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ARTICLE · 26 JANUARY 2015

The Valuation Process For LIHTC Projects In Financial Distress: Part II

Thompson Coburn LLP
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This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects.

United StatesFinance and Banking
Mark Bossi
Mark Bossi
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Note: This post is part of a  continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects.

In Part I of this two-part series, we covered the various unique aspects of LIHTC project valuations and how the value of tax credits factors into a valuation. Today, we'll dive deeper into how an appraiser might approach a valuation, and some concerns that courts have raised about the valuation process for these types of redevelopment projects.

What does a typical LIHTC appraisal look like?

A comprehensive LIHTC appraisal covers four separate valuation scenarios:

  1. The value of the "bricks and mortar" of the project, assuming the project is continuously operated as a rent restricted project.

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