Insights
Plain explanations of how these programs work and where transactions succeed or fail. Written for developers, housing authorities and investors who want the mechanics rather than the marketing.
How tax credit equity actually fills the gap
Affordable rents cannot support conventional debt. The credit converts a future tax benefit into present-day equity, and that equity is what closes the difference.
The 4% credit, the 50% test, and why bond deals pencil now
A fixed 4% floor changed the math on bond-financed transactions. Here is what the floor did, what the 50% test requires, and where deals still fall short.
What moves credit pricing, and what it means for your gap
Pricing is quoted in cents per dollar of credit, and it moves with investor yields, CRA demand and tax policy. A few cents changes your sources by real money.
Twinning historic credits with the housing credit
Adaptive reuse can carry two federal credits at once. The combination is powerful and the basis interaction is where deals get into trouble.
How equity fits public housing repositioning
Converting to project-based assistance is what makes a public housing property financeable. Tax credit equity is what makes the recapitalization possible.
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