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HD420-Rental Housing Development Finance


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 eight half 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


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