Current Pricing — Q1 2026
Illustrative composite ranges, cents per dollar of credit. Not live quotes — directional only, last reviewed Q2 2026. Verify against the current Novogradac and CohnReznick pricing surveys (the controlling primary sources) before relying on a figure; pricing varies by syndicator, timing, and deal.
9% deals
CRA-driven major metros
CRA-driven secondary metros
Economic / non-CRA
Rural / small deals
4% bond deals
CRA-driven major metros
CRA-driven secondary metros
Economic / non-CRA
Rural / small deals
Post-OBBBA effect on 4% pricing: The reduced 25% bond test (P.L. 119-21 §70422) expanded 4% deal flow as more deals qualify for as-of-right 4% credits. Because that added 4% supply has outpaced the growth in equity demand, 4% pricing has held flat to modestly lower across tiers in early 2026 — not risen. The broader market also softened post-OBBBA (national median ~$0.84–0.86 per CohnReznick/Novogradac 2025 surveys).
Historical 9% pricing — CRA major metros
Pricing drivers Q1 2026
| Factor | Direction | Magnitude | Notes |
|---|---|---|---|
| Corporate tax rate stability | Positive | Moderate | 21% rate made permanent by TCJA (P.L. 115-97) — unchanged by OBBBA → predictable investor demand |
| OBBBA 25% bond test | Positive (4% only) | Strong | Expanding 4% deal flow + bond financing capacity |
| OBBBA 12% per-capita increase | Negative | Moderate | More 9% supply nationally pushes 9% pricing down marginally |
| Bank CRA demand | Positive in metros | Strong | Tier 1 CRA pricing premium widening vs non-CRA |
| Treasury yields | Neutral | Low | 10-yr UST stable around 4.0–4.5% throughout late 2025 |
| Construction cost pressure | Negative (deal economics) | Moderate | Tighter deals → less basis → reduces equity demand at margin |
Pricing data is a composite estimate based on publicly disclosed syndication closes (8-K filings, HFA reports), industry survey publications, and trade press. Individual deal pricing varies by sponsor track record, credit type, basis boost, geographic specifics, and equity raise timing. This data is informational only — not a substitute for syndicator quotes on your specific deal. Updated quarterly.
How to use this data
LIHTC equity pricing varies widely by deal characteristics. Use this tracker to:
- Benchmark a syndicator quote — if your quoted price is outside the published range, ask why (favorable factors? unfavorable?)
- Underwrite future equity at appropriate pricing — model conservatively, use the lower end of the range
- Choose your timing — if Q1 pricing is up, secure the equity raise faster; if down, time the close strategically
- Compare 9% vs 4% economics — at the 4% pricing premiums shown here, 4% bond deals are increasingly viable for projects that previously needed 9%
Definitions
- CRA-driven: Equity raised primarily from banks seeking Community Reinvestment Act credit. Banks pay a premium for credits in CRA assessment areas.
- Economic / non-CRA: Equity from non-bank investors (insurance, GSEs, syndicated funds) buying purely on after-tax yield. No CRA premium.
- Tier 1 major metros: NY, LA, Chicago, SF, Boston, DC, Seattle, Miami, Atlanta, Denver — banks have the highest CRA assessment-area concentration.
- Tier 2 / secondary: Mid-sized metros with moderate bank CRA presence.