A Case Study in Affordable Housing Finance

LEARNING AREA: Leadership Development, Real Estate Development
MKI Training
In person


Jack Geary


7 hours


One Beacon Street
Boston, MA 02108


This one-day session offers a condensed demonstration of the concepts and hands-on process involved in developing a financing plan for a new construction tax credit property. The class is fast-paced, focusing on financing concepts and calculations through a case study format. It is designed to be beneficial for individuals new to real estate development, including managers, asset managers, property managers, and board members.

AM Session – Gap Sources - During the AM session, we start with the fundamental differences between market rate and affordable development financing.  During the morning we review the ins and outs of various gap funding sources, including Low Income Housing Tax Credits, hard and soft debt including bonds and insured loans, tax incentives and other gap funding issues, including the relationship between rents, debt and equity.  

PM Session – Case Study - The afternoon session involves a multi-step case study where we underwrite the financing of a mixed-finance property.  The case study involves a linked multi-tab spreadsheet and participants can use their own laptops (optional) to be more connected to the case.  We work through various financing calculations – using rent limits to determine how much debt a project can support, how to estimate and calculate the potential tax credit equity to the project and create sources/uses budgets and a multiyear proforma, working through the various trade-offs that occur in such a project.


Registration deadline

Registration fee

Regular: $150; MACDC Member: $100; Student/Americorps/Intern: $50