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Site & Market Research
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Marketing & Research-Related Issues:
Information regarding marketing and research-related issues for developers of affordable housing.
The Site and Market Study
Within IHDA's Technical Services Department, the Marketing and Research Group prepares and/or reviews Site & Market Studies for the majority of proposed multifamily developments. For example, individual IHDA program departments determine when a market study is needed and then submit a request memo to the Marketing and Research Group.
The Site & Market Study is prepared according to a model Site & Market Study Scope of Work developed by IHDA's Marketing and Research Group. IHDA has the capacity to conduct market studies utilizing in-house staff or may commission one from an approved outside firm. At the present time, IHDA has a list of several marketing agents that perform studies on a rotational basis. Site & Market study formats and a list of approved Marketing Agents can be found under the forms and downloads link at this website.
The purpose of a Site & Market Study is to indicate if a proposed property is marketable in a given market area. The key components of a study check the affordability of proposed rents, determine the pool of eligible renter households, identify and compare competitive properties, and assess the proposed property's likely impact on IHDA or other affordable housing developments in the area. The Marketing and Research Group maintains a listing of IHDA properties to utilize in the impact section of the study. This file is available in an Excel spreadsheet format in the forms and downloads area of this website.
Once a Site & Market Study is completed, the Marketing and Research Group staff provides the requesting department with comments on the proposed development and its site, as well as conclusions and recommendations. These recommendations may lead to a change in the property's design (typically a change in rent amounts or the number of units) or to a denial.
Other Marketing and Research-Related Issues
In addition to Site & Market Study responsibilities, the Marketing and Research Group reviews and approves Tenant Selection Plans, Relocation Plans, Marketing Plans, Marketing Agreements and Affirmative Fair Housing Marketing Plans, which are required as part of multifamily loan closings. All of these documents are located under the forms & downloads area of the IHDA website. On an annual basis, the Marketing and Research Group is responsible for updating and publishing Rent and Income Limits for various IHDA funding programs. These limits also can be found accompanying each program department's application for funding. This group also assists the Asset Management Department by conducting reviews of rent studies prepared by outside appraisers, which are used in determining annual rent increases. Questions regarding marketing and research-related issues may be directed to Marketing and Research Group staff members within IHDA's Technical Services Department.
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