Summary of Specifications:
The City of Monroe invites qualified consultants to submit a proposal for professional services to conduct a housing needs assessment for the City of Monroe using a Target Market Analysis (TMA) methodology. Overview A. The City of Monroe will utilize funds provided, in part, by the Michigan State Housing Development Authority (MSHDA) to initiate a Target Market Analysis to identify opportunities for specific housing products and price ranges, based on an in-depth assessment of the city’s housing market. As such, MSHDA reserves the right to review all activities relative to the analysis and will be involved in consultant selection. The TMA analysis shall include, among other items, the following: • Market potential for the type and number of new housing units in the city, including both market rate and affordable housing; • Ideal locations for development; • Desired amenities for new housing; and • Absorption rates and period estimates. The city intends to use the TMA in planning activities in which it will serve to provide direction for local development. B. The Target Market Analysis will be used for future development in the city, but it is the city’s hope that the results will assist in targeting infill development throughout the city’s established neighborhoods as well as the downtown district. C. The purpose of the TMA shall provide housing-related information that is specific and applicable to the city and local community development organizations. The TMA shall serve as an important tool to focus federal, state, local and private community development investment and to ensure local planning practices are in alignment with emerging markets. It shall also capture community development information supporting: • Improved stability and density of the area; • Increased number of employers and jobs; • Increased economic activity for the area; and • Creating a vibrant and walkable community Scope of Work Objective: To create a market study that incorporates TMA methodologies for use in planning activities. These analyses will look at trends and potentials for a relatively broad geographic area, and will serve as a “platform” in which other, more localized or project-specific studies will nest. Project Completion Date: May 31, 2017
