Monday, July 16
NYS HCR 2015 Low Income Housing Tax Credit Project Awards Minimize

New York State HCR recently released their list of  2015 low income housing tax credit project awards. It was a competitive year and outside of NYC (where comprehensive market studies are not required) only 24 projects were funded. GAR Associates completed market studies for 21 of these approved projects. We congratulate all of our clients that received a funding award in this competitive market. There are some funding round opportunities both through the 4% bond financing route and for the 2016 competitive funding round. It is not too early to get moving on analysis/preliminary market screening for projects being considered. If you require any information or data related to a proposal please reach out to Scott Allen or Dave Carlon.



M. Scott Allen - Analyst

Principal - Housing/Market Analysis
716-691-7100, ext. 3019 office; 716-523-0668 cell

David M. Carlon - Senior Appraiser
716-691-7100, ext. 3031

ADOH - Tax Credit Funding Minimize
The Arizona Department of Housing (ADOH) recently announced allocations for the 2016 funding round and GAR Associates would like to congratulate all of our clients that received funding awards. We prepared a number of studies and appraisals for the round and are already in the process of reviewing the QAP for input to the agency for potential modification in 2017. Scott Allen will also again be attending the ADOH Housing Conference in Tucson in August, and GAR Associates has now also become active throughout Arizona in preparation of real estate appraisals for financing purposes.
Eastern Lender Association Panel - MAP Guide Chapter 7 Minimize
The Eastern Lenders Association met in early March in New York City. Scott Allen of GAR Associates participated in a panel that overviewed key changes to the MAP Chapter 7 guidelines as they relate to appraisal and market analysis (HUD Chapter 7 guidelines). The panel reviewed critical changes, and contributed insight not only pertaining to the variations in the guide, but comments that have been received from various HUD lenders and HUD field offices regarding the intricacies of the new document. GAR Associates is active in preparation of both market analysis and appraisal components for various HUD financing efforts throughout the Northeast.
GAR Attends Eastern Conferece - HUD Lenders Meeting Minimize

In March of 2011, Scott Allen attended the Eastern Conference Lenders Sessions in Baltimore. Representatives of HUD, and various HUD lenders and consultants provided information and background on pending changes to the process, and overview of current capacity and work load, and a summarization of key issues that will influence the availability of HUD financing over the next few years. While the HUD program continues to change, and the requirements of the funding becomes more restrictive, it remains a viable and favorable product for many developers. We are anticipating that 2011 will continue to be an active year for the 221(d)(4) and other HUD programs, but certainly the underwriting criteria, and the guidelines that will restrict developers and HUD lenders has become more complicated. 

Click here for some changes issued by HUD in July 2010.

GAR Associates is capable of providing market analysis throughout the Country, and we are State Certified in multiple areas for preparation of Complete Self-Contained Real Estate Appraisals in conjunction with various HUD financing efforts. We are familiar with the HUD requirements and will continue to review the guidelines as the MAP Program changes, and continue to communicate with both HUD offices and MAP lenders to make sure that we are current and familiar with all guidelines and requirements. Lastly, it should be noted that as HUD continues to advance their requirements pertaining to market, they have met with representatives of NCAHMA – Scott Allen of GAR Associates is current the chairperson for this national trade organization, which has been instrumental in regards to providing data, documentation and information to HUD as they advance their requirements and methodologies.

New FHA/HUD Underwriting Standards Minimize
HUD recently addressed FHA underwriting standards which will have a significant influence on both appraisal and market study/analysis work. We have tagged the PDF showing the letter issued by HUD dated July 6, 2010 which outlines details of these changes under the HUD Multi-Family Risk Litigation Program.
Many of these changes as they relate to market analysis have been addressed by NCAHMA (GAR is an active member in good standing with this trade organization) and their FHA working groups’ recommendations. HUD and FHA have begun to implement NCAHMA standards and guidelines in regards to market study requirements, and the NCAHMA affiliation has been instrumental in setting new and recent policies adopted by HUD.
Market Analysis/Multi-Family Services - Recent Work Minimize
Within the detailed section of our website, we present recent work efforts undertaken by our market analysis/multi-family services division. Highlights include:
  • In conjunction with DHCR’s February tax credit submission deadline, GAR completed over 30 market studies and additional real estate appraisal work that was used for the applications. Our review of the application lists indicates that we completed over 50% of the work submitted to DHCR for the current funding round.
  • We continue to be active in regards to HUD-related transactions. The most active programs that we have seen are 221-(d)(4), and 223-f/202 refiancings. We have completed numerous market studies and appraisals for both HUD funding programs throughout upstate New York, the Burroughs (namely Brooklyn), and recently completed a market study that will be submitted to the Hartford, Connecticut HUD office.
Our experience in other states continues to grow and expand. Recent highlights include:
  • Multiple market studies completed in Arizona for the tax credit funding round (March) and syndicators.
Recent and ongoing work in the following states:
  • Massachusetts
  • Vermont
  • New Hampshire
  • Connecticut
  • Michigan
  • New Jersey


NYSAFA/Upstate New York: GAR Sponsorship Minimize

In September, GAR Associates was one of the sponsors for the Upstate New York session of NYSAFAH (New York State Association for Affordable Housing). The session was well attended by developers, syndicators, investors and agency officials from throughout the state, and the discussions centered around topics such as:

  • Utilization of TCAP funds
  • Pricing and demand issues for tax credits

The current environment impacting tax credits and the affordable housing industry will certainly make for an interesting 2010 funding round. GAR Associates is looking forward to tackling numerous market studies like we have in the past and please contact M. Scott Allen at for additional information on market analysis services.

"Analysts Organization Adopts Voluntary Standards for Market Studies": Standards Intended to Promote Greater Uniformity, Enhance Quality

The National Council of Affordable Housing Market Analysts (NCAHMA) recently modified their model contents standards and requirements for market studies. These contents standards have been accepted by many State agencies and syndicators as the industry standard for preparation of market studies. GAR Associates abides by the model content standards for this trade organization, and the products are available on their website which is Products that have been adopted and used by the organization include


Ø       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. Among the terms for which standard definitions have been developed are absorption period, capture rate, gross rent, market demand, and vacancy rate.


Ø       Model Content Standards for Market Studies for Rental Housing. 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. These include an executive summary, description of the proposed project, definition of the market area for the development, and information on the local market population, employment and economy, comparable properties, and other components.


Ø       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.


Ø       Market Study Certification. This statement will be inserted in market studies prepared by market analysts that are members of NCAHMA. Signed by the analyst that 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 NCAHMA's Market Study Terminology and Model Content Standards (and, in areas where it does not conform, the reasons for non-conformance).

GAR Active NCAHMA Members

GAR Associates remains an active member of the National Council of Affordable Housing Market Analysts. In the fall of 2008, M. Scott Allen attended the national conference in Chicago where it was announced that he will be serving on the Standards Committee, and as Vice Chair of the organization during the 2009 year. Also, Scott Allen remains a member in good standing of this important trade organization, which continues to expand its knowledge base, through standards, requirements and certification process.

 NCAHMA standards are now generally accepted as the guidelines by New York State DHCR as their recommended practices, and methodology for market analysts.