The agency & primary document
- Allocating agency
- Washington State Housing Finance Commission (WSHFC)
- QAP / guidelines
- https://wshfc.org/multifamily-development/9-housing-credit
- Governing document
- WSHFC Market Study Guidelines (standalone), supplemented by the 2026 9% Program Policy Guidance
- Methodology
- Agency-specific standalone methodology
Required market study sections
Washington uses its own standalone market study methodology rather than the NCHMA Model Content Standards. Agency-specific methodology — WSHFC publishes its own standalone Guidelines.
Washington State Housing Finance Commission (WSHFC) market study checklist → — every required item, with a link to the agency's guideline.
Key Washington rules
- Staleness window
- Effective date no more than 6 months prior to Application submission; update accepted at Commission discretion; appraisal accepted in lieu under the same currency rule
Washington-specific overlays
- Four-question Conclusion structure required — report must explicitly address: (1) Is the project viable? (2) Does it meet market need? (3) Does it supply units below market rate? (4) If not, does it provide other public benefit?
- Sections II.A-D prescribe Project Description content
- Section V Rent Gap Analysis required
- Section VI Effect on Market Area required
Things analysts miss in Washington
- Guidelines are unusually brief — minimal architecture means analysts default to professional judgment for unspecified elements
- WSHFC may accept a current appraisal in lieu of a market study with prior written approval
- The standalone Market Study Guidelines PDF carries 2014 file metadata — it is the current linked doc but has not been substantively revised; confirm before relying
Build the Market Data section of your Washington 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 Washington State Housing Finance Commission (WSHFC) submissions. Start free — no credit card.
Request access for your Washington study →Frequently asked questions
Who reviews LIHTC market studies in Washington?
Washington State Housing Finance Commission (WSHFC) sets the market study requirements and reviews submissions for Washington Low-Income Housing Tax Credit applications.
How current must a Washington LIHTC market study be?
Effective date no more than 6 months prior to Application submission; update accepted at Commission discretion; appraisal accepted in lieu under the same currency rule
Does Washington follow NCHMA standards?
Agency-specific methodology — WSHFC publishes its own standalone Guidelines.
Other states
This summary is for general reference and reflects Washington State Housing Finance Commission (WSHFC)'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.