LIVE WEBCAST
 Advanced LIHTC Project Financial Modeling Concepts with Insightful What-If Scenarios
Thursday, September 4, 2025
2:00 to 3:30 pm Eastern
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About This Webcast
This new training expands on the concepts featured in Birch Island’s ever-popular webcast, Introduction to the Low-Income Housing Tax Credit (LIHTC) Financial Model.

Multifamily project stakeholders prepare sensitivity analyses (what-if scenarios) to understand how seemingly small changes in modeling assumptions can impact a property’s financial and tax credit projections. Join Vinnie Viola for this intermediate-level webcast that explores key multifamily modeling concepts in a three-part agenda featuring insightful on-screen Excel spreadsheet demonstrations. The training will provide useful references to the IRS’ Section 42 Low-Income Housing Credit Audit Technique Guide (ATG). While written for IRS examiners auditing tax credit projects, the ATG is a treasure trove of knowledge on the tax credit program. The first part of the webcast is a great overview if you’re new to the tax credit industry or you have an upcoming LIHTC certification exam. As a bonus, the training provides a basic analysis for owners looking to refinance a multifamily property’s first mortgage.
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Training Agenda
What-If Scenarios for the Annual Tax Credit Amount
LIHTC eligible basis and the annual credit amount
Time Value of Money Principle
Project Applicable Fraction versus 1st year Applicable Fraction
Summarizing independent variables that impact investment yield
Credit Recapture, Disallowance and 2/3rds Credits
What-If Scenarios for Multifamily Property Operations
15-year operating pro forma
Maximum LIHTC rents and rent compression
Vacancy loss, concessions, and bad debt
Replacement reserve analysis and CAPX
Back of the envelop property valuation
 First Mortgage Refinancing
Essential loan terms
Refinancing an existing mortgage balance versus an “equity takeout”
Back of the envelope loan sizing and DCR projections

Is This Training for Me?
​This webcast would benefit real estate professionals with underwriting or day-to-day responsibilities for multifamily tax credit projects:
Asset management analysts
Asset managers
Real estate project managers
Property management staff responsible for owner's objectives
Staff at Housing Credit Agencies / affordable housing funders
Others involved in underwriting of multifamily tax credit projects.

Please contact Vinnie Viola at vinnie@birchislandrec.com or (617) 905-6340 with any questions about these trainings or your registration.

​About the Presenter
​​​​Vinnie Viola is principal of Birch Island Real Estate Consulting, LLC, which celebrates its twelfth anniversary in 2025. With over 30 years of affordable housing experience, Vinnie provides consulting services to owners, developers, investors and operators of multifamily housing financed with LIHTC capital. Since 2013, Vinnie has successfully hosted over 250 webcasts on multifamily housing, tax credits, and related topics. As team leader and senior asset manager, with a combined ten years at Boston Financial Investment Management and Boston Capital, Vinnie participated in hundreds of investment committee discussions on proposed investments for single- and multi-investor tax credit funds. ​Vinnie earned a BA from the University of Massachusetts, Boston and an MPA from the University of Texas, Dallas. He also completed the certificate program in Real Estate Finance from Boston University's Metropolitan College.