LIHTC Sanity Check

Location

Project name

Deal type

Units

Unit mix

Average AMI %

All-in cost per unitTotal development cost ÷ units

DDA/QCT boost

Soft money committed / targeted

Quick assumptions

Utility allowance / unit / moScaled by bedroom size

Other income / unit / mo

Opex incl. reserves / unit / yr

Credit price ($)

Perm loan rate %

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.

Project

Project name

Deal type

Manager's unitsNon-revenue; counted in cost, opex, and basis

Total unitsUnit mix + manager's units

Unit mix & rents

Beds

Units

AMI %

Util. allow.

Rent cap

Max gross

Net rent

SF is net rentable per unit (used for the square-foot cost build-up and per-SF metrics). Rent cap: optional market ceiling on net rent. AMI tiers should be 20–80% in 10% steps for income averaging.

Year 1 gross rent (annual)From unit mix

Other income (annual)

Uses (development budget)

Line

Amount

Eligible %

Bond-test %

Eligible % drives tax credit basis. Bond-test % is depreciable basis + land (the denominator for the bond test).

Hard costs

Calculate construction interest

Construction spread over perm rate %

Construction + lease-up months

Construction loan as % of cost

Average outstanding balance %

Tax credits

DDA/QCT 30% basis boost

Applicable fraction %

Federal credit price ($)

Federal grants in basisReduces eligible basis

9% annual credit cap9% deals only; 0 = no cap

State credits (total)

State credit price ($)

Bonds, operations & permanent loan

Tax-exempt bonds4% deals only

Bond test threshold

Vacancy %

Operating expenses

Operating expenses incl. reserves (annual)

Perm loan rate %

Amortization (years)

Minimum DSCR

Loan amount overrideBlank = size from NOI

Income trend %

Expense trend %

Soft sources & developer fee

GP equity

Contributed developer fee

Max deferred + contributed fee %

Deferred developer fee overrideBlank = solved as the plug

Interest on deferred fee (AFR) %

Annual partnership feesAsset management, SLP, partnership admin

Residual receipts loan balance0 = no residual receipts split

Residual receipts share to soft lenders %

Simple interest on residual receipts loans %

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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.