PT  - JOURNAL ARTICLE
AU  - Matthew Steinle
TI  - Borrowing Against Staged Tax Credit Equity Payments in the Capital Markets
AID  - 10.3905/jsf.1999.320222
DP  - 1999 Oct 31
TA  - The Journal of Structured Finance
PG  - 70--79
VI  - 5
IP  - 3
4099  - https://pm-research.com/content/5/3/70.short
4100  - https://pm-research.com/content/5/3/70.full
AB  - Opportunities to maximize the value of low income housing tax credit-based equity for apartment development by borrowing against investor payment obligations in tax-exempt capital markets have to date been largely ignored or inefficiently pursued. This article identifies how such bond issues may be structured without external credit enhancement to permit them to be rate and marketed broadly to all buyers of tax-exempt debt. The result is substantial increases in developer proceeds from the syndication of tax credit-based project ownership interests.