Under the leadership of our Executive Committee and Standards Committee, NCHMA has formally adopted and released several white papers and other valuable work products. In addition, NCHMA continues to develop an expanding body of essential resources that have been widely accepted as the industry standard. The following work products are designed to help improve the quality and consistency of market studies for affordable housing projects and other residential real estate.
Model Content Standards for Rental Housing Market Studies
A set of recommendations on the specific types of information, data, analysis, and conclusions that should be contained or addressed in a market study for rental housing projects.
Please Note: NCHMA members are strongly encouraged to use the Model Content Standards when completing market studies for Low-Income Housing Tax Credits (LIHTC) and other real estate product types. However, we recognize that various market study users such as state housing finance agencies, lenders, investors, or other industry clients may require market analysts to use standards different from the Model Content. Therefore, the final decision as to which standards are to be used is left at the sole discretion of the market analyst. Adherence to NCHMA’s Model Content Standards, Index, and Terminology are key components to a successful Peer Review submission under the Professional Member Designation Program. Users are encouraged to reference the date or version of the contents standards used.
Market Study Index
Intended to help the reader of a market study find specific information quickly, this checklist provides a list of the specific individual component areas of information that the Model Content Standards says should be provided in a market study, with a space where the analyst can insert the page number of where each component is addressed in the study. Email firstname.lastname@example.org for an Excel version of the Market Study Index.
Dictionary of Market Study Terminology
A set of uniform definitions of key terms commonly used in market studies for proposed affordable rental housing projects, particularly developments utilizing the federal low-income housing tax credit.
Market Study Certification
Signed by the NCHMA member who prepared the market study, the statement will certify that the analyst has no financial interest in the project and that the market study has been prepared in conformance with NCHMA’s Market Study Terminology and Model Content Standards (and, in areas where it does not conform, the reasons for non-conformance).
Code of Ethics and Standards of Professional Practice
NCHMA was founded in recognition of the public need for competent, unbiased advice, professional guidance, and sound judgment concerning real estate matters relating to the affordable housing market. The chief aim of NCHMA is to maintain public trust in the professional work conducted by its members. The Code of Ethics and the Standards of Professional Practice were developed with this in mind. This document addresses the following topics: Honesty & Integrity, Confidentiality, Independence & Objectivity, Competency, and Professionalism.
Frequently Asked Questions
NCHMA’s resource documents, including the Model Content Standard, White Papers, and Market Study Terminology, are considered living documents and are to be expanded upon and/or updated from time to time. To this end, NCHMA has created its Frequently Asked Questions (FAQ) as a mechanism to discuss matters concerning the Model Content Standards in a fluid and timely manner. This FAQ is intended to expedite NCHMA’s response to user and member feedback and to clarify key points in the Model Content Standards, as needed. Ultimately, discussion points generated by the FAQ may be used as a basis for future versions of the Model Content Standards or other key resource documents.
- Memo on COVID-19’s Impact on Field Work for Market Studies
- NCHMA Scope of Work & Reporting Options
- HUD’s Multifamily Accelerated Processing (MAP) Guide Book (January 29, 2016)
- HUD’s Multifamily Accelerated Processing (MAP) Guide Book, Bookmarked (January 29, 2016)
White Papers & Research
- White Papers
- Analysis of Age- and Income-Restricted Properties
- Best Practices For Rural Market Studies (DRAFT)
- Calculating Market Rent
- Demand and Capture Rate Methodologies
- Factors to Consider in Market Analysis of a Preservation Property
- Recommended Practices for Analyzing Turnover
- Recommended Practices for Determining Demand
- Recommended Practices for LIHTC Average Income Properties
- Selecting Comparable Properties
- White Paper: Determining Market Area (Updated: June 2016)
- Evolving Thought Documents