LIHTC Syndication
Does anyone know of resources to learn more about LIHTC Syndication from the investor side? I have an interview coming up for an analyst role at one of these firms, but I really do not know what to expect. Thanks
I currently work at a large LIHTC REPE fund.. most junior guys at the firm had zero LIHTC experience before joining. Understanding how and why investors choose to do LIHTC deals and the benefits/downsides of the business model will be helpful. I can't imagine them to expect an incredibly in depth understanding of the process as it's pretty mundane and convoluted.
That’s certainly good to hear. I know LIHTC models can get incredibly complex, so that was worrying me for any sort of modeling case study.
They can be. Affordable housing in general is more complex than building normal MF. But my guess is that your shop will have their own model, I would worry more about understanding the tax credits, as the other anonymous poster mentioned. Why people buy them. How they're employed in the capital stack. Anything you can learn about what influences pricing, depreciation value, etc. If you can find any closing docs for an affordable deal, read through them. Your potential employer will be far happier with that than with a meaningless ability to create a model.
Novogradac has a large LIHTC resource center. I’ve usually used it as a resource on the debt side but may worth giving it a look to see if there info on syndications.
This
I'm a CRE Lender that specializes in MF and when I run into affordable deals, I regularly use Novogradac's site for info.
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