Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 1 - TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS › Chapter 11 - QUALIFIED ALLOCATION PLAN (QAP) › Subchapter D - UNDERWRITING AND LOAN POLICY › Section 11.303 - Market Analysis Rules and Guidelines

Current through Reg. 49, No. 28; July 12, 2024
(a) General
				  Provision. A Market Analysis prepared for the Department must evaluate the need
				  for decent, safe, and sanitary housing at rental rates or sales prices that
				  eligible tenants can afford. The analysis must determine the feasibility of the
				  subject Development rental rates or sales price, and state conclusions as to
				  the impact of the Development with respect to the determined housing needs. The
				  Market Analysis must include a statement that the report preparer has read and
				  understood the requirements of this section. The Market Analysis must also
				  include a statement that the person or company preparing the Market Analysis is
				  a disinterested party and will not materially benefit from the Development in
				  any other way than receiving a fee for performing the Market Analysis, and that
				  the fee is in no way contingent upon the outcome of the Market Analysis. The
				  report must also include the following statement, "any person signing this
				  Report acknowledges that the Department may publish the full report on the
				  Department's website, release the report in response to a request for public
				  information and make other use of the report as authorized by law."
(b) Self-Contained. A Market Analysis
				  prepared for the Department must allow the reader to understand the market data
				  presented, the analysis of the data, and the conclusions derived from such
				  data. All data presented should reflect the most current information available
				  and the report must provide a parenthetical (in-text) citation or footnote
				  describing the data source. The analysis must clearly lead the reader to the
				  same or similar conclusions reached by the Market Analyst. All steps leading to
				  a calculated figure must be presented in the body of the report.
(c) Market Analyst Qualifications. A Market
				  Analysis submitted to the Department must be prepared and certified by an
				  approved Qualified Market Analyst. (§2306.67055) The Department will
				  maintain an approved Market Analyst list based on the guidelines set forth in
				  paragraphs (1) - (2) of this subsection.
(1)
				  The approved Qualified Market Analyst list will be updated and published
				  annually on or about November 1st. If not listed as an approved Qualified
				  Market Analyst by the Department, a Market Analyst may request approval by
				  submitting items in subparagraphs (A) - (F) of this paragraph at least 30
				  calendar days prior to the first day of the competitive tax credit Application
				  Acceptance Period or 30 calendar days prior to submission of any other
				  application for funding for which the Market Analyst must be approved. An
				  already approved Qualified Market Analyst will remain on the list so long as at
				  least one (1) Market Analysis has been submitted to the Department in the
				  previous 12 months or items (A), (B), (C) and (E) are submitted prior to
				  October 1st. Otherwise, the Market Analyst will automatically be removed from
				  the list. Submission items include:
(A)
				  Franchise Tax Account Status from the Texas Comptroller of Public Accounts (not
				  applicable for sole proprietorships);
(B) A current organization chart or list
				  reflecting all members of the firm who may author or sign the Market Analysis.
				  A firm with multiple offices or locations must indicate all members expected to
				  be providing Market Analysis;
(C)
				  Resumes for all members of the firm or subcontractors who may author or sign
				  the Market Analysis;
(D) General
				  information regarding the firm's experience including references, the number of
				  previous similar assignments and timeframes in which previous assignments were
				  completed;
(E) Certification from
				  an authorized representative of the firm that the services to be provided will
				  conform to the Department's Market Analysis Rules and Guidelines, as described
				  in this section, in effect for the Application Round in which each Market
				  Analysis is submitted; and
(F) A
				  sample Market Analysis that conforms to the Department's Market Analysis Rules
				  and Guidelines, as described in this section, in effect for the year in which
				  the sample Market Analysis is submitted.