-Agenda
Thursday, June 25, 2026
| Thu 11:00 AM - 11:10 AM |
Welcome & Overview
Welcome to the course! This session will introduce CDFA, explain how to use the online software, and discuss the framework for the Advanced Housing Finance Course.
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| Thu 11:10 AM - 11:30 AM |
Advanced Housing Finance Orientation
This opening session establishes the foundation for the advanced course by examining current market conditions, highlighting the key questions and challenges facing housing developers, and introducing the standard structure of a housing project—including its stakeholders and sources of capital. Building on this groundwork, the course will move beyond basic concepts to explore how essential tools actually operate in complex, real-world transactions.
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| Thu 11:30 AM - 12:00 PM |
Housing Finance Feasibility: Characteristics & Decision Drivers
Before a housing project can move forward, the numbers have to work. This session focuses on the real decision drivers behind housing feasibility: deal characteristics, cost pressures, revenue assumptions, subsidy availability, and risk tolerance. Through real-world examples, speakers examine how feasibility is actually determined in practice.
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| Thu 12:00 PM - 12:50 PM |
LIHTC Deep Dive: 4% vs. 9% Deals
Choosing between a 4% or 9% LIHTC structure is one of the most important decisions in affordable housing finance. Through step-by-step case studies, this session delivers a side-by-side A-to-Z comparison of 4% and 9% deals, covering eligibility, allocations, structuring, timelines, competitiveness, and impacts on the capital stack. Heavy emphasis on numbers, sequencing, and execution realities.
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| Thu 12:50 PM - 1:30 PM |
Issuing Bonds for Housing: Complete Deal Walkthrough
Tax-exempt bonds are a cornerstone of housing finance and often serve as the backbone of complex capital stacks. This session provides a full-cycle walkthrough of bond-financed housing deals, including structuring approaches, regulatory requirements, timelines, risk allocation, and capital stack integration. Real case studies emphasize numbers, sequencing, and execution strategy.
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| Thu 1:30 PM - 1:40 PM |
Break
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| Thu 1:40 PM - 2:20 PM |
HUD & USDA Programs in Advanced Capital Stacks
For many affordable housing projects, HUD and USDA funding is a critical component of the capital stack. This session examines HUD and USDA programs through real transactions, focusing on eligibility, underwriting and compliance considerations, and advanced layering strategies within complex capital stacks.
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| Thu 2:20 PM - 2:55 PM |
Gap Financing with NMTCs for Housing
The New Markets Tax Credit program (NMTC) is an excellent tool for gap financing. This session explores how NMTCs can be integrated into capital stacks for housing development. Case studies highlight structuring considerations, eligibility alignment, and practical challenges in execution.
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| Thu 2:55 PM - 3:30 PM |
Tax Increment Financing (TIF) Deep Dive
Tax Increment Financing is a tool designed to make the impossible possible. This session examines TIF structures—including pay-as-you-go, bond-backed, and reimbursement models—and their integration with senior debt, equity, and tax credits. Case studies highlight when and how TIF strengthens complex housing deals.
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| Thu 3:30 PM - 3:40 PM |
Break
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| Thu 3:40 PM - 4:25 PM |
Deal Structuring & Regulatory Considerations
Once a project is deemed feasible, success depends on the art of layering the capital stack, structuring the deal, and maintaining compliance. In this session, experts will go beyond the basics and walk through various case studies from start to finish, sharing real-world challenges, decision points, and best practices for turning feasibility into execution throughout the life of a project. Case studies will demonstrate practical steps for aligning financing resources, navigating compliance requirements for federal tax credit programs, and managing risk throughout the life of a project.
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| Thu 4:25 PM - 4:55 PM |
State & Local Lending Programs for Housing
State housing authorities and local development finance agencies often deploy a variety of flexible lending programs to support housing. In this session, participants hear from some of the highest performing development finance agencies from across the country share details about their loan programs and best practices for catalyzing affordable housing developments and overcoming market challenges.
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| Thu 4:55 PM - 5:00 PM |
Closing Discussion / Final Questions
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