Category: LIHTC

Folly or catalyst? Part 3, “Something Downtown Stockton can be proud of”

15 May, 2015 (10:00) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith As we saw yesterday, Stockton’s economic decline became possible to arrest only with bankruptcy and its slashing of liabilities, which made the city once again creditworthy and which also enabled it to rejoin the community of municipal entities reinvesting in their […]

Folly or catalyst? Part 2, “With bankruptcy being over”

14 May, 2015 (10:00) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

[Continued from yesterday’s Part 1.] By: David A. Smith As we saw yesterday, the economic decline of downtown Stockton has spanned several decades, and as the city’s finances worsened, the downtown – which ought to have been the engine of economic revival – rusted. Sources used in this post Stockton Record (September 17, 2014) Stockton […]

Folly or catalyst? Part 1, “I bought strong locks”

13 May, 2015 (11:21) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

By: David A. Smith A dying downtown is unspeakably depressing.  Property’s decay and death is painfully slow and painfully visible: fading signs, drawn blinds, leaves and scraps huddled in doorway corners, sun-bleached shingles and paint, all of them say, Nobody cares about this place.  Stockton — Attorney Jacob Loyal Benguerel became a pioneer of sorts […]

Hedging the unhedgeable?

13 May, 2011 (10:26) | Capital, Hard debt, Innovations, LIHTC, MacArthur Foundation, Rental, Soft equity, Theory |

Doing business with the government comes with the territory in affordable housing – because it always costs money to fill the cost-value gap, and government is the ultimate source of evergreen, scalable subsidy resources – which raises an eternal question: how do you hedge government-performance risk?      Theoretically, one can sue the government, and […]

Re-engineering the LIHTC value chain: Part 3, it’s fixable

3 June, 2009 (09:45) | Capital markets, Legislation and policy, LIHTC, Policy, Tax credits, Theory, US News, Value chain |

[Continued from yesterday’s Part 2 and the preceding Part 1.] So far, in the two posts expanding upon my analytical essay Rethinking and Reengineering the LIHTC Value Chain [.pdf, and worth downloading in full – Ed.], originally published on my for-profit company’s Web site and its email distribution list, we saw that (Part 1) the […]