On Friday, May 1st, CREW Boston’s Housing and Community Development Committee hosted a timely and engaging virtual program exploring current trends in affordable housing underwriting.
The one-hour discussion brought together industry leaders to unpack how recent federal legislation—most notably the 2025 “One Big Beautiful Bill Act”—is reshaping the affordable housing landscape. With provisions expanding Low-Income Housing Tax Credit (LIHTC) availability and easing bond financing requirements, developers and investors are navigating a broader and more competitive pipeline of projects.
Panelists Renée Tanguay of Stratford Capital Group, Kelly Johnson of MassHousing, and Megan Mulcahy of the Massachusetts Housing Partnership (MHP) offered valuable insights into how underwriting standards and investor expectations are evolving in response. The conversation highlighted shifts in sponsorship requirements, project structuring, and the increasing importance of aligning with investor priorities in a more dynamic tax credit market.
The panel also explored how Community Reinvestment Act (CRA) cycles influence bank investment strategies, as well as the potential implications of proposed changes to the Public Welfare Cap. From the agency perspective, attendees gained a deeper understanding of current expectations around rent assumptions, vacancy rates, operating budgets, and the impact of factors such as tariffs, Build America, Buy America (BABA) requirements, and interest rate environments on deal structuring.
Angela Meehan of Eastern Bank contributed additional perspective on emerging underwriting trends, while Wendy Cohen of New Seasons Development LLC guided the conversation as moderator.
Overall, the program provided attendees with a comprehensive look at the evolving affordable housing finance landscape and practical insights to help developers and funders adapt to changing market conditions.
Links mentioned during the discussion: