The low-income housing tax credit program is the leading affordable rental housing incentive in the United States, providing housing for nearly two million households.  The program also creates an attractive investment opportunity for organizations interested in reducing tax liability.  Our advisory services help investors by providing rigorous, independent advice and analysis through our comprehensive investment advisory solution or on a consulting basis.

Clients

1. ✦Institutional Investors
   

Investment Advisory Solutions

As a registered investment advisor, Carlisle provides organizations with a comprehensive investing solution, helping institutions find, negotiate, acquire and manage housing tax credit investments.

1. ✦Our direct relationship with our investor clients ensures that we are independent in our investment evaluation and recommendations
   

2. ✦Our services and expertise help investors optimize return and more effectively manage risk through our pro-active approach to investment sourcing and negotiation.
   

3. ✦Outsourcing the investment sourcing, acquisition and oversight function allows organizations to invest in a complex asset class, manage headcount and overhead expenses, and maintain control and authority over investment decisions
   

4. ✦Our deep industry connections with syndicators, investors, brokers and due diligence providers (we do not syndicate or broker housing credit properties) coupled with our extensive expertise in housing credit investments helps limit unforeseen issues
   

5. ✦We design our services to integrate with our clients’ accounting, tax, treasury and regulatory functions to help ensure an efficient process
   

Transaction Consulting Services

Carlisle also provides single-transaction consulting services to investors, assisting with

investment evaluation, risk assessment and financial analysis.

1. ✦Assist in evaluating risks in concert with syndicators, brokers and due diligence providers, including interpretation of reports, comparison across the marketplace, and structuring risk mitigants
   

2. ✦Analyze financial/tax benefits through multiple methodologies, including standard yield, risk-adjusted returns, and GAAP impact
   

3. ✦Structure ownership and economic participation among parties
   

Business Process, Strategy and Portfolio Consulting Services

We also help clients with design and process development to support housing credit investment activity.

1. ✦Development of rational investment strategies that best meets internal objectives for financial contributions, risk, regulatory and other objectives
   

2. ✦Help clients understand tax, financial statement and bank/insurance regulatory implications of investment activities
   

3. ✦Integrate housing credits into the organization’s business processes for tax and financial reporting as well as treasury functions
   

4. ✦Assist clients in developing more effective reporting to pro-actively manage risk and improving operational effectiveness
   

5. ✦Develop and document best practices for investment underwriting, closing and asset/portfolio management
   

6. ✦Advise clients on existing portfolio analysis and data-mining for improved risk quantification
   

Representative Transactions and Engagements

1. ✦Publicly-traded Liability Insurance Company - We assist the company in developing its tax credit investment strategy, evaluating potential investments, and overseeing its portfolio
   

2. ✦Mutually-owned Casualty Insurance Company - Our services are comprised of
   

3. ✦Real Estate Finance Company - We analyzed investment tier financial projections and property-level assets and helped the company reduce its transition risk through asset selection and structuring financial mitigants
   

4. ✦Publicly-traded Investment Bank - We advised the client and other advisors on the risk analysis and quantification of a large, secondary market tax credit portfolio and benchmarking to standard market levels of risk
   

5. ✦Publicly-traded Life Insurance Company - We assisted the client in assessing the financial impact of a natural disaster on the general and limited partners in housing credit partnerships and assisting in negotiations with counterparties
   

For more information

1. ✦Richard A. Floreani, Partner
   

Resources

1. ✦Affirmative Investments
   

2. ✦Affordable Housing Tax Credit Coalition
   

3. ✦Affordable Housing Investors Council
   

4. ✦National Council of State Housing Agencies
   

5. ✦National Association of State and Local Equity Funds