We wish it were easy to define! HUD program leverage does not change
throughout the country, so any area has potential. Typically you want to
find an area that’s in a growth mode or at least be ahead of the curve if a lot
of development is anticipated. The challenge is many markets that look
strong on paper also require more expensive construction costs versus
cheaper / tertiary markets, so strong rents and high demand doesn’t
necessarily mean there will be an adequate return on investment for
sponsors. It’s really case by case.