The agency & primary document
- Allocating agency
- Pennsylvania Housing Finance Agency (PHFA)
- QAP / guidelines
- https://www.phfa.org/mhp/developers/lihtc.aspx
- Governing document
- TAB 04 — Market Study / Housing Needs Assessment (MS/HNA) form in the Multifamily Housing Application Guidelines (2025/2026 cycle). The QAP body only references it.
- Methodology
- Agency-specific standalone methodology
Required market study sections
Pennsylvania uses its own standalone market study methodology rather than the NCHMA Model Content Standards. Own-methodology (pure). PHFA mandates its own fill-in 'MS/HNA' form (four mandatory parts) with no NCHMA reference; a study not in the Agency's format may be rejected.
Key Pennsylvania rules
- Staleness window
- Within 12 months of the application date
- Capture-rate threshold
- Two capture rates required — a development-specific rate and an overall PMA rate — but no numeric pass/fail cap is stated
- Rent-burden standard
- Minimum-income qualification uses a total-housing-expense-to-income ratio not exceeding 40% (general occupancy) / 45% (elderly)
- Absorption / occupancy
- Analyst must estimate the absorption period and ongoing vacancy rate from comparables; no numeric target
Pennsylvania-specific overlays
- 40%/45% total-housing-expense-to-income ratio caps
- Mandatory Housing Inventory Request to PHFA for existing PennHOMES / Tax Credit units in the PMA
- Mandatory PHA notification via the Housing Providers Needs Assessment
- Pricing-advantage calculation vs. adjusted market rent
- HOME projects add a 24 CFR 983.57(e) minority-concentration analysis
- The MS/HNA feeds 'Community and Economic Impact' selection scoring
Required companion documents
- Market Study / Housing Needs Assessment (MS/HNA) Form
- PHFA Housing Inventory Request Form
- Housing Providers Needs Assessment Form (sent to the PHA ≥30 days before deadline)
- Comparable Housing Survey Form (min. 3 market-rate comparables)
- Street/site map + dated site photos
- Rent Comparability Study if seeking a HUD/RD rent increase
Things analysts miss in Pennsylvania
- Market-study substance lives in the separate TAB 04 application form, not the QAP — a QAP-only retrieval misses everything
- PHFA's term is 'MS/HNA', not 'market study'
Build the Market Data section of your Pennsylvania 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 Pennsylvania Housing Finance Agency (PHFA) submissions. Start free — no credit card.
Request access for your Pennsylvania study →Frequently asked questions
Who reviews LIHTC market studies in Pennsylvania?
Pennsylvania Housing Finance Agency (PHFA) sets the market study requirements and reviews submissions for Pennsylvania Low-Income Housing Tax Credit applications.
How current must a Pennsylvania LIHTC market study be?
Within 12 months of the application date
Does Pennsylvania follow NCHMA standards?
Own-methodology (pure). PHFA mandates its own fill-in 'MS/HNA' form (four mandatory parts) with no NCHMA reference; a study not in the Agency's format may be rejected.
Is there a capture-rate threshold in Pennsylvania?
Two capture rates required — a development-specific rate and an overall PMA rate — but no numeric pass/fail cap is stated
What absorption/occupancy does Pennsylvania expect?
Analyst must estimate the absorption period and ongoing vacancy rate from comparables; no numeric target
Other states
This summary is for general reference and reflects Pennsylvania Housing Finance Agency (PHFA)'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.