Syndicators Ramp Up Efforts To Cultivate New Equity Sources

摘要

Low-income housing tax credit syndicators are actively seeking to develop new sources of equity as existing investors raise their investment standards and scrutinize projects in light of recent market turbulence, according to syndicators who spoke May 22 at the American Bar Association affordable housing forum in Washington. "It's a tough marketplace. We hear that everyday," said Bernie Husser, of MMA Financial, a Boston-based syndi-cator. Overall, prices have fallen from the low 90-cent range per tax credit dollar in nonguaranteed funds in late November and December to the low 80-cent range as investors curtail their tax credit activities. By some estimates, the aggregate amount of equity available for tax credit investments has fallen from over $9 billion in 2007 to $5 billion or less for 2008.