1. Using Market Studies to Inform Site Selection
For the 2017 NCSHA Housing Credit Connect

2. NCHMA: A Quick History
National Council of Housing Market Analysts (NCHMA) -- formed in 2001 in response to legislation
NCHMA is an independent Council of National Housing & Rehabilitation Association (NH&RA)
Market study requirements vary from state to state
Need for a membership organization
Need for uniform standards
Desire to develop higher level of professionalism
Ethics and professional accountability
Education
Peer review
Sharing of information and resources

3. NCHMA Expanding its Mission
National Council of Affordable Housing Market Analysts to
National Council of Housing Market Analysts
Affordable (Tax Credit) Housing
Market Rate Housing (FHA Insured)
Seniors Housing
For Sale Housing

4. NCHMA Resources Minimum standards and best practices
Certification in every report
Model Content - Market study index
Glossary of terminology
White papers
Analysis of Age- and Income-Restricted Properties (DRAFT)
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
Selecting Comparable Properties
White Paper: Determining Market Area (Updated: June 2016)

5. NCHMA Resources Continued
Evolving Thought Documents
Affordable Assisted Living: New Frontiers for Aging in Place
Overview of Senior Housing Products in MA
HUD/FHA
NCHMA Standards incorporated into HUD's multifamily accelerated processing guide book: Jan 2016
Affordable Housing Investors Council (AHIC)
“Investors should use National Council of Affordable Housing Market Analysts (NCAHMA) certified market analysts to perform market studies using the NCAHMA Model Content Standards for Market Studies for Rental Housing, which is 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 an affordable rental housing project.”

6. Current and Future Areas of Focus
Periodic Review of Existing Best Practices
Expanding Market Study Educational Opportunities for State HFAs
Market Analysis for Mixed-Use Projects – Effectively Assessing the Commercial Component
Adopting Best Practices for Fannie Mae / Freddie Mac Lending Products
Best Practices for Affordable Assisted Living Properties

7. Ideas & Considerations for the Market Analysis of Affordable Assisted Living
What is a reasonable lease-up period?
How does market absorption differ?
What is a reasonable PMA?
What considerations should be made for mixed-income vs. 100% affordable assisted living properties?
Demographic & Data Analysis
How do you differentiate the spectrum of tenants living in assisted living properties? Age vs. Disability?
What (if any) role should gender play in the demographic analysis?
What are the best sources of data for waiting lists, market vacancy, etc…?
Beyond income, are there other differences between private pay and affordable assisted living clientele (e.g. average age, marital status, gender)?

8. Ideas & Considerations for the Market Analysis of Affordable Assisted Living
What are assumptions reasonable regarding the level of services tenants will require?
How should the market analyst address the variability and availability of Medicaid Waivers / Vouchers and Reimbursement rates?
Design and Marketability
What are the appropriate amenities and unit sizes for affordable assisted living?
Are units adaptable and marketable to other uses (e.g. independent senior living) if Medicaid subsidies are lost?
Experience of the Operator
Given the high degree of specialization and licensing required, what role should the operators’ experience play in the market study?

9. NCHMA Members in good standing
Education requirement
Continuing education requirement
Minimum work experience
Adhere to strict set of minimum standards and ethics
Peer review process
Continued improvement
Learning
Accountability
Produce credible reports that are not misleading.

10. NCHMA Members in good standing (continued)
Statement of commitment for setting and maintaining higher standards to peers and clients.
Superior
High quality
Professional services
Recognition for efforts towards setting the standard for quality

11. Thank You
Thom Amdur Executive Director NH&RA Learn More about NCHMA: market-analysts/