1. Alabama Housing Finance Authority’s 2016 Market Study Requirements for Multifamily Housing Overview Reference Documents: HOME Action Plan and Housing Credit (HC) Qualified Allocation Plan AHFA Form 3a Market Study Certification www.ahfa.com

2. 2 Outline Alabama Housing Finance Authority Major Changes in AHFA 2016 Market Study and Certification Frequently Missed Market Study and Certification Information Market Study Timeline and Process AHFA Point of Contact

3. 3 Major Changes in 2016 Market Study and Certification Alabama Housing Finance Authority Expanded explanation of how to determine the 2- mile Radius, on the Market Certification under Site Analysis. Expanded Item D. Market Analysis, on the Market Study Certification under Market Supply Analysis regarding Comparable Properties See AHFA’s 2016 HOME Action Plan, Housing Credit Qualified Allocation Plan, and Forms for full details.

4. 4 Frequently Missed Market Study and Certification Information Alabama Housing Finance Authority Failure to include (list and map) of all AHFA funded projects. List of all funded projects are available on AHFA’s website at http://www.ahfa.com/multifamily/funded_applications_search.aspx. http://www.ahfa.com/multifamily/funded_applications_search.aspx Failure to complete all information on the required certification.

5. 5 Market Study Timeline and Process Alabama Housing Finance Authority The Market Study must be received by AHFA thirty (30) days prior to the project’s final application submission date. The application window is expected to be March 9-10, 2016 (application dates will be published in January 2016). Applicants should plan to submit Market Studies to AHFA no later than 3:00 p.m., February 11, 2016. Announcement of 2016 Project Awards is expected in June 2016.

6. 6 AHFA Point of Contact Alabama Housing Finance Authority Any questions regarding the 2016 AHFA applicant submittal of Market Studies to AHFA must be directed via email to: Tyler Hunt AHFA Underwriter ahfa.mf.underwriting@AHFA.COM This document is not intended to usurp, conflict, or supplant the requirements identified in the 2016 AHFA HOME Action Plan or 2016 AHFA HC Qualified Allocation Plan.