Capital Markets Group

Financial Structuring

The importance of sound financial structuring for a LIHTC project—or any business deal—cannot be undervalued, as the information generated by this process is critical to the decision making of property developers, general partners, and corporations that invest in these property partnerships.

At NAHT, we employ a full-time staff of financial structuring professionals who are responsible for modeling projects to make sure they conform to standard underwriting guidelines and tax structuring practices. The financial models that we produce forecast equity pricing, payment schedules, investor yields, syndication fees and reserves, and other investment details. Additionally, this team provides long-term feasibility studies for property operations and debt and disposition analyses. Financial structuring is a continuous process implemented from project conception through partnership closing, and into the construction and asset management periods, as requested.

Equity Placement Services

At the core of NAHT’s services is our equity placement group, which is responsible for securing the capital required to advance an LIHTC project from concept to reality. Equity placement efforts include marketing Members’ LIHTC projects to potential investors, coordinating the financial underwriting process so as to meet and assure investors’ needs, reviewing due diligence materials, and facilitating the closing process for the project and its associated investors.

Creative problem solving, proactive thinking, and strong customer service are NAHT trademarks which have become particularly apparent in the equity placement group during times of a risk-adverse investment market. As investors’ needs have changed, our equity placement staff has sought and implemented new and unique ways to balance Members’ equity needs with investors’ needs for a satisfactory return on investment. Our single- and multi-investor funds, as well as our collaborative equity placements with organizations like National Equity Fund and Enterprise Community Investments, are a testament to this creative thinking.

Underwriting

Reviewing due diligence to ensure that a LIHTC project is a sound investment is one of the most important aspects of NAHT’s underwriting function. Careful investigation and analysis of real estate markets, environmental issues, property condition and rehabilitation, and project operating data give investors comfort that their dollars are safe. Attention to detail and structuring techniques, such as additional reserves and guarantees, help to mitigate risks and provide for the long term viability of real estate investments.

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