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Complete Application to Closing Process for the Acquisition and Rehabilitation of an Affordable Housing Project:


Essex’s role, as your financial/housing consultant, would be as follows:


  • Assist you in selecting the development team.  The team will include the developers; a construction lender; a tax credit syndicator; a general contractor, an accounting firm familiar with tax exempt bond and 4% LIHTC transactions, and an experienced legal team to handle the real estate, tax credit and HUD work.   The final team will be assembled based on fees, experience and the ability to meet deadlines.

  • Prepare the financing application to HFA for tax exempt bond financing and 4% “as of right” Low Income Housing Tax Credits.  

  • Assist in the preparation of applications for subsidy requests.

  • Coordinate with HUD and HUD counsel on all HUD related matters.

  • Prepare the underwriting model and structure based on the Bond Issuer’s underwriting criteria.

  • Offer guidance in the hiring of a construction monitor to perform a Physical Needs Assessment as required by the lenders.

  • Offer guidance in the hiring of an environmental firm to perform a Phase I Assessment.

  • Work with all the team members to finalize the underwriting to meet the requirements of the bond issuer, the lender and the syndicator

  • Assist in selecting the syndicator and negotiating the tax credit pricing. 

  • Interact with legal counsel as required.

  • Coordinate and focus the team throughout the due diligence and financing process. 

  • Lead the weekly conference calls required by the Bond Issuer.

  • Assist in the preparation of the closing requisition.

  • Attend the construction loan and mortgage closing.


In summary, Essex will provide the necessary support services to facilitate the successful closing of the financing and will lead the team to closing. 


Essex Associates Affordable Housing Consultants
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