The NCHMA Model Content Standards: Required Market Study Sections

The core sections

1. Executive Summary — a concise summary of every section, including the feasibility opinion, strengths/weaknesses, and absorption estimate.
2. Introduction and Scope of Work — purpose, intended use and users, scope, effective date, and inspection date.
3. Project Description — unit mix, utilities, target market, amenities; for rehabs, scope and existing rents/vacancies.
4. Location — site description, photos/maps, community-services map, and neighborhood evaluation.
5. Market Area Definition — the PMA description, rationale, and map (plus any secondary market area).
6. Employment and Economy — employment trends and sectors, unemployment, and major employers.
7. Demographic Characteristics — population and household estimates and projections, building permits, and household income/tenure/size.
8. Competitive Environment — comparable profiles and photos, a comp map, vacancy and rent analysis, and pipeline projects.
9. Affordability, Demand, Capture Rates, and Penetration Rates — the demand estimate and the affordability analysis.
10. Local Perspective of the Rental Market — market context beyond the standard comp analysis (added in MCS 3.1).
11. Analysis / Conclusions — absorption and lease-up timeline, the feasibility statement, and reconciliation of any conflicting indicators.
12. Other Requirements — analyst qualifications, data sources, inspection date, limiting conditions, and a signed certification.

A few things analysts miss

• Documenting excluded comparables (and the reason) — explicitly required.
• Reconciling conflicting indicators in the conclusion rather than ignoring them.
• Including the signed analyst certification and qualifications addendum.
• Confirming whether your state requires its own market study index in addition to NCHMA's.

State overlays still apply

Even NCHMA-deferring states layer their own overlays on top — specific capture-rate thresholds, staleness windows, or companion documents. The MCS gives you the skeleton; the state guidelines give you the specifics. See our per-state requirement pages for the details.

Frequently asked questions

Is the NCHMA Model Content Standards mandatory?

It isn't a law, but most state HFAs adopt or reference it, so following its section structure is the safest way to meet completeness requirements. Some states publish their own standalone methodology instead.

How many sections are in a NCHMA market study?

The Model Content Standards organize the study into roughly a dozen sections, from the Executive Summary through Other Requirements (analyst qualifications and certification).

More guides

Browse LIHTC requirements by state →

General reference for affordable-housing analysts; not legal or compliance advice. Always confirm requirements against the current QAP / market study guidelines before submission.