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Scheduled Dates

3/5/2018 08:30 AM - 05:00 PM Mon
3/6/2018 08:30 AM - 05:00 PM Tue
3/7/2018 08:30 AM - 03:30 PM Wed
3/8/2018 08:30 AM - 05:00 PM Thu
3/9/2018 08:00 AM - 01:00 PM Fri

This event has ended and is no longer available for new enrollments.

HD420-Rental Housing Development Finance

Dates: 3/5/2018 to 3/9/2018
Mo 08:30 AM - 05:00 PM
Tu 08:30 AM - 05:00 PM
We 08:30 AM - 03:30 PM
Th 08:30 AM - 05:00 PM
Fr 08:00 AM - 01:00 PM

(View complete list of dates)

Located in : Helena MT, Helena Hotel
Instructor: Erin O Neill

Regular Student: $1,375.00
The second course in the HDFP Certification Program™ as well as the first course in the RHDFP Certification Program™, HD420 takes a detailed look at the
analysis, financing and development of affordable rental housing. In this five-day course,
participants learn the underwriting criteria used by lenders and the rates of return demanded
by private equity investors in order to determine their investment in a rental housing project.
This course also explores the methods practitioners can utilize to attract the maximum
amount of private capital to rental housing projects as well as the techniques to fill financing
gaps with public resources. Specific topics include:

  • Rental Housing Development Process
    • Key actors and their concerns
    • Steps in developing rental housing
  • Financial Projections
    • Pro forma income and expense analysis
    • Sources and uses of funds statements
  • Private Sector Financing
    • Permanent lender ratio analysis
    • Construction lender analysis
    • Construction management
  • Appraisals
    • Three approaches to value
  • Tax Credits
    • Historic Rehabilitation Tax Credits
    • Low-Income Housing Tax Credits
  • Discounted Cash Flow Analysis
    • Present value theory
    • Internal rate of return
  • Syndication
    • Pricing benefits
    • Investor concerns
    • Key partnership issues
  • Deal Structuring
    • Altering rates of return
    • Debt and equity investment vehicles


CM I 36.0

Additional Information

The National Development Council is proud to Partner with Montana Housing to offer this training opportunity.  

Registration is restricted to invitees of Montana Housing until February 5, 2018.  After that date, registration will open to the general public if space permits.


Training Site and Hotel Accommodations:

Helena Hotel (Old Holiday Inn)

22 N. Last Chance Gulch

Helena, MT  59601


When making hotel reservations, please ask for the Montana Department of Commerce block.  The reduced sleeping room rate will expire February 11, 2018.


Late registration not allowed