Expert guidance on LIHTC transactions, tax-exempt bond financing, and complex capital structures. We work alongside developers and lenders to bring affordable housing deals from concept to close.
The Low-Income Housing Tax Credit program is the nation's primary engine for affordable rental housing production, financing over 110,000 units annually. With deals averaging 3.5 financing sources and increasingly complex regulatory requirements, experienced advisory is essential.
Comprehensive advisory services across the full lifecycle of affordable housing transactions.
End-to-end guidance on 4% and 9% Low-Income Housing Tax Credit deals, from application strategy and credit pricing through financial closing and placed-in-service.
Optimize the layering of LIHTC equity, permanent debt, tax-exempt bonds, soft loans, HOME funds, and gap financing to maximize project feasibility and developer returns.
Tax-exempt bond and Private Activity Bond structuring, volume cap strategy, issuer coordination, and bond placement support for 4% LIHTC transactions.
Navigate relationships with top-tier affordable housing lenders, GSEs (Fannie Mae, Freddie Mac), HUD/FHA programs, and LIHTC syndicators to secure optimal terms.
Competitive 9% credit application preparation, Qualified Allocation Plan analysis, scoring optimization, and state Housing Finance Agency engagement strategy.
Exit strategy advisory, resyndication analysis, recapitalization planning, and partnership restructuring for LIHTC properties approaching compliance milestones.
Every affordable housing deal follows a structured path from concept to stabilization. We guide our clients through each phase.
Site analysis, market study coordination, financial feasibility modeling, and pro forma development. We help determine the optimal credit type (4% vs. 9%) and build the initial capital stack framework.
For 9% deals, we develop QAP-aligned applications that maximize competitive scoring. For 4% deals, we manage the bond allocation process and coordinate with issuers to secure Private Activity Bond volume cap.
Syndicator and investor selection, credit pricing negotiation, construction and permanent lender coordination, soft loan commitment assembly, and partnership structuring through closing.
Construction draw monitoring, equity installment milestone tracking, cost certification preparation, placed-in-service coordination, and lease-up strategy through stabilized occupancy.
Ongoing IRS and state HFA compliance support, income certification oversight, physical inspection preparation, investor reporting, and operational performance monitoring through the compliance period.
Limited partner buyout negotiations, resyndication analysis, refinancing strategy, and recapitalization planning to preserve affordability and maximize long-term asset value.
Understanding the two primary credit structures is fundamental to affordable housing finance strategy.
The competitive credit, subsidizing approximately 70% of eligible costs for new construction and substantial rehabilitation.
The as-of-right credit paired with tax-exempt bonds, subsidizing approximately 30% of eligible costs with no competitive allocation cap.
We coordinate with the top affordable housing lenders, government-sponsored enterprises, and syndicators to structure and close transactions on the best available terms.
Illustrative 9% LIHTC new construction deal
Affordable housing finance demands precision, deep regulatory knowledge, and strong institutional relationships.
LIHTC deals average 3.5 financing sources. We bring structured finance discipline to the complex layering of equity, debt, bonds, and soft loans that every deal requires.
We maintain working relationships with the nation's leading affordable housing lenders, syndicators, and state HFAs, enabling efficient execution and competitive terms.
From Section 42 compliance to QAP requirements to evolving legislation, we stay current on the regulatory landscape so our clients can focus on development.
Whether you're assembling a capital stack for a new LIHTC development, navigating a Year 15 disposition, or exploring resyndication, we're ready to help.