Indiana Housing and Community Development recently made changes to its Market Study Guidelines. Here is a summary of the changes made:

  1. The requirement to identify A rated schools was removed from the 2018-2019 QAP. That change has been made to the market study guidelines, and identifying A rated schools is no longer a requirement.
  2. The requirement that market analysts provide interior and exterior photos of grocery stores has been amended. If the grocery store is a known brand like Kroger, only exterior photos are required.
  3. Language around the capture rate has been amended to hopefully clarify our requirements.
  4. The requirement for including information about other projects for which the market analyst is providing market studies has been amended. The only information required to be discussed is information obtained from a public entity; information obtained through the use of a private contractual relationship is not required to be discussed.

IHCDA also suggested that firms and individuals that wish to respond to this recertification be members of the National Council of Housing Market Analysts (“NCHMA”). This will ensure that all market studies meet the minimum standards established by NCHMA. Much of the following information about required items in a market study has been adapted from NCHMA, with their permission. Beginning on January 1, 2018, all firms and individuals that wish to submit market studies for any program administered by IHCDA will be required to be members of NCHMA.