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HUD Solicits Comments About Survey of Market Absorption

Friday, February 13, 2004 - 1:45AM

The U.S. Department of Housing and Urban Development (HUD) this week published a notice soliciting comments from members of the public and affected agencies concerning the Survey of Market Absorption (SOMA). HUD says the SOMA provides the data necessary to measure the rate at which new rental apartments and new condominium apartments are absorbed over the course of the first 12 months following completion of a building. The survey also provides estimates of certain characteristics such as asking rent/price, number of units and number of bedrooms. The data provides a basis for analyzing the degree to which new apartment construction is meeting the present and future needs of the public. Additionally, beginning with new construction in 2002, the survey will attempt to ascertain the number and degree of services provided by assisted living units.

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