Survey of Market Absorption of New Apartment Buildings

Forms and Documents

Document Name	Status
SOMA 30-Day Notice.pdf Supplementary Document	2023-07-20
SOMA Instrument Screenshots v4 (2023).pdf Supplementary Document	2023-07-07
SOMA 60-Day Federal Register Notice.pdf Supplementary Document	2023-07-07
H-31L SOMA Letter 2020.pdf Supplementary Document	2023-07-07
Final - SOMA-OMB-SupportingStatementPartB.docx Supporting Statement B	2023-07-07
Final - SOMA-OMB-SupportingStatementPartA.docx Supporting Statement A	2023-07-07
Title 12.docx Supplementary Document	2017-03-10

IC Document Collections

IC ID	Document Title	Status
261018	SOMA Other-SOMA Items Booklet	New
226029	SURVEY OF MARKET ABSORPTION OF NEW MULTIFAMILY UNITS (SOMA) ITEMS BOOKLET Other-2020 SOMA Items Booklet	Removed

ICR Details

OMB Control No: 2528-0013	ICR Reference No: 202304-2528-001
Status: Received in OIRA	Previous ICR Reference No: 201910-2528-002
Agency/Subagency: HUD/PD&R	Agency Tracking No:
Title: Survey of Market Absorption of New Apartment Buildings
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 07/21/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2023
Responses	48,000	48,000
Time Burden (Hours)	6,000	6,000
Cost Burden (Dollars)	0	0

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Abstract: The Department of Housing and Urban Development conducts this survey in order to determine if the supply of rental housing is keeping pace with current and future needs. Additional information such as asking rent (or price for condominium unites) and number of bedrooms is also collected. We will now also asking availability of assisted living for "senior" (55+ restricted) buildings. The Survey of Market Absorption (SOMA) provides the data necessary to measure the rate at which new rental apartments and new condominium apartments are absorbed; that is, taken off the market, usually by being rented or sold, over the course of the first 12 months following completion of a building. The data are collected at quarterly intervals until the 12 months conclude, or until the units in a building are completely absorbed. The survey also provides estimates of certain characteristics, including asking rent/price, number of units, and number of bedrooms. The survey provides a basis for analyzing the degree to which new apartment construction is meeting the present and future needs of the public.

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Authorizing Statute(s): US Code: 12 USC 1701z-1 Name of Law: United States Housing Act of 1970
   US Code: 12 USC 170z-2 Name of Law: United States Housing Act of 1970
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 31515	05/17/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 46806	07/20/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
SOMA
SURVEY OF MARKET ABSORPTION OF NEW MULTIFAMILY UNITS (SOMA) ITEMS BOOKLET

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	48,000	48,000	0	0	0	0
Annual Time Burden (Hours)	6,000	6,000	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: This collection will be an extension without change of a currently approved collection. Data from this survey enable the Department of Housing and Urban Development (HUD) to analyze the characteristics, location, and rents or prices of newly completed multifamily rental and condominium units and to assess how quickly they are being absorbed by the market. These data are useful as a barometer of demand for new rental units (particularly in the local market areas) because the absorption rates indicate the relative tightness or looseness of rental markets. The data may be used to address the adequacy of the supply of the rental housing stock.

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Annual Cost to Federal Government: $1,940,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/21/2023

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