The agency & primary document
- Allocating agency
- MFA / Housing New Mexico
- QAP / guidelines
- https://housingnm.org/developers/lihtc
- Governing document
- Market Study Parameters document, 2024 edition (linked from the Market Study Requirements page, near-verbatim NCHMA republish)
- Methodology
- NCHMA Model Content Standards
Required market study sections
New Mexico market studies follow the NCHMA Model Content Standards. The required sections are:
- Executive Summary — Concise summary of each section including data, analysis, and conclusions. 11 minimum content items including feasibility opinion, strengths/weaknesses, absorption estimate.
- Introduction and Scope of Work — Purpose, intended use, intended users, scope of work, effective date, physical inspection date.
- Project Description — Unit mix, utilities, target market, unit and community amenities, construction date. If rehab: scope of work, existing rents and vacancies.
- Location — Site description, site photos/maps, community services map, neighborhood evaluation (visibility, accessibility, crime).
- Market Area Definition — PMA description and rationale, PMA map. Extended/secondary market area if applicable.
- Employment and Economy — Employment trends, employment by sector, unemployment rates, major employers and proximity, planned expansions/reductions.
- Demographic Characteristics — Population and household estimates/projections, building permits, household characteristics (income, tenure, size). Senior/special needs: target-market data.
- Competitive Environment — Comparable profiles and photos, map of comps, vacancy and rents analysis, subject comparison, affordable housing alternatives, pipeline projects.
- Affordability Analysis, Demand Analysis, Capture Rates, and Penetration Rates — Demand estimate, affordability analysis, capture rate, penetration rate.
- Local Perspective of Rental Housing Market and Housing Alternatives — NEW in MCS 3.1 (September 2025). Local market context and housing alternatives beyond standard comparable analysis.
- Analysis / Conclusions — Absorption rate and lease-up timeline, market feasibility statement, strengths and weaknesses, key conclusions reconciling any conflicting indicators, recommendations if any.
- Other Requirements — Analyst qualifications, data sources, physical inspection date, limiting conditions, signed certification.
Key New Mexico rules
- Staleness window
- Issued within 180 days of the application submission
- Capture-rate threshold
- Overall capture rate cap of 10%; capture rates also required for each AMI and bedroom count
- Rent-burden standard
- 30% at each income strata
New Mexico-specific overlays
- Every study must be issued to Housing New Mexico as designated user
- Penetration rate required in addition to capture rate
- Tribal and senior projects exempt from 10% capture rate cap but still must submit compliant study
- Type of report must be identified in Introduction (4 options)
- Dual-scenario demand for subsidized projects (with AND without subsidy)
- 4% bond-specific threshold: PMA vacancy rate must be < 10%
Required companion documents
- Market Study Professional Certification (docx form — analyst completes and submits WITH the study)
- Certifications within report body: no identity of interest, professional opinion statement, analyst qualifications, data sources
Things analysts miss in New Mexico
- 'Six months' in the Parameters document vs '180 days' in QAP — 180 days controls
- Current Market Study Requirements page states a single 180-day-from-submission rule; the older 9% (deadline) vs 4% (submission) split could not be re-confirmed
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Start a free New Mexico report →Frequently asked questions
Who reviews LIHTC market studies in New Mexico?
MFA / Housing New Mexico sets the market study requirements and reviews submissions for New Mexico Low-Income Housing Tax Credit applications.
How current must a New Mexico LIHTC market study be?
Issued within 180 days of the application submission
Does New Mexico follow NCHMA standards?
New Mexico market studies follow the NCHMA Model Content Standards section structure — MFA defers to NCHMA Model Content Standards. State-specific overlays apply on top..
Is there a capture-rate threshold in New Mexico?
Overall capture rate cap of 10%; capture rates also required for each AMI and bedroom count
Other states
This summary is for general reference and reflects MFA / Housing New Mexico'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.