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Brent Stewart Director of Real Estate Analysis |
Phone: (512) 475-2973 Fax: (512) 475-4420 Address PO Box 13941 221 East 11th Street Austin, TX 78711-3941 |
Real Estate Analysis: Credit Underwriting & Cost Certification
The Real Estate Analysis division provides the TDHCA Governing Board and staff with comprehensive analytical reports necessary to make well informed decisions for funding of affordable housing developments. The division is charged with reviewing cost certification materials.
Underwriting Reports
The following resources provide underwriting reports for the applicable funding source, or group of developments. The file numbers listed are linked to the PDF version of the underwriting report. These resources will be updated as underwriting reports are completed. Requests for underwriting reports not included in these spreadsheets may be emailed to pamela.cloyde@tdhca.state.tx.us.
TAC Rules
- The 2012 Real Estate Analysis Rules and Guidelines (PDF) encompass the Department's standards for underwriting, market analyses, appraisals, environmental site assessments, property condition assessments and replacement reserve requirements. The rules followed the same process of public hearing as the 2012 QAP. The Board approved the current version of the Real Estate Analysis Rules on November 10, 2011 which took effect on December 7, 2011.
Cost Certification
Please note that the Department has updated the Cost Certification Procedures Manual (CCPM) and Exhibits effective March 21, 2011. There are two Cost Certification Procedures Manuals and each has its corresponding set of exhibits; one CCPM is for Housing Tax Credit (HTC) developments and the second CCPM is for Tax Credit Exchange developments. The current applicable CCPM and corresponding exhibits must be used, regardless of the year of allocation.
Housing Tax Credit Developments
HTC Cost Certification Procedures Manual (PDF – 3/21/11)
The HTC Cost Certification Procedures Manual sets forth procedures and guidelines for the filing of requests for IRS Forms 8609 for Developments placed in service under the HTC Program as described in the Qualified Allocation Plan and Rules (QAP).
Tax Credit Exchange Developments
Tax Credit Exchange Cost Certification Procedures Manual (PDF – 3/21/11)
The Tax Credit Exchange Cost Certification Procedures Manual sets forth procedures and guidelines for the filing of requests for IRS Forms 8609 for Developments placed in service under the Tax Credit Exchange Program.
- Exchange Cost Certification MS Word Forms (DOC)
- Exchange Cost Certification MS Excel Forms (XLS- updated 4/20/11)
The Department may make changes to the CCPMs and/or Exhibits at its discretion; therefore, please check the Department's REA webpage continually for any updates to these documents.
Market Analysis
- List of Approved Market Analysts
- Request for Qualifications for Market Study Analysis (PDF)
- HUD form 92273-s8 (XLS) with instructions (DOC) is recommended as a guide for rental rate adjustment matrixes included in submitted market analyses.
- Please contact Duc Nguyen regarding Market Analysis information.
Forms
- Property Condition Assessment Cost Schedule Supplement (XLS)
- 2011 Market Analysis Summary Exhibit (XLS)
- HUD form 92273-s8 (see Market Analysis section above)
Tools
- 2009 Turnover Database Tool (XLS) - Based on year-end 2007 Owner's Financial Certification data.
- Renter/Owner Tenure Data for Elderly Households from CHAS Database - 2000 Census (PDF) or (XLS)
- 2011 Regional Operating Expense Database (PDF) - year-end 2009 data
- 2011 Statewide Operating Expense Database (PDF) - year-end 2009 data
- HTC Applicable Percentages and Calculation of Underwriting Rates to be Used (PDF) or (XLS) - updated 2/7/12
For more information, please contact a Real Estate Analysis staff member.
