Bringing clarity to attainable housing
development
At Alpha Deal, we believe that tackling the housing shortage requires better context and better tooling, from the top down and the bottom up. We're building the first truly intelligent platform to support the next generation of housing developers at the most granular level.
Have a current project? Get a complimentary LIHTC feasibility assessment.
The Challenge
The current attainable housing system is full of enough challenges. Understanding if a deal pencils shouldn't be one of them.
70% of viable attainable housing sites never get properly evaluated — not because they're bad deals, but because it takes too long to figure out if they're worth pursuing.
of viable sites never properly evaluated
70%
Not because they're bad deals, but because it takes too long to figure out if they're worth pursuing.
The Solution
A real deal. A real site. A real decision.
Alpha Deal uses real-time data to give developers clarity on feasibility at a fraction of the cost and time of traditional analysis.
What can this site hold?
Zoning: R3-1
Lot size: 14,500sf
Building footprint: 7480sf
23
1-BR
18
2-BR
14
3-BR
54%
WTD. AMI
Y1 Proforma
Entitlement: By right
TOC Tier 3 + State Density Bonus unlocks 55 units at 8 stories
What are the financials?
Sources
Uses
Eligible Basis: $32.5M
Credit Path: 9% LIHTC — $2.55M over 10y, <2% of available credits
Is it competitive?
Position
95 pts
LA Metro pool typically awards at 90–93
Drivers
- Large family housing (max pts)
- High resource area
- Site readiness
Risk: GP experience — experienced development partner needed
Pursue 9% competitive path — no need for 4% fallback
Does it pencil?
Debt Coverage
1.20x DSCR
Meets minimum but tight · lenders stress-test to 1.25x+
Cash Equity Required
$0
No gap financing required
Financial Buffer
0.5% surplus
Conservative underwriting — $340/SF hard cost critical to viability
The Decision
Proceed
Supporting
- Owned land — $0 basis eliminates acquisition risk
- Capital stack closes with no gap financing at $0.88
- 95 pts — 2+ points above LA Metro award threshold
- TOC Tier 3 unlocks 55 units by-right
Conditions to resolve
- Secure experienced GP partner before TCAC submission
- 1.20x DSCR is tight — confirm lender comfort or adjust basis
- $340/SF hard cost assumption critical — get GC pricing early
What can this site hold?
Zoning: R3-1
Lot size: 14,500sf
Building footprint: 7480sf
23
1-BR
18
2-BR
14
3-BR
54%
WTD. AMI
Y1 Proforma
Entitlement: By right
TOC Tier 3 + State Density Bonus unlocks 55 units at 8 stories
What are the financials?
Sources
Uses
Eligible Basis: $32.5M
Credit Path: 9% LIHTC — $2.55M over 10y, <2% of available credits
Is it competitive?
Position
95 pts
LA Metro pool typically awards at 90–93
Drivers
- Large family housing (max pts)
- High resource area
- Site readiness
Risk: GP experience — experienced development partner needed
Pursue 9% competitive path — no need for 4% fallback
Does it pencil?
Debt Coverage
1.20x DSCR
Meets minimum but tight · lenders stress-test to 1.25x+
Cash Equity Required
$0
No gap financing required
Financial Buffer
0.5% surplus
Conservative underwriting — $340/SF hard cost critical to viability
The Decision
Proceed
Supporting
- Owned land — $0 basis eliminates acquisition risk
- Capital stack closes with no gap financing at $0.88
- 95 pts — 2+ points above LA Metro award threshold
- TOC Tier 3 unlocks 55 units by-right
Conditions to resolve
- Secure experienced GP partner before TCAC submission
- 1.20x DSCR is tight — confirm lender comfort or adjust basis
- $340/SF hard cost assumption critical — get GC pricing early
Why Alpha Deal
Why we believe there's a better way
to underwrite affordable housing
vs. weeks of manual underwriting
among deals initially passed on
per viable site analyzed
We'd passed on this site twice. Alpha Deal ran the 9% scoring and found we were sitting on $2.8M in credits. It's now our lead project this cycle.Director of Acquisitions, Bay Area Nonprofit Developer
The competitive scoring breakdown is what sold me. We went into our 9% application knowing exactly where we stood — and we won the allocation.Principal, Southern California Affordable Housing Fund
Our Vision
We believe in a better way to build
Our company is for those who build in diverse community engagement. Our mission is to enable developers to make informed decisions by democratizing real estate intelligence.