Real Estate Analysis

The following resources provide underwriting reports for the applicable funding source, or group of developments. The file numbers listed are linked to the PDF version of the underwriting report. These resources will be updated as underwriting reports are completed. Requests for underwriting reports not included in these spreadsheets may be emailed to Jeanna Adams at jeanna.adams@tdhca.texas.gov.

• Upcoming Board Meeting Underwriting Reports
• 2024 9% HTC Underwriting Reports
• Underwriting Reports

• The 2024 Real Estate Analysis Rules and Guidelines (Secretary of State) encompass the Department's standards for underwriting, market analyses, appraisals, environmental site assessments, property condition assessments and direct loan requirements.
• The 2024 Real Estate Analysis rules are codified in Chapter 11, Subchapter D, §§11.301 – 11.306 Underwriting and Loan Policy as part of the global Qualified Action Plan (QAP)which can be found here (Secretary of State).

TDHCA is not accepting new applications for Approved Market Analysts at this time.

• List of Approved Market Analysts
• Market Analysis FAQ (DOCX)
• HUD form 92273-s8 (XLS) with instructions (DOC) is recommended as a guide for rental rate adjustment matrixes included in submitted market analyses.
• Please contact Jeanna Adams at jeanna.adams@tdhca.texas.gov regarding Market Analysis information.

• Scope and Cost Review Supplement
• 2025 Market Analysis Summary Exhibit
• HUD form 92273-s8 (see Market Analysis section above)

• 2024 Regional Operating Expense Database (PDF) – year-end 2022 data
• 2024 Statewide Operating Expense Database (PDF) – year-end 2022 data 
  
  Real Estate Analysis is providing this data as advisory and solely as a point of reference. The data is an amalgamation of data reported to TDHCA in the Part D Owner’s Financial Certifications. For that reason, REA utilizes cleansed data for comparative purposes only. Factors affecting operating expenses may vary and the user should consider these possible deviations¹. For that reason, under no circumstances should it (or any derivative thereof) be used in whole or in part for developing an operating expense pro forma.
  
  ¹Deviations may include: development type, size, location, age, target population, management philosophies, utility districts and structures (tenant v. landlord paid), taxing districts and status (exemption types).