LIHTC
8 articlesThe Low-Income Housing Tax Credit stack — 4% vs 9% credits, QAP scoring and basis boost, AMI rent limits, the capital stack with soft debt and deferred developer fee, investor yield mechanics, and Year 15 exits.
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Deal Structures
The institutional CRE structuring playbook — tax-credit equity, ground leases, Opportunity Zones, and 1031 exchanges. Written by practitioners, not marketers.
Deal structure is where tax code, capital markets, and operating reality collide. The same building can pencil very differently depending on whether the equity is LIHTC tax-credit, the fee is owned or ground-leased, the investor is rolling a 1031 gain, or the asset sits inside a Qualified Opportunity Fund. Each structure carries its own qualification rules, its own timing constraints, and its own exit calendar — and each one moves cap rate, cost of capital, and after-tax IRR in ways that a vanilla market-rate underwriting model will simply miss.
The four clusters below cover the structures institutional capital actually uses. 21 practitioner guides, each with the qualification mechanics, the math, and the failure modes that quietly break deals before they close.
Ground Leases
4 articlesHow ground leases split fee from leasehold — Safehold-style reversion economics, CPI/FMV rent resets, and the subordination question that decides whether leasehold debt prices at institutional cost of capital.
See all 4 articles →Opportunity Zones
4 articlesQualified Opportunity Fund mechanics — the 90% asset test, QOZB safe harbor, capital gains deferral to 2026, the 10-year exclusion, and the substantial improvement rules that decide whether an acquisition qualifies.
See all 4 articles →1031 Exchanges
5 articlesLike-kind exchange mechanics — the 45/180-day clock, boot and basis carryover, reverse 1031 parking arrangements, DSTs as passive replacement, and the 721 UPREIT contribution that converts direct ownership into OP units.
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