Housing Tax Credit Monitor
CohnReznick’s Tax Credit Investment Services (TCIS) practice helps institutional investors strategically acquire and manage tax credit investments. Bi-monthly, the TCIS team publishes the Housing Tax Credit Monitor in Tax Credit Advisor, a leading industry publication produced by the National Housing & Rehabilitation Association.
Year-End Housing Credit Equity Volume Survey (March 2018)
Through a survey of housing tax credit market participants, including 36 syndicators and director investors, CohnReznick estimates the 2017 gross housing credit equity volume to approximate $15.1 billion. Last year’s volume reflects a $1.7 billion (10%) reduction from the 2016 volume. The 2017 volume included carried over product from 2016 that did not close until early 2017; otherwise the 10% reduction would have been more pronounced.
Year-End Race to Close Bond Deals (January 2018)
As of mid-Dec 2017, the uncertainty surrounding the continuation of private activity bonds (PABs) for use in developing multifamily housing credit properties still left many industry players scrambling to close 4% LIHTC investments by year-end. Based on CohnReznick’s review of lower tier investment closings in the fourth quarter of 2017, the industry was focused on preserving the production of LIHTC projects that had a PAB reservation letter in place from a state bond agency and corresponding ‘as-of-right’ allocation of non-competitive 4% LIHTCs.