The agency & primary document
- Allocating agency
- Kentucky Housing Corporation (KHC)
- QAP / guidelines
- https://www.kyhousing.org/Partners/Developers/Multifamily/Pages/Applications-Guidelines-Scoring.aspx
- Governing document
- Market Study Requirements (standalone, revised August 2022), referenced by the Multifamily Guidelines 2027
- Methodology
- Agency-specific standalone methodology
Required market study sections
Kentucky uses its own standalone market study methodology rather than the NCHMA Model Content Standards. Own-methodology (pure). KHC maintains its own market-study requirements and an Approved Market Analyst List; the Guidelines do not reference NCHMA.
Kentucky Housing Corporation market study checklist → — every required item, with a link to the agency's guideline.
Key Kentucky rules
- Staleness window
- "A market study/needs analysis is only valid for six months from the date of the report." (Market Study Requirements, General Information item 3); Guidelines 2027 p. 16: attachments "may not be dated more than six months prior to the application submission deadline"
- Capture-rate threshold
- Capture rate of 30% or less for all bedroom sizes; KHC may approve higher with compensating factors
Kentucky-specific overlays
- Analyst must be from KHC's Approved Market Analyst List
- Report must identify KHC as the intended user (underwriting / loan decisions)
- All studies must include a rent comparison study
- Project may not adversely affect other affordable housing
- If multiple projects are awarded in one jurisdiction, KHC may require updated studies within 60 days of the preliminary award
- Portfolio / scattered-site deals require a separate market study per property (and a separate review fee)
- Market study may be waived for projects of 4 units or less with other support (e.g., a waiting list)
Required companion documents
- 2025-2026 QAP
- Scoring Workbook
- Novogradac Rent and Income Calculator
- KHC Approved Market Analyst List
- Utility Allowance Chart
- KHC Underwriting Model
Things analysts miss in Kentucky
- Market-study rules live in the Multifamily Guidelines, not the QAP
- KHC's '1.5 persons per bedroom' applies only to the §142 tax-exempt-bond rent calc (Novogradac), not general market-study demand
Build the Market Data section of your Kentucky study
StudyScribe auto-fills the Market Data section — employment, unemployment, building permits, crime and amenities — from BLS, Census, HUD, FBI and Google sources, cites every figure, and exports a Word document formatted for Kentucky Housing Corporation (KHC) submissions. Start free — no credit card.
Request access for your Kentucky study →Frequently asked questions
Who reviews LIHTC market studies in Kentucky?
Kentucky Housing Corporation (KHC) sets the market study requirements and reviews submissions for Kentucky Low-Income Housing Tax Credit applications.
How current must a Kentucky LIHTC market study be?
"A market study/needs analysis is only valid for six months from the date of the report." (Market Study Requirements, General Information item 3); Guidelines 2027 p. 16: attachments "may not be dated more than six months prior to the application submission deadline"
Does Kentucky follow NCHMA standards?
Own-methodology (pure). KHC maintains its own market-study requirements and an Approved Market Analyst List; the Guidelines do not reference NCHMA.
Is there a capture-rate threshold in Kentucky?
Capture rate of 30% or less for all bedroom sizes; KHC may approve higher with compensating factors
Other states
This summary is for general reference and reflects Kentucky Housing Corporation (KHC)'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.