Category: MacArthur Foundation

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 […]