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New York State Homes and Community Renewal (HCR), Office of Finance and Development Market Study Checklist

The items New York State Homes and Community Renewal (HCR), Office of Finance and Development requires in the site, market area, economy and data-currency sections of a LIHTC market study, each with the guideline it comes from.

Source: Capital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) (no date printed in Section 5.0 excerpt; the manual landing page (hcr.ny.gov/node/13706) lists the current edition as 'Capital Programs Manual – 2026' with August 2025 and July 29, 2025 as previous versions); read 2026-10-25 · Updated October 2026

Required items

Required itemWhere required
Site photographs: photos of site/neighborhood and each comparable; no caption ruleCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, C. Location p. 34; F. Existing Rental Housing p. 36
Area services table and map: transportation linkages, shopping, schools, medical services, public transportation, places of worshipCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, C. Location and Market Area Definition, p. 34
Public transit: closest transportation linkages and public transportation shown on location map; no measurement method in §5.07 (Site Requirements §5.03 uses walking distance, one-half mile)Capital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.03 Site Requirements (not the market study section)
At-place employment history, 105 yearsCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, E. Employment and Economy, p. 35
Unemployment history, 10 yearsCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, E. Employment and Economy, p. 35
Major employers: major employers in PMA; type of business; number employed; compared to MSA/CountyCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, E. Employment and Economy, p. 35
Wages by occupation or industryCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, E. Employment and Economy, p. 35
Commuting patternsCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, E. Employment and Economy, p. 35
Census-tract exhibits: PMA defined by whole census tracts or block groups encouraged; no poverty/migration/tract-map exhibitCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, C. Location and Market Area Definition, p. 33
Source listed at each tableCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, D. Population and Households p. 34; I. Other Requirements p. 39
Agency form: no form; concise summary required (completed outside StudyScribe)Capital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, p. 32
Analyst: HCR pre-qualified analyst list; studies by analysts not on list rejected; no-identity-of-interest certification (confirm before submission)Capital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, pp. 31-32
Other exhibit: Date of report, date of inspection, analyst contactCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, I. Other Requirements, p. 38-39
Other exhibit: Statement of qualificationsCapital Programs Manual — Section 5.0 Development Requirements, §5.07 Underwriting Standards (Market Support of Project) — Capital Programs Manual §5.07, I. Other Requirements, p. 39

LIHTC market study requirements in New York → — staleness window, capture-rate threshold, QAP link and the full section list.

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This checklist restates New York State Homes and Community Renewal (HCR), Office of Finance and Development's published market study guidance as understood by StudyScribe on the date above; it is not legal or compliance advice. Confirm against the current guideline linked at the top before submitting.