Title LIHTC Pro Forma Cheat Sheet — Components, Formulas & Critical Metrics
A one-stop reference for affordable housing practitioners covering every major section of a LIHTC pro forma — from unit mix and debt sizing to tax credit calculations, bond tests, and construction cash flow. Built for 4% tax credit deals in California, with corrections for the most common underwriting errors. Download the full 3 pages below!
In addition, the 22 Errors cheatsheet is a two-page practitioner reference covering the most common pro forma mistakes across LIHTC deals. It’s organized into six groups that follow the way you actually build a proforma — starting with income and rents, working through the development budget and tax credits, into the construction period and permanent debt, and finishing with deal structure and compliance.
Every error is tagged with a risk level — Common, High Risk, or Critical — so you know where to focus first. The descriptions are written in plain language because the goal is to catch problems quickly, not to explain theory.
