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The gold standard in economic and housing development finance training, NDC’s certification programs impart the skills needed to get deals done with real-world examples and instructors who do what they teach.
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Training
Rental Housing Development Finance
HD420 – Rental Housing Development Finance. The second course in the HDFP certification program, first course in the RHDFP certification program, examines in detail the financing and developing of rental property. The course emphasizes the criteria used by lenders and investors to decide if they will put money into a project. The course also explores methods to attract private funds and the use of public funds to fill financing gaps. Topics include:
Rental Housing Development Process
- Key actors and their concerns
- Steps in developing rental housing
Preparing Financial Projections
- Pro forma income and expense analysis
- Sources and uses of funds statements
Private Financing
- Permanent lender ratio analysis
- Construction lender analysis
- Construction management
Appraisals
- Three approaches to value
Tax Credits
- Historic Rehabilitation Tax Credits
- Low-Income Housing Tax Credits
Discounted Cash Flow Analysis
- Present value theory
- Internal rate of return
Syndication
- Pricing benefits
- Investor concerns
- Key partnership issues
Deal Structuring
- Altering rates of return
- Debt and equity investment vehicles
Prerequisite: While not required, NDC recommends completing HD410 before taking HD420
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