With a July 19, 2013 due date, developers are putting the required documentation together for their North Carolina bond applications. Unlike 9% applications, developers contract directly with market analysts on 4% deals in North Carolina. The purpose of this post is to give some pointers to developers in choosing a market analyst for their deals.

The best place to start is to contact NCHFA to obtain the list of market analysts they contracted with during the most recent 9% round. Tara Hall (market study coordinator) is the best person to speak to. She can be reached at 919-877-5700.

The next step is to consider how you plan to credit enhance your bonds. If you are looking at using a HUD program (221d4 or 223f) then you should make sure the NCHFA analyst is also HUD-approved.

You may want to check to see if the analyst is NCHAMA-certified. The National Council of Affordable Housing Market Analysts (NCAHMA) has established best practices for market analysts. Members are encouraged to follow these best practices 100% of the time. Be sure to ask for references – not all NCAHMA-certified market analysts do NCAHMA-compliant work.

Alternatively, you may want to see if the analyst is a member of the Appraisal Institute (MAI).  The Appraisal Institute has consultants who specialize in affordable housing who could do a great job with your market study.

Feel free to contact me (Jeff Carroll) at 704-905-2276 with any questions you may have regarding the selection of a market analyst for your NC bond application.