AHFA Logo

Multifamily

Underwriting

  • AHFA's underwriting team evaluates the financial and market feasibility of the Housing Credit, HOME and tax-exempt bond proposed projects. The underwriting team enforces internal safeguards and controls on the underwriting and allocation process to ensure the integrity of the multifamily programs.

  • The applicant must provide a market study conducted by an independent third-party market analyst with a signed Certification of Market Study Requirements Form provided by AHFA.  The market study must demonstrate an adequate market for the proposed units and that the proposed units will not adversely impact any existing AHFA projects or create an excessive concentration of multifamily units.

    AHFA does not maintain an approved list of Market Analysts. However, we do provide a list of Market Analysts that have participated in our program, are familiar with our requirements and have met AHFA qualifications. Please note that AHFA does not endorse any certain market analyst’s services over any other qualified market analyst.

    Market Analysts must meet the following AHFA qualifications in order to perform market studies:

    • Have conducted a market study for a prior application submitted to AHFA for Housing Credits, HOME funds or Multifamily Bonds and be included on the list below or have received prior written approval from AHFA to submit a market study.

    • If not included on the list below, a sample market study completed for an out-of-state Housing Credit application must be submitted to AHFA for review.  If the study meets AHFA’s requirements, the Market Analyst will receive notification of approval.

    All market analyst and market studies submitted must meet AHFA’s current QAP, Market Analyst and Market Study Certification requirements.

  • Within 180 days of the project being placed-in-service, the owner must submit to AHFA a completed Actual Cost Certification Package. The Actual Cost Certification must be supported by an independent third-party opinion. This opinion must be in a form acceptable to AHFA by an independent Certified Public Accountant.

    The Actual Cost Certification Package must be completed by the owner and provided to AHFA prior to the issuance of the Low-Income Housing Tax Credit Allocation Certification (IRS Form 8609).