AHIC July Third Thursday: LIHTC Underwriting Standards and Current Market Terms
4:00 PM - 5:00 PM Eastern
Taking Stock: LIHTC Underwriting Standards and Current Market Terms
AHIC recently announced an initiative to update its 2018 Underwriting Guidance, following the release of an interim update to its recommendations on sponsor net worth and liquidity.
As this comprehensive update progresses, a critical question remains: how well does current guidance align with the deal terms actually observed in the market?
Our July Third Thursday, led by Cindy Fang and Regan St Pierre from CohnReznick, will explore how LIHTC deal structures have shifted over the past 24 months — where underwriting standards have held and where market conditions have driven a different outcome — across key deal elements including:
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Developer and guarantor profiles
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Capital stack structures (bridge loans, equity holdbacks, and hard debt leverage)
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Construction liquidity
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Vacancy and trending assumptions
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Reserve and guarantee terms
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Special allocations
The discussion will also examine how historical data and industry best practices can inform risk assessment and pricing in today's environment.