NCHMA Category Archives

IHCDA – Market Study Analysis and Review

ISSUE DATE: June 7, 2021
RESPONSE DEADLINE: June 28, 2021, 5:00 PM Eastern Time
CONTRACT TO BEGIN: August 1, 2021

The Indiana Housing and Community Development Authority (“IHCDA”) is requesting proposals to select a market study analyst to review market studies submitted to IHCDA and conduct third-party market studies on behalf of IHCDA, on an as-needed basis.

Full details can be found here.


Minnesota Alters Market Study Guidelines

Market study analysts may encounter hindrances to completing work, particularly related to field work and accessing market information. If circumstances restrict analysts’ ability to complete a market study, Minnesota Housing suggests the following alternatives for information-gathering:

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COVID-19’s Impact on Field Work for Market Studies

The Executive Committee of the National Council of Housing Market Analysts developed a memo on COVID-19’s Impact on Field Work for Market Studies, given the challenges of completing real estate analysis including site inspections during the current environment with office closures and travel restrictions.

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Georgia Supreme Court: LIHTCs “Do Not Constitute Actual Income”

The Supreme Court of Georgia decided in Heron Lake II Apartments, LP et al. v. Lowndes County Board of Tax Assessors that LIHTCs do no constitute “actual income.” The decision centers around the argument that investors do not receive more money from anyone for tax credits rather, they merely pay less in taxes to the government. The Court ruled that tax assessors are not limited to using either the sales comparison or income approaches in determining the fair market value of LIHTC properties.

AHIC Updates LIHTC Underwriting Guidelines

The Affordable Housing Investors Council (AHIC) has published updated Underwriting Guidelines for its members.  The Guidelines are designed to be used as an outline for an underwriting process and for investment documents for proprietary, multi-investor, and direct investments in low-income housing tax credits (LIHTC). They examine how to analyze the financial strength and expertise of the development team; the key points to understand the sources and uses in the development budget; critical facets of underwriting the deal; best practices in due diligence; and tools for reviewing the capacity of syndicators.

NH&RA is pleased to see that once again, AHIC Underwriting Guidelines cite our affiliate, the National Council of Housing Market Analysts Model Content Standards in the market study portion of its Underwriting Guidelines.  Click here to download the Underwriting Guidelines.