Texas Department of Housing & Community Affairs - Building Homes and Strengthening Communities

Real Estate Analysis

Brent Stewart
Director of Real Estate Analysis
Phone: (512) 475-2973
Fax: (512) 475-4420

PO Box 13941
221 East 11th Street
Austin, TX 78711-3941


The Real Estate Analysis division provides the TDHCA Governing Board and staff with comprehensive analytical reports necessary to make well informed decisions for funding of affordable housing developments.

Underwriting Reports

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 Pamela Cloyde at pamela.cloyde@tdhca.state.tx.us.


TAC Rules

  • Public Comment Period Open September 25, 2015 – October 15, 2015 for the Underwriting and Loan Policy–2016 10 TAC Chapter 10 Subchapter D. Visit TDHCA’s Public Comment Center page for document link and submission information.
  • The 2015 Real Estate Analysis Rules and Guidelines (PDF) encompass the Department's standards for underwriting, market analyses, appraisals, environmental site assessments, property condition assessments and direct loan requirements.
  • 2015 Real Estate Analysis rules as codified in Chapter 10, Subchapter D, §§10.301 - 10.307 Underwriting and Loan Policy of the Uniform Multifamily Rules (PDF)


Market Analysis





  • 2015 Regional Operating Expense Database (PDF) - year-end 2013 data
  • 2015 Statewide Operating Expense Database (PDF) - year-end 2013 data
  • HTC Applicable Percentages and Calculation of Underwriting Rates to be Used (PDF) or (XLS) - updated by the fifth day of each month.

    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).

For more information, please contact a Real Estate Analysis staff member.