Agency · Municipal · Creative Capital
Carmen Capital structures complex capital stacks for affordable housing developers and public housing authorities — LIHTC, RAD conversions, HUD 221(d)(4), tax-exempt bonds, grants, and creative financing solutions nationwide.
From sourcing equity to closing complex multi-source capital stacks, we execute on deals that require deep program expertise and creative structuring.
4% and 9% Low-Income Housing Tax Credit transactions — construction, permanent, and bridge loans paired with equity syndication from top national and regional syndicators.
End-to-end RAD (Rental Assistance Demonstration) advisory and financing for Public Housing Authorities converting to Section 8 PBRA or PBVS. We manage PHA outreach, procurement, and financial structuring.
FHA/HUD mortgage insurance programs for new construction, substantial rehabilitation, and refinancing of affordable and market-rate multifamily housing.
Multifamily housing bonds issued through state HFAs to pair with 4% LIHTC. We work with bond underwriters, credit enhancers, and direct placement lenders to optimize your cost of capital.
Federal, state, and local grant identification and application support — CDBG, HOME, HTF, FHLB AHP, NSP, and other soft sources to fill capital stack gaps and improve project feasibility.
Short-term bridge financing and construction loans to get shovel-ready projects funded quickly. We source from CDFIs, banks, life companies, and specialty affordable housing lenders.
Affordable housing deals require layering multiple funding sources. We know every program, every nuance, and how to make them work together.
Illustrative LIHTC new construction capital stack
LIHTC (4% and 9%), Historic Rehabilitation Tax Credits, New Markets Tax Credits (NMTC), Solar Investment Tax Credit (ITC), and Production Tax Credits for renewables stacked with affordable housing.
HUD CDBG, HOME Investment Partnerships, Housing Trust Fund (HTF), Choice Neighborhoods Initiative, Lead Hazard Reduction, Section 202/811 capital advance, RAD subsidy conversion.
State HFA gap loans, CDFI financing, city/county affordable housing trust funds, TIF (Tax Increment Financing), land donations, and local HOME/CDBG program income.
Federal Home Loan Bank AHP grants up to $1M+ per project — we identify eligible member banks and support competitive applications.
Qualified Opportunity Zone fund equity for projects located in designated census tracts — complements LIHTC for additional equity and investor benefits.
A streamlined, transparent process built on decades of affordable housing expertise.
Submit your project details. We assess feasibility, program eligibility, and preliminary capital stack options within 48 hours.
We identify and model all available funding sources — federal, state, local, and private — optimized for your project type and timeline.
Leveraging our network of HUD-approved lenders, LIHTC syndicators, CDFIs, and equity investors to secure competitive term sheets.
We prepare and manage the full loan application, tax credit applications, grant submissions, and all underwriting documentation.
We coordinate with all parties — attorneys, title, lenders, investors — to ensure a smooth and timely closing.
We navigate the full universe of affordable housing finance programs so you don't have to.
The nation's primary affordable housing production program. We structure both 9% competitive and 4% non-competitive LIHTC transactions, including paired equity syndication, construction and permanent debt, and compliance monitoring support.
Converting public housing to long-term Section 8 PBRA or PBVS contracts unlocks private capital. We advise PHAs throughout the RAD process — from feasibility through HUD approval, developer selection, and financial closing.
HUD 221(d)(4) for new construction/substantial rehab, 223(f) for acquisitions and refinancing, and 223(a)(7) for rate-and-term refinancing of existing FHA loans. Non-recourse, long-term, fixed-rate financing with competitive rates.
Community Development Block Grant (CDBG) and HOME Investment Partnerships Program funds administered by states and localities. We identify eligible entitlement communities and prepare competitive applications for gap financing.
Competitive and Homeownership Set-aside programs providing grants and subsidized advances. We identify member banks, prepare strong competitive applications, and structure AHP into your overall capital stack.
Historic Rehabilitation Tax Credits (20% federal + state credits) for qualified historic properties. New Markets Tax Credits for projects in low-income communities. Both can be layered with LIHTC for enhanced equity proceeds.
GSE financing delivers non-recourse, long-term, competitively priced debt for stabilized and affordable multifamily — often the lowest-cost permanent execution on the market outside of HUD.
Fannie Mae's flagship program via Delegated Underwriting & Servicing lenders. Fixed and variable rates, up to 80% LTV, non-recourse, fully assumable. $3M+ loan size, 5–30 year terms. Flexible prepayment including yield maintenance. Cash-out refinancing permitted.
Purpose-built for LIHTC, Section 8, and rent-restricted properties. Up to 85–90% LTV, fixed rates 10–30 years. Pairs perfectly with 4% or 9% LIHTC equity for preservation and acquisition/rehab. Forward commitments available for pipeline certainty. $750K minimum.
Discounted pricing and enhanced loan proceeds for properties reducing energy or water consumption by ≥30%. Green Preservation Plus offers 40-year amortization and up to 85% LTV for affordable properties — Fannie Mae pays for energy/water audits in eligible cases.
Financing for independent living, assisted living, and memory care. $5M minimum. DSCR from 1.30x to 1.45x depending on care level. Non-recourse, fully assumable. Works for acquisition and refinancing of stabilized senior communities with any care mix.
Streamlined processing for properties with loans between $750K and $6M. Reduced documentation — no tax returns required. 5–30 year terms, up to 80% LTV. Ideal for smaller affordable properties, workforce housing, and community-based developers working in secondary markets.
Fannie Mae credit enhancement wraps tax-exempt bonds issued by state/local HFAs — the engine behind 4% LIHTC transactions. Provides investment-grade ratings for bond issuances and enables below-market rates. Commonly used for LIHTC and HUD-assisted property preservation.
Freddie Mac's core product via its Optigo® lender network. Fixed and floating rate, $7.5M–$100M+. Non-recourse, up to 80% LTV. Loan commitments in as little as 45 days. Index Lock lets borrowers lock the Treasury index after signed application — reducing rate risk ahead of formal commitment.
Optigo® loans for affordable properties in underserved areas — including cash loans, bond credit enhancements, and Tax-Exempt Loans (TEL). Supports LIHTC, Section 8 HAP, and other restricted properties. TEL provides immediate funding and forward commitments for 4% LIHTC bond transactions.
For 5–50 unit properties, $1M–$7.5M. Fixed and hybrid ARM options with 5-, 7-, or 10-year initial fixed periods. Declining prepayment schedules. Freddie SBL is the most competitive small-balance execution in primary markets like New York, Miami, and Los Angeles.
Freddie Mac's Workforce Housing Preservation program — exempt from FHFA $73B volume caps — supports properties affordable to families at 60–120% AMI. Sponsor-Dedicated Workforce (SDW) program offers enhanced pricing in exchange for affordability commitments. A critical tool for workforce housing across high-cost metros.
Short-term SOFR-based floating rate loans for borrowers seeking lower note rates with prepayment flexibility. Supplemental loans let stabilized properties access equity without a full refinance. The "borrow-up" feature provides additional proceeds at first mortgage pricing with no new loan origination required.
Freddie Mac's green financing rewards properties reducing energy or water consumption by at least 30%. Borrowers receive better pricing and higher loan proceeds. Paired with a utility consumption report. Works across conventional and affordable properties; especially powerful for aging affordable housing in need of efficiency upgrades.
Beyond conventional lending, Carmen Capital structures creative public-private financing using municipal tools, local government programs, and layered subsidy that turn infeasible projects into closed deals.
Carmen Capital is a commercial mortgage direct lender and broker based in Woodmere, New York, specializing exclusively in affordable housing finance. Our executives have deep experience in commercial loan origination, structuring, and servicing across multifamily and affordable properties nationwide.
We've financed over 100 loans totaling approximately $1 billion for multifamily and affordable properties — including complex LIHTC transactions, RAD conversions, and HUD-insured loans that required creative problem-solving when other lenders said no.
We believe that trust is the foundation of any great financing relationship. That's why we commit to total transparency, personalized service, and relentless advocacy for our clients throughout every stage of the deal.
Focused exclusively on affordable housing — we know every program, nuance, and lender in the space.
We're your long-term partner in the capital markets, not a one-time transactional broker.
Complex, multi-source capital stacks are our specialty — including deals others won't touch.
Deep financial analysis, tax credit structuring, and compliance expertise at every deal stage.
Active in affordable housing transactions across the Northeast, Mid-Atlantic, Midwest, and Southeast.
A representative selection of complex affordable housing financings across multiple program types, states, and capital stack configurations.
Get instant expert answers on LIHTC, HUD loans, Fannie Mae, Freddie Mac, RAD conversions, TIF structures, capital stacks, and any other affordable housing finance question.
Whether you're a developer, nonprofit, or public housing authority, we'd love to explore how Carmen Capital can help finance your affordable housing project. Submit your project details and we'll respond within 24 hours.
1030 Broadway, Suite G
Woodmere, NY 11598
www.carmencap.com