Thursday, June 21

ADOH - State Housing Fund Application

The Arizona Department of Housing (ADOH) application guide for State Housing Funds has added detailed information related to the requirements for Market Demand. We have attached a copy of section 2.4-A for your additional review and consideration if you are intending on applying for these funds and a link to the ADOH web site is provided below:
Any project or application applicable to 12 or more rental units will require a Market Demand Study consistent with the Guide (our review of this data indicates that the requirements are for the most part consistent with those of the LIHTC funding round).For smaller projects with less than 12 units a Market Demand Analysis will suffice. There are also waivers for Acquisition/ Rehab with over 12 units – but a market analysis is still required.
GAR Associates is active in preparing market studies used in conjunction with ADOH submissions and also for Syndicators and investors in Arizona. We have prepared multiple studies used for submissions for the past three funding rounds and Arizona is one of the handful of markets that we have identified as a specific area of concentration. We remain active in review of the ADOH market study requirements and attempt to meet with agency representatives to keep up to date with key aspects of Market Demand and its impact on the application process.
The funding deadline for the State Housing Fund Application is November 30, 2012. We would look forward to the opportunity of helping your firm in regards to any Market Study or even Market Analysis services. The section related to Market Demand from the application guide can be found here