The LIHTC Equity Market: Good Times or Worrisome Depends on Your Perspective

By Caitlin Jones
August 24, 2011 1 min read

The LIHTC Equity Market: Good Times or Worrisome Depends on Your Perspective

By Caitlin Jones
August 24, 2011 0 min read

Tax Credit Advisor, August 2011: Many syndicators are nervously wondering whether they will be able to retain so-called economic or “non-CRA” investors in their corporate low-income housing tax credit funds going forward. given the continuing decline in tax credit yields to investors.

One syndicator is trying to keep them in the fold by a different structure in its latest national multi-investor fund. The Richman Group’s new fund, expected to close around year-end at $250-$300 million, will offer a projected after-tax yield of 5.4% to investors (i.e. banks) that can get consideration for their fund investment under the Community Reinvestment Act (CRA), and 6.0% to investors that aren’t subject to CRA (e.g., insurance companies). CRA investors will pay a higher price for their investment and get the lower yield; non-CRA investors will pay less and get the higher yield. Both classes will invest in the same pool of properties located in both CRA and non-CRA markets.

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Breaking Ground

Jennifer Leimaile Ho, Minnesota Housing Commissioner and Incoming Chair of National Council of State Housing Agencies

Pamela Martineau • December 1, 2024 10 min read

Earlier this fall, Jennifer Leimaile Ho was elected chair of the National Council of State Housing Agencies’ (NCSHA) 2025 Board of Directors. Ho is the Commissioner of Minnesota Housing, having been appointed by Governor Tim Walz in January 2019 and reappointed in 2023.

“Business as Usual”

Leaders in Equity Express Optimism Despite an Uncertain Future

Abram Mamet • December 1, 2024 9 min read

Any outside observer may assume some unease amongst the low-income housing industry. Buffeted on the one hand by residual stressors from the COVID-19 pandemic and on the other by the uncertain prospects of an incoming federal administration keen on cutting spending and shrinking government programs, the affordable housing landscape is experiencing an inflection point.

NCSHA Recognizes Stand-Out Affordable Housing Programs and Initiatives

Pamela Martineau • December 1, 2024 7 min read

This fall, the National Council of State Housing Agencies (NCSHA) recognized 17 programs offered by state housing finance agencies across the nation that creatively developed tools to tackle their communities’ affordable housing challenges.