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 Tom Cavanagh at tom.cavanagh@tdhca.state.tx.us.


TAC Rules

  • The 2017 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.
  • The 2017 Real Estate Analysis rules are codified in Chapter 10, Subchapter D, §§10.301 - 10.307 Underwriting and Loan Policy as part of the global Uniform Multifamily Rules which can be found here.


Market Analysis





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