Market Study and As Complete Property Appraisal Services

The Vendor is required to provide a housing market study and as complete property appraisal to support the development of an affordable senior housing project on city owned property.
- Consultant will work closely with city staff and the city’s housing consultants to prepare analyses necessary to advance the project toward state and other public funding applications, including programs requiring market feasibility and appraisal documentation.
- Objectives:
•    Assess market demand, affordability, and feasibility for an affordable senior housing development in Idaho Springs.
•    Provide a market study suitable for submission to state affordable housing funding programs, including Low-Income Housing Tax Credit (LIHTC) and Proposition 123 concessionary debt financing.
•    Establish an independent, professional as complete appraisal reflecting restricted senior affordable housing use.
•    Support the City’s efforts to advance the project toward shovel ready status and funding commitments.
- Affordable Housing Market Study
•    Overview of the regional and local housing market, including demographic and economic trends relevant to senior households.
•    Analysis of senior population trends, income levels, and housing cost burdens.
•    Assessment of existing and planned senior housing inventory, including affordability, unit types, services, and vacancy rates.
•    Evaluation of market demand for affordable senior rental housing at proposed affordability levels.
•    Analysis of unit mix, bedroom types, and recommended rents.
•    Discussion of market risks, constraints, and mitigating factors.
•    Conclusions regarding overall market feasibility and support for the proposed development.
- As Complete Property Appraisal
•    Reflect the completed development under restricted affordable housing use.
•    Consider applicable regulatory agreements, affordability restrictions, and income limits.
•    Be suitable for use by public funders, lenders, and equity providers.
•    Include assumptions related to project completion, market conditions, and operating characteristics.
- Coordination & Deliverables
•    Coordinate with City staff and the City’s housing consultants to confirm assumptions, unit mix, affordability levels, and development concepts.
•    Participate in meetings (virtual or in person) as needed to review findings and respond to questions.
•    Provide draft deliverables for City review prior to final submission.

- Questions/Inquires Deadline: January 6, 2026