Allgeier Company has worked in the affordable housing sector, providing market studies, appraisals and consultation to developers, lenders, investors and public agencies for nearly twenty years. Because of the dramatic increase in this segment of our business, in 2004 Allgeier Company established an Affordable Housing Division. We currently have three appraisers solely committed to this division, with another three appraisers experienced in affordable housing, giving us the capacity for a large volume of assignments with timely delivery.
Our expertise includes familiarity with the Low-Income Housing Tax Credit program, all HUD loan programs including Section 8 and Multifamily Accelerated Processing (MAP), most of the Kentucky Housing Corporation (KHC) loan programs as well as Federal Home Loan Bank and Tax Exempt Bond financing. We have worked in multiple states as approved market analysts for the tax credit allocating agencies. From 2007 to 2009 Allgeier Company was one of two contract market analysts for KHC and one of four appraisers.
Preliminary market analysis has become critical in recent years as some markets become saturated. Our analysts provide preliminary reports of an area's demographics as well as a cursory look at competing supply in order to help the developer model a successful project, both from a market perspective and a programmatic one.
Since 2007 we have provided our clients over 150 market studies and nearly 200 appraisals for affordable housing projects, existing or proposed. In Kentucky alone during this same time period, 56% of the LIHTC projects awarded tax credits were properties for which we provided market studies.
Finally, Allgeier Company is a participating member in the National Housing and Rehabilitation Association's affiliate organization, the National Council of Affordable Housing Market Analysts (NCAHMA). This organization is the outgrowth of a movement by concerned market analysts to standardize market studies and improve the professionalism within the industry. Allgeier Company is a charter member of NCAHMA and is certified through its peer review and continuing education program.