The agency & primary document
- Allocating agency
- Florida Housing Finance Corporation (FHFC)
- QAP / guidelines
- https://www.floridahousing.org/programs/developers-multifamily-programs/competitive/2025-2026-rfa-cycle-information
- Governing document
- Annual geographic 9% Housing Credit RFAs (current: RFA 2025-201/202/203) + Rule Ch. 67-48, F.A.C. Market study conducted during credit underwriting per Rule 67-48.0072 (not an application exhibit)
- Methodology
- Agency-specific standalone methodology
Required market study sections
Florida uses its own standalone market study methodology rather than the NCHMA Model Content Standards. FHFC uses a rule-based, credit-underwriting-stage methodology under Rule 67-48.0072. The study is ordered by the Credit Underwriter post-invitation; FHFC does not publish a standalone applicant market-study guideline. NCHMA is not the controlling standard.
Key Florida rules
- Staleness window
- No fixed market-study dating rule in Rule 67-48.0072 — the study is ordered by the Credit Underwriter post-invitation. (The '12 months' references in the RFA pertain to Ability-to-Proceed/closing forms, not the market study.)
Florida-specific overlays
- Market study completed by a disinterested party approved by the Credit Underwriter (Rule 67-48.0072)
- Study considered alongside the development's financial impact on prior FHFC-funded developments
- A separate underwriting test references ~92% submarket occupancy and market rents at 110% of 60% AMI — these are NOT a capture-rate threshold
Things analysts miss in Florida
- FHFC runs an RFA model, not a traditional QAP, and the market study is a credit-underwriting deliverable under Rule 67-48.0072 — there is no application 'Exhibit A — Market Study Requirements' and no fixed study-dating rule
- floridahousing.org blocks programmatic access (SSL certificate errors) — download the RFA/rule directly; verify Rule 67-48.0072 against the current flrules.org text (revised 7/10/2025)
- Florida is one of the largest LIHTC allocating states — competitive scoring changes annually with each new RFA
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Start a free Florida report →Frequently asked questions
Who reviews LIHTC market studies in Florida?
Florida Housing Finance Corporation (FHFC) sets the market study requirements and reviews submissions for Florida Low-Income Housing Tax Credit applications.
How current must a Florida LIHTC market study be?
No fixed market-study dating rule in Rule 67-48.0072 — the study is ordered by the Credit Underwriter post-invitation. (The '12 months' references in the RFA pertain to Ability-to-Proceed/closing forms, not the market study.)
Does Florida follow NCHMA standards?
FHFC uses a rule-based, credit-underwriting-stage methodology under Rule 67-48.0072. The study is ordered by the Credit Underwriter post-invitation; FHFC does not publish a standalone applicant market-study guideline. NCHMA is not the controlling standard.
Other states
This summary is for general reference and reflects Florida Housing Finance Corporation (FHFC)'s published guidance as understood by StudyScribe; it is not legal or compliance advice. Always confirm requirements against the current QAP / market study guidelines before submission.