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Developers present workforce-housing feasibility study; council raises procurement and risk questions
Summary
White Mountain Advisory Group presented a feasibility study and financing options for a proposed workforce housing project in Show Low. The study identified strong demand and three financing scenarios; council members pressed presenters on sole-source procurement, development risk, and what the city could owe if the private partner failed.
Jim Hammond, representing the White Mountain Advisory Group, presented results of a feasibility study for a proposed workforce housing project and outlined three financing options the study modeled.
Hammond said the market assessment found constrained supply and strong demand, estimating roughly 940 workforce units needed in the 60–120% area median income (AMI) band and “over a thousand units” when additional needs were included. He told the council consultants found turnover, aging inventory, a growing population and rising employment were driving demand and that annual rental growth had averaged about 9% over five years.
The study compared private equity, municipal bonds and a public–private model with Sustainability Partners. Hammond said private financing would require about $18…
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