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 www.housingonline.com. 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).