Apers for Affordable Housing
The only AI that knows what a 4% basis calculation looks like.
Apers is the AI system for LIHTC underwriting — built by people who've structured tax credit deals, not a generic tool you have to teach.
You test every tool the same way
You ask it to model a 4% LIHTC deal with tax-exempt bonds. You wait to see if it understands eligible basis. You check whether it separates acquisition and rehabilitation costs correctly. You look for the applicable fraction calculation — is it based on unit count or floor space? You check the credit delivery schedule. And then you look at the capital stack: tax credit equity, tax-exempt bonds, soft debt from the state HFA, deferred developer fee, maybe a gap source from the city.
Every tool fails this test. ARGUS doesn't support tax credits at all. Generic AI tools can explain what LIHTC is — they can't model it. The Excel templates from Novogradac or Adventures in CRE are a starting point, but they're static. Change the deal structure and you're rebuilding the model from scratch. Your team ends up doing what it's always done: building LIHTC models in Excel, by hand, from a template that someone at your firm built five years ago.
Meanwhile, the capital stack keeps getting more complex. 4% deals with bond financing, state soft debt, local HOME funds, deferred developer fee, and maybe a solar ITC layered on top. 9% deals in QCTs with basis boosts and multiple gap sources. Every deal has a different combination of funding, and every funder has different reporting requirements. Your analyst spends three days building the model for one deal — and you have four more in the pipeline.
The affordable housing financial modeling problem isn't that the math is hard. It's that the math is different for every deal, the capital stack has more layers than market-rate transactions, and no software was built for the way you actually structure these deals. Until now.
What changes with Apers
4% and 9% LIHTC — natively
Apers models both 4% and 9% credit structures from the ground up. Eligible basis with proper cost segregation. Qualified basis with applicable fraction by unit count or floor space. Credit pricing at current market rates. Investor pay-in schedules tied to construction milestones, placed-in-service, and 8609 delivery. Basis boost calculations for Qualified Census Tracts and Difficult Development Areas. This isn't a bolt-on feature — tax credit underwriting is built into the modeling engine.
Every layer, every source
Tax credit equity. Tax-exempt bonds sized to the 50% test. State HFA soft debt with below-market terms. HOME funds with their own compliance requirements. Deferred developer fee with repayment priority. AHP grants. Local gap financing. Apers models the full capital stack — not just the first mortgage and equity. Every source has its own terms, its own draw schedule, and its own position in the waterfall. The model keeps them straight so your team doesn't have to.
From application to model
Upload the QAP application, the appraisal, the market study, the environmental report. Apers extracts the data that matters — unit mix by AMI level, market rents by bedroom count, operating expense benchmarks from the appraisal, construction cost estimates. Cross-references the market study against your rent assumptions. Flags where the appraiser's vacancy rate diverges from your underwriting. Every assumption in the model traces back to a source document and page number.
Compliance-ready output
Your tax credit investors need specific reporting: actual vs. projected occupancy by AMI tier, credit delivery tracking, next available unit monitoring, income certification summaries. Apers generates models that align with investor reporting requirements — not just the financial projections, but the compliance framework that surrounds them. The output is an Excel workbook your investor's asset management team can open and review without calling you.
Score QAP applications before you submit
Running multiple 9% applications in the same round? Apers lets you model each one, compare the credit pricing, evaluate the developer fee, and assess which combination of applications maximizes your allocation. Adjust unit mix, AMI targeting, and cost assumptions across deals to optimize your competitive scoring — before you commit months of predevelopment capital to an application that doesn't pencil.
A deal, start to finish
A 4% LIHTC new construction deal in a Qualified Census Tract. 120 units, mixed-income (80% at 60% AMI, 20% market-rate). Tax-exempt bond financing with state soft debt and deferred developer fee.
Upload the documents
Market study, appraisal, construction cost estimate, and the preliminary application from the state HFA. Apers reads all four documents, extracts unit mix, market rents by AMI tier, construction costs by CSI division, and operating expense benchmarks.
Apers builds the model
Eligible basis calculated from total development costs with proper exclusions (land, permanent financing costs, reserves). Qualified basis adjusted for the applicable fraction — 80% of units are LIHTC-eligible, calculated by unit count. 4% credit rate applied. Annual credit amount calculated over the 10-year credit period. Basis boost applied for the QCT designation.
Capital stack sized automatically
Tax credit equity priced at $0.92/credit (adjustable). Tax-exempt bonds sized to meet the 50% test. State soft debt at 1% for 30 years, deferred. Deferred developer fee capped at the state maximum. Gap identified — the model shows exactly how much additional soft debt or grants are needed to close the gap, and which sources in your pipeline fit.
Investor pay-in modeled
Capital contributions tied to milestones: closing, construction start, 50% completion, placed-in-service, stabilization, 8609 delivery. Each installment modeled with the bridge loan implications — how much construction-period interest is carried before investor equity arrives. The investor's yield calculation shows the after-tax return at current credit pricing.
Review, adjust, present
Open the Excel workbook. Every formula is live — change the credit pricing from $0.92 to $0.88 and the gap recalculates instantly. Adjust the AMI mix and watch the applicable fraction update. The sensitivity table shows developer fee at different credit prices and construction cost scenarios. Send the workbook to your investor — it's the format they expect, with the detail they require.
Models built for affordable housing
A growing collection of institutional-grade models for every affordable housing deal structure — built by practitioners who've structured tax credit transactions.
4% LIHTC with Tax-Exempt Bonds
New construction and rehabilitation. Bond sizing to the 50% test, credit calculation with basis boost, multi-source capital stack, investor pay-in schedule.
9% Competitive LIHTC
Competitive allocation modeling. QAP scoring optimization, credit pricing sensitivity, developer fee analysis, gap financing identification.
LIHTC Resyndication (Year 15)
Year 15 disposition and resyndication. Exit strategy analysis, new credit generation, partnership transfer, investor buyout pricing.
Mixed-Income with Tax Credits
Market-rate and LIHTC units in the same project. Applicable fraction by unit and area method, blended revenue projections, minimum set-aside compliance.
Historic Tax Credit (HTC)
Qualified Rehabilitation Expenditure analysis, 20% credit calculation, HTC + LIHTC twinning structures, master tenant/sublease structures.
New Markets Tax Credit (NMTC)
Leveraged NMTC structure with QLICI modeling, leverage loan sizing, put/call analysis at Year 7, combined NMTC + LIHTC stacking.
Frequently Asked Questions
Does Apers support 4% and 9% LIHTC deal structures?
Yes. Apers models both 4% tax credit deals with tax-exempt bonds and competitive 9% allocations. The system handles eligible basis calculations, applicable fraction by unit count or floor space, and the full credit delivery schedule for each structure type.
How does Apers handle the affordable housing capital stack?
Apers models the layered capital stack typical of affordable deals: tax credit equity, tax-exempt bonds, soft debt from state HFAs, deferred developer fee, and gap funding sources. Each layer is sized to its own constraints and the model shows how changes in one source cascade through the rest.
Can Apers model mixed-income properties with both market-rate and income-restricted units?
Yes. Apers handles properties with multiple AMI tiers alongside market-rate units. Each tier has its own rent cap, income restriction, and subsidy assumption. The model tracks compliance at the unit level while projecting blended property economics.
What does Apers cost for affordable housing developers?
Apers offers a Basic plan at $19-29/month with 100 SRC (standard report credits), a Pro plan at $99-129/month with 1,000 SRC, and custom Enterprise pricing for larger organizations. A free trial gives you 25 credits with no credit card required.
Does the output work with state HFA submission requirements?
Apers generates native Excel workbooks with formula-driven cells you can inspect and modify. The output follows institutional formatting conventions, making it straightforward to adapt for state HFA application packages and investor presentations.