Use of LIHTC in RAD Conversions 2020-2024 (Excluding NYC)
Data for closed transactions through August 5, 2024. Transactions divided by date of closing. Post-completion data is used where available; closing data used for conversions still completing construction. Percentages using 4% and 9% LIHTCs may exceed 100% as some transactions pair a 4% LIHTC allocation and a 9% LIHTC allocation in a single transaction and are counted in both categories. Total sources may not equal total uses due to rounding and irregularities in reporting from PHAs, particularly in pre-2020 transactions. To capture real-dollar financial events, in contrast to "paper transactions" designed to boost LIHTC basis, acquisition costs are net of seller take-back financing and developer fee is net of deferred fees payable only from cash flow.
Chart: Center for Public Enterprise