing market. Deliverables: • Two (2) stakeholder group meetings • Draft Existing Conditions Report • Final Existing Conditions Report • 1 Presentation of Existing Conditions Report attended by two AECOM members