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Jeanna Adams
Director of Real Estate Analysis
Street: 221 East 11th Street, Austin, TX 78701
Mail: PO Box 13941, Austin, TX 78711-3941
Phone: 512-936-7820


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.

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 Jeanna Adams at

  • The 2024 Real Estate Analysis Rules and Guidelines (Secretary of State) encompass the Department's standards for underwriting, market analyses, appraisals, environmental site assessments, property condition assessments and direct loan requirements.
  • The 2024 Real Estate Analysis rules are codified in Chapter 11, Subchapter D, §§11.301 – 11.306 Underwriting and Loan Policy as part of the global Qualified Action Plan (QAP)which can be found here (Secretary of State).

TDHCA is not accepting new applications for Approved Market Analysts at this time.

  • 2024 Regional Operating Expense Database (PDF) – year-end 2022 data
  • 2024 Statewide Operating Expense Database (PDF) – year-end 2022 data 

    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).

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