LIHTC Underwriting in 5 Days
Alpha Deal runs feasibility, underwriting, and capital stack analysis for affordable housing developers — on a live model, built and signed by a human underwriter you can reply to directly.
No charge today. Cancel anytime.
A live, signed model — not a slide deck.
Every engagement ends the same way: a real underwriting memo, built on the same live model our team works from, signed by the person who ran it.
- A live Alpha Deal model you can open, adjust, and re-run — not a static PDF
- Sources & uses, eligible basis, and credit calculations you can trace line by line
- A memo signed by the underwriter who built it — reply directly with questions
Sample output — illustrative
48-Unit LIHTC New Construction
Sacramento, CA · 9% competitive path
Total development cost
Sources & uses reconciled to program
$18.4M
Tax credit equity
9% competitive, $0.92 pricing
$11.2M
Permanent debt
Sized to 1.22x DSCR
$4.1M
Funding gap
Sources close the stack — no gap financing needed
$0
We run the deal work, end to end.
Three connected workstreams, all on the Alpha Deal platform — from the first feasibility question to a committee-ready decision.
Feasibility & Site Strategy
We pressure-test the site before you commit — zoning, program, and the numbers that decide whether a deal is worth chasing.
- Site & zoning assessment
- Program and unit-mix options
- Go / no-go recommendation
Underwriting & Capital Stack
A full underwrite on the live model — sources and uses, debt and equity, incentives, and the sensitivities that move the deal.
- Sources & uses model
- Debt / equity structuring
- Sensitivity & return analysis
Deal Execution Support
We stay in the deal through diligence and committee — keeping the model current and the pipeline honest as things move.
- Committee-ready materials
- Diligence & lender support
- Pipeline coverage to close
Development work, carried on the platform.
Each engagement runs through the same software we built for development diligence, so the zoning read, budget, and financing plan stay tied to the live deal.
Zoning, density, and approvals in one read.
We ground the site strategy in base zoning, likely density, and the approval pathway before the team spends cycles chasing the wrong plan.
Development cost is modeled, not guessed.
We keep total development cost, per-unit hard cost, and the hard-cost gap visible so decisions are tied to the constraint that actually moves the deal.
Gap financing gets its own workstream.
We map the capital stack, isolate the remaining gap, and pressure-test likely financing sources before the deal reaches committee.
From first call to committee-ready.
A working engagement, not a hand-off. Four steps, all on the live model.
- 01
Intro call & intake
We start with the deal in front of you. A short call to understand the site, the timeline, and what a good outcome looks like.
- 02
We load your deal into Alpha Deal
Your offering memo and rent roll go straight onto the platform, where we structure assumptions, sources, and risk flags into a working model.
- 03
Working sessions on the live model
We underwrite together, not in a vacuum — scenarios, capital stack, and sensitivities reviewed live so the numbers reflect your thinking.
- 04
Decision-ready deliverables
You leave with committee-ready materials and ongoing pipeline coverage — the model stays current as the deal moves toward close.
Experience you can underwrite with
Our team includes the engineers who built data infrastructure for AngelList and BAGS, and the developers who've led $500M+ in affordable housing production.
We've sat on both sides of this problem — closing deals and building the systems institutional investors rely on. We know where predevelopment stalls, because we've been stuck there ourselves.
We built Alpha Deal because we needed it first.
Two subscriptions. Scaled to your pipeline.
Start Pipeline free for 14 days. Step up to Desk when you want a dedicated analyst in your pipeline.
Pipeline
Every deal you send us, underwritten end to end.
- Every deal underwritten end to end
- Live Alpha Deal model, not a static spreadsheet
- Feasibility, capital stack, and risk flags
- Async support and model updates
Desk
A dedicated analyst embedded in your pipeline.
- Dedicated analyst working your pipeline continuously
- Full pipeline coverage across every stage
- Weekly working sessions on the live model
- Priority turnaround on new deals and scenarios
Enterprise
Portfolio coverage with full execution support where your team needs capacity.
- Unlimited deals and portfolio-wide coverage
- Dedicated underwriting pod and full execution support when needed
- Custom workflows and reporting cadence
- Direct line into the Alpha Deal product roadmap