Background
The Minnesota Housing Finance Agency (Minnesota Housing) is a housing tax credit agency requesting applications from market analysts for inclusion in the Market Analyst List, a list of authorized contractors to conduct third party comprehensive market studies for developments making application for Minnesota Housing Low-Income Housing Tax Credits (HTC pursuant to Section 42(m) of the Internal Revenue Code).  

Internal Revenue Code Section 42(m)(1)(A)(iii) requires that a comprehensive market study of the housing needs of low-income individuals in the area to be served by a developer’s HTC project must be conducted by a disinterested party, at the developer’s expense, who is approved by the HTC agency in order for the development to be eligible for HTC.

Minnesota Housing will select applicants for inclusion in its Market Analyst List based on qualification requirements and will post the Market Analyst List on Minnesota Housing’s website. Minnesota Housing will only accept market studies conducted by analysts on the Market Analyst List.

Developers/owners will contact and hire the analyst of their choice from the Market Analyst List to perform the required market study in the form and format outlined in Minnesota Housing’s Market Study Guidelines. Schedules and fees will be arranged between the developer/owner and the analyst. Minnesota Housing will not endorse or recommend any analyst on the Market Analyst List and will not be a party to individual transactions.

Once placed on the Market Analyst List, the analyst remains on the list for three years. After that time, the analyst must reapply for inclusion on the list. Minnesota Housing reserves the right to remove an analyst from the list at any time due to failure to adhere to Minnesota Housing’s Housing Qualified Allocation Plan or Market Study Guidelines as posted on Minnesota Housing’s website, or due to other actions deemed by Minnesota Housing to be harmful to the program or applicants.

A description of services required to be performed can be found on Minnesota Housing’s website under Additional HTC Application Reference Materials. 

Requirements
For placement on the Market Analyst List, applicants must have at least two (2) years’ experience performing comprehensive market studies and have conducted, as the primary author, at least one (1) HTC development market study within four (4) years of the date of their application. 

If the applicant has not completed an HTC market study previously, Minnesota Housing, at its sole discretion, will consider comparable experience such as housing studies, housing needs assessments, or other rental housing analysis work. In this circumstance, the applicant must submit the application below and include one or more comparable rental housing analysis work examples. 

If approved by Minnesota Housing, the market analyst will be added to the “Pilot List” found on the Market Analyst List. Inclusion in the Pilot List permits the analyst to submit one market study that meets Minnesota Housing’s Market Study Guidelines for an HTC proposal in HTC Round 1, HTC Round 2, or 4% only funding rounds. Should any corrections be required to the market study submitted by an analyst on the Pilot List, the analyst must adhere to the time period specified by Minnesota Housing to make corrections. 

Pending a satisfactory final review by Minnesota Housing of the market study, the analyst will move from the Pilot List to the Market Analyst List, found on the same document. The analyst remains on the Pilot List until Minnesota Housing approves of their first market study. An analyst that submits a market study that Minnesota Housing does not deem approval and does not adequately or timely correct the study may be removed by Minnesota Housing from the Pilot list at its discretion. 

New analysts (who have completed at least one HTC market study) and Pilot analysts (who have comparable experience but no HTC-market study experience) will be evaluated on the following:
•	Qualifications and expertise of the analyst
•	Relevant prior experience as evaluated by eligible comparable experience
•	Feedback obtained from references

Application Process, Evaluation, and Timeline
Minnesota Housing updates the Market Analyst List annually. Analysts may be renewed or enrolled for a three-year period pending satisfactory submission of the required application materials and satisfactory performance. The Market Analyst List indicates the date the analyst was approved. 

Minnesota Housing establishes an annual due date when materials must be submitted and publishes it on the HTC webpage. Minnesota Housing directly notifies analysts who require renewal based on the three-year approval period.

A complete application package consists of the following:
•	Completed application form (attached).
•	Check (made payable to Minnesota Housing) for a $50 application fee for new market analysts and for those applying to the Pilot List at the time of application. See below and application for details.
o	Fee is waived for renewals.
•	A copy of a recent market study completed for an actual HTC project (in Minnesota, if available), or a comparable work sample. 
o	For renewal applications, if the applicant submitted a satisfactory market study to Minnesota Housing since their application or last renewal, it is not necessary to resubmit an additional market study in their application since Minnesota Housing has a market study on file already. Please indicate the property for which you submitted the market study and for which funding round. 
•	A copy of resume from the market analyst(s) responsible for conducting the market studies.

Submission
Send application electronically to Minnesota Housing: 
1.	Email the application to the HTC team: HTC.MHFA@state.mn.us, OR
2.	If you are submitting a market study or a large document, submit the application and market study through the Multifamily Secure Upload Tool. Use the following email address when prompted: mhfa.app@state.mn.us. Email the HTC team at HTC.MHFA@state.mn.us to notify Minnesota Housing of your submission. The HTC team will email you to confirm receipt of the application. 
3.	For new applicants, mail your $50 check to: 

Minnesota Housing
Attn: Tamara Wilson – Housing Tax Credit Program
400 Wabasha Street North, Suite 400
St. Paul, MN  55102

Questions? 
Email HTC.mhfa@state.mn.us or call 651.296.8277.

Instructions: Please fill in the information below using the space provided. You may also submit your own document answering all questions below. 

1.	Analyst Name:	     
Address: 	     
City: 	     
State:	     
Zip: 	     
Contact Person:	     
Title: 	     
Phone: 	     	Fax: 	     
Email: 	     

2.	Provide years of experience and number of market studies:
a.	Years of experience conducting comprehensive market studies:       years (minimum of 2 years’ experience required)
AND

Provide the number of HTC market studies conducted within four years         (minimum of 1 required)
		OR 

b.	If you do not have HTC market study experience: Years of experience conducting comparable housing studies:       years (minimum of 2 years’ experience required) 

3.	Provide the following information regarding the experience of the analyst:
a.	For new applications: List of market studies conducted, as primary author, for multifamily rental developments in the last four (4) years. Provide development locations, date completed and identification of housing tax credit developments. 
•	For Pilot List applications: Provide comparable studies, analysis, or assessments in the last four (4) years.
b.	For renewal applications: List of market studies conducted, as primary author, for multifamily rental developments in the last three (3) years. Provide development locations, date completed and identification of housing tax credit developments. 
c.	For all applications: Include a resume from the market analyst(s) responsible for conducting the market studies. Include capacity, education, experience, licensing, credentials, and certifications in the resume.
d.	For all applications: Include any other unique qualifications.

4.	List individuals/organizations you’ve worked with in relation to the experience cited in this application (Unless you are applying for the Pilot List, you must provide at least one housing tax credit allocating agency):
a.	Name: 	     
Company: 	     
Phone: 	      	Fax: 	     
Email: 	     
b.	Name: 	     
Company: 	     
Phone: 	      	Fax: 	     
Email: 	     
c.	Name: 	     
Housing Tax Credit Allocating Agency: 	     
Phone: 	      	Fax: 	     
Email: 	     

5.	Identify the geographic areas in which you are willing to conduct market studies (check all that apply):
  Statewide
  Greater Minnesota
  Twins Cities Metro Area

6.	For new applicants and Pilot List applications: Answer the following questions in this application or in an attached document: 
a.	Describe your experience conducting market studies involving special needs populations, housing for homeless/long-term homeless households, and supportive housing.      
b.	Describe your experience with transactions involving federal and/or state housing programs, including a description of your experience working with units that have federal, state, and county rental assistance.       
c.	Describe your experience of analyzing rent and income restricted rental units.       

I certify to the best of my knowledge that the information provided is true and complete. I also understand that to be included in, and to remain on, Minnesota Housing’s Market Analyst List for HTC Market Studies, I must fully comply with all the requirements contained in Minnesota Housing’s HTC Program Procedural Manual and HTC Market Study Guidelines.

     	     	
Signature of Authorized Representative of Applying Entity	Date	
     	     	
Printed Name of Authorized Representative of Applying Entity	Title	
     	     	     	
Telephone Number	Fax Number	Email Address	

NOTE:
•	Mail $50 application fee, if this is a NEW application or for those applying to the Pilot List due at the time of application to: 
Minnesota Housing
Attn: Tamara Wilson – Housing Tax Credit Program
400 Wabasha Street North, Suite 400
St. Paul, MN  55102

•	The $50 fee is waived for renewals.
•	Electronic signature is acceptable.