Highlights key ways LIHTC underwriting diverges from conventional apartments, including equity structure, lower-tier vs upper-tier pricing, construction and permanent debt expectations, developer fees, sponsor guarantees, layered financing, rental assistance, and exit dynamics over a 15+ year compliance period.

Learn how IRR is used to evaluate projected investor performance in LIHTC funds and direct deals, how timing of capital calls and benefit schedules influence returns, and why extended IRR functions (XIRR) are typically used to capture real-world cash flow timing.