Tax Credit Underwriting
LIHTC 4% and 9%, Historic Tax Credits, Opportunity Zones, NMTC — modeled with the complexity these structures require.
Tax credit deals have layers that conventional underwriting doesn't touch — eligible basis calculations, qualified allocation plans, investor pay-in schedules, compliance period economics. Most teams build these models from scratch every time, and every one is slightly different.
Upload the deal documents into the Data Room. Tell Apers the credit program and investor pricing. It builds the full tax credit model — basis calculation, credit generation, investor equity, compliance period cash flows, and exit strategy — with program-specific rules already embedded. Open the finished model in Google Sheets.
Four Steps to a Tax Credit Model
Upload deal documents and select the program
Drag the OM, appraisal, and environmental report into the Data Room. Tell Apers which credit program — LIHTC 4%, LIHTC 9%, HTC, NMTC, or OZ — and the investor pricing assumptions.
Apers builds the credit model
Eligible basis calculated from the sources and services breakdown. Credit generation, investor equity, pay-in schedules, and compliance period cash flows — all with program-specific rules embedded.
Review program-specific assumptions
Before writing each section, Apers shows its methodology — which costs are included in eligible basis, which credit rate it’s applying, how the investor pay-in schedule is structured. Approve or adjust.
Open in Google Sheets
The finished tax credit model saves to Google Sheets with dynamic formulas. Change investor pricing and watch equity recalculate through the full 15-year compliance period. Download as .xlsx or save to your Library.
Full Program Coverage
4% and 9% LIHTC, New Markets, Historic Tax Credits, Opportunity Zones — each with program-specific compliance requirements and calculation rules built in. No starting from a blank spreadsheet.
Investor Economics
Credit pricing, investor yield, pay-in schedules, credit delivery timing, and recapture risk — modeled from the investor’s perspective, not just the developer’s.
Year 15 and Beyond
Compliance period economics, exit strategies, right of first refusal, qualified contracts — the long-tail decisions that determine whether the deal actually works.
Basis Calculations You Can Trace
Every eligible basis inclusion traced to the sources and uses. Every cost exclusion documented with the program rule that applies. Approve the basis before Apers calculates credits.
Reusable Program Templates
Save completed tax credit models to your Library as templates. Next LIHTC deal, start from your last model — program rules, investor structure, and compliance assumptions already in place.
Models
Frequently Asked Questions
What tax credit programs does Apers support?
Apers models LIHTC 4% and 9% credits, Historic Tax Credits, Opportunity Zones, and New Markets Tax Credits. Each program's rules — eligible basis calculations, credit rates, compliance periods, investor pay-in schedules — are embedded in the model logic.
How does Apers calculate eligible basis for LIHTC?
Upload the deal documents and specify the credit program. Apers calculates eligible basis by identifying qualifying costs, applying the applicable fraction, and computing credit generation over the 10-year credit period. Every figure is traced to the source documents.
Can Apers model investor equity pay-in schedules?
Yes. The XL-2 engine models investor equity contributions tied to construction milestones, placed-in-service dates, and credit delivery. You can adjust the pay-in schedule and see the impact on project-level IRR and developer cash flow.
What documents do I need for tax credit underwriting?
Upload the OM, appraisal, Phase I, and any qualified allocation plan documents to the Data Room. The UDPE engine reads scanned PDFs, native spreadsheets, and other common formats used in affordable housing and historic preservation deals.
How does Apers handle compliance period economics?
Apers models the full compliance period — operating cash flows, replacement reserve contributions, and exit strategy — with program-specific rules. For LIHTC, this includes the 15-year compliance period and Year 15 exit scenarios.