Among the more than 500 market studies the firm completes each year, a large number of the firm’s studies involve the market feasibility of projects being developed with financing through the Low-Income Housing Tax Credit program. The program provides tax incentives to encourage developers to create affordable housing. Developers of qualified properties are allocated the Tax Credits and investors in those properties take advantage of the Tax Credits. Syndicators help connect investors with developers and oversee the fund’s acquisition and the ongoing management of the projects. As part of their due diligence and underwriting process, syndicators commission market feasibility studies on individual projects or groups of projects.
Bowen National Research is a provider of market feasibility studies throughout the U.S., the U.S. Virgin Islands and Puerto Rico and works with several of the nation’s largest Tax Credit syndicators including Aegon USA Realty Advisors, Berkadia, Boston Financial Investment Management, CAHEC, Hunt Capital Partners, R4 Capital, RBC Capital Markets, RedStone Equity Partners and WNC & Associates. Bowen National Research has earned the trust of these syndicators and investors through years of reliable and timely market studies that provide detailed market data and analysis. The firm has worked in some of the most economically depressed neighborhoods in the country, while also working in high-growth markets and in some of the more rural parts of the country. Bowen National Research has worked with syndicators on projects serving families or seniors, special needs populations and Native Americans and the firm brings this broad range of experience and understanding of a variety of housing products and diverse market conditions to each project..
Adding to Bowen National Research’s appeal to syndicators has been its development of Investor Summary Sheets, or ISS forms. ISS forms are short summaries comprised of tables and short narratives of key data and findings from the market study. These ISS forms are customized to meet the specific requirements of syndicators and their investors. They serve as a “cheat sheet” or “road map” of sorts, highlighting the key market information in a simple reference document, saving the syndicators’ underwriting staff time and allowing them to focus on other critical due diligence responsibilities. Bowen National Research welcomes input and suggestions from the syndicator and investment community on ways to continue to enhance an industry-leading product and service.