Specifications include, but are not limited to: 1. Income Capitalization Rate ▪ The primary study will be developed using sales of traditional housing market transactions across the state and the KC metro area. Sales of affordable housing projects should also be considered if applicable. ▪ In addition to the sale method above, a supporting Band of Investment method can be developed if applicable in the opinion of the vendor. Primary lenders of local affordable projects should be consulted to determine current financing rates, along with brokers, owners, appraisers, etc. to determine equity return expectations. ▪ The stratification for either analysis will be broken into two groups, location and investment class. - Location based on the county population, urban regions with populations of 50,000 or greater and rural regions with populations of less than 50,000. The population data source is at the discretion of the consultant. 2. Effective Gross Income Multiplier (EGIM) ▪ The stratification for the analysis should be the same as outlined for the Income Capitalization rate analysis. ▪ The individual corresponding expense ratios for the EGIM’s must be included.