We place federal and state tax credit equity for developers and structure the funds that hold it for investors. Affordable housing is where we started, and it remains the core of what we do.
Most of the transactions we see combine more than one credit. A historic mill becoming affordable housing, a community facility twinning new markets with state credits, a solar array on a nine percent deal. We underwrite the whole capital stack rather than one line of it.
The core of our practice. Credits are claimed over ten years against a fifteen-year compliance period, and the program finances the large majority of affordable rental housing built in the United States.
Housing authorities converting public housing to long-term project-based assistance face a structuring problem before they face a financing one. We have worked through these transactions from the development side.
A twenty percent federal credit on qualified rehabilitation expenditures for certified historic structures, claimed ratably over five years. Frequently twinned with housing credits on adaptive reuse.
Thirty-nine percent of the qualified equity investment, claimed over seven years, deployed through certified Community Development Entities into businesses and facilities in low-income communities.
Investment credits for solar, storage and other qualifying generation, plus efficiency credits available on new residential construction. Rules in this area have moved substantially in recent legislation, so we underwrite each deal against current law.
More than half the states run a credit that supplements a federal program. Some are allocated alongside the federal credit, others are certificated or transferable and trade in a secondary market.
The equity partner is the one you live with for fifteen years, long after the closing dinner. What matters is whether the underwriting was real, what triggers an adjuster, and who actually has authority to approve a commitment.
We answer those questions in writing. Every letter of intent we issue states the credit price, the pay-in schedule, the adjuster provisions, the guaranty expectations, and the fund the investment would sit in. Nothing an allocating agency has to guess at.
We would rather decline in week one than issue a letter we cannot stand behind when pricing moves.
Pricing moves between application and closing. A letter that does not name its conditions is telling you less than it appears to. Ask us what would change our number, and we will put the answer in the letter.
Tax credit investments offer a dollar-for-dollar reduction in federal liability with a defined delivery schedule, backed in the housing credit program by a long record of low foreclosure rates relative to conventional multifamily.
For banks and thrifts, the same investments generate Community Reinvestment Act consideration in assessment areas that are difficult to serve through lending alone. For corporate taxpayers, credits offer a predictable offset with a measurable community result behind it.
We structure proprietary funds for a single investor and multi-investor funds for smaller allocations, and we are glad to walk through underwriting standards and return structures before you commit to anything.
The same sequence on every transaction, whatever the credit. We tell you early if it does not work.
Send sources and uses, rent roll or projected revenues, subsidy or allocation documentation, and your timeline. We tell you within a few days whether this is a transaction we would price.
We build our own model, test the credit calculation and eligible basis, review subsidy contracts and any agency approvals, and stress operating assumptions against comparables in the market.
You receive a letter stating price, pay-in, adjusters, guaranty expectations and the fund behind the investment, written to satisfy the threshold requirements of the allocating agency.
On award, we move to investment committee, issue a commitment, and negotiate the partnership agreement alongside your closing schedule.
Equity funds against the agreed installments. We stay with the property through construction, lease-up, credit delivery and the compliance period.
Every deal closes twice. Once on paper, and once fifteen years later when the compliance period ends.
Tell us what you are working on. We respond to every inquiry, including the ones we pass on.
Prefer email? Write to us directly.
info@housingcreditpartners.com
Nothing on this site is an offer to sell or a solicitation of an offer to buy any security, or a commitment to invest. Tax credit program rules change; descriptions here are general and are not tax, legal or investment advice. Any transaction is subject to due diligence, investment committee approval, availability of capital and execution of definitive documents.