LIHTC Sanity Check

Pick the county, pencil in the deal, and see if the sources cover the uses. Rents come from HUD's FY2026 MTSP income limits.

Deal type
DDA/QCT boost
Quick assumptions

Mix percentages are studio/1BR/2BR/3BR(/4BR). Quick mode sets roughly one manager's unit per 120 units (edit in Detailed). Rents assume every unit rents at the max for the average AMI. Budget is split by typical shares of cost; on 4% deals bonds are sized to the bond test plus a 2% cushion.

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Sources & uses

Checks

    Key numbers

    Sensitivity – remaining gap

    Each row moves one assumption and holds the rest. Numbers in parentheses are surpluses.

    Max gross rents

    Gross rent = 30% of the income limit for the imputed household (1.5 persons per bedroom; studio = 1). Subtract utility allowance for net rent. Existing projects may use higher held-harmless limits. Verify against HUD and your state agency before relying on these.

    A free LIHTC pro forma for screening deals

    LIHTC Sanity Check is a web-based pro forma for Low-Income Housing Tax Credit deals. Pick a county, enter the unit mix and costs, and it builds the sources and uses, sizes the permanent loan to DSCR, calculates 4% or 9% tax credits and equity, runs the tax-exempt bond test, and tells you whether the deal pencils. Nothing to install, no account, and your inputs never leave your browser.

    Rent and income limits

    Maximum rents for every county in the United States from HUD's FY2026 Multifamily Tax Subsidy Project limits, studio to four bedrooms, 20% to 80% AMI, with utility allowances and market rent caps.

    4% bond and 9% deals

    Fixed 4% and 9% credit rates, DDA/QCT basis boost, federal grant basis reduction, state credits, the 25% or 50% bond test, and the 9% per-project credit cap.

    Income averaging

    Checks the 60% average, and an optimizer that proposes rent-maximizing, balanced, and deep-targeting unit mixes within the tiers you allow.

    Capital stack

    Permanent loan sized to the lesser of DSCR capacity and need, soft loans, contributed and deferred developer fee with AFR accrual, and a funding gap or over-sourcing verdict.

    Costs and operations

    Hard costs by square foot with parking and site work, calculated construction interest, itemized operating expenses with a management fee tied to income, and manager's units.

    PDF report

    A four-page sources and uses report with a capital stack chart, checks, sensitivity tornado, unit mix, and a 15-year cash flow waterfall showing developer fee repayment and residual receipts.

    2026 California award data

    Every 4% and 9% application filed with CDLAC and CTCAC in 2026, pulled from the application workbooks and matched to the award results.

    2026 California awardsWho applied, who won, pool cutoffs and tiebreakers, cost per unit by county, and each project's application workbook. Cost benchmarksMedians and averages for cost per unit and per square foot, developer fee, credit pricing and operating costs, winners versus the rest.

    Common questions

    Is this a full LIHTC underwriting model?

    No. It is a screening tool. It uses simplified assumptions so you can test a deal in a minute. Use it to decide whether a deal is worth a full model, not to replace one.

    Where do the rent limits come from?

    HUD's FY2026 MTSP income limits, effective May 1, 2026. Gross rent is 30% of the income limit for the imputed household size, 1.5 persons per bedroom. Existing projects may be allowed to use higher held-harmless limits, so verify with HUD and your state agency.

    Which bond test does it use?

    You choose. The 25% test applies to bonds issued after 2025 for buildings placed in service after 2025 under the 2025 reconciliation act; the 50% test applies otherwise. Bonds can be sized automatically to the threshold plus a cushion.

    Does it handle acquisition and rehab deals?

    Not yet. It is built for new construction. Acquisition credits, the ten-year rule, and rehab minimums are on the roadmap.

    Is my deal data stored?

    No. Inputs are kept in your own browser so they are there when you come back. Nothing is sent to a server.

    Contact

    Found a wrong number, want a feature, or have a deal you'd like to compare against a full model? Send a note.