Market data · equity
LIHTC equity pricing: what investors pay per dollar of credit
The latest public survey median is $0.823 per dollar of housing tax credit, for 93 properties approved by investors in Jun to Jul 2026 (CohnReznick, September and October 2026). That is 1.6¢ below the same months of 2025 and down from a recent peak of $0.886 in Sep to Oct 2024.
Median net equity price, 2024 to 2026
| Approval period | Median price | Properties | Source |
|---|---|---|---|
| Jun to Jul 2026 | $0.823 | 93 | CohnReznick monitor, September and October 2026 |
| Apr to May 2026 | $0.835 | 95 | CohnReznick monitor, July 2026 |
| Feb to Mar 2026 | $0.835 | 83 | CohnReznick monitor, June 2026 |
| Dec 2025 to Jan 2026 | $0.843 | 115 | CohnReznick monitor, March 2026 |
| Jun to Jul 2025 | $0.839 | 83 | CohnReznick monitor, September 2025 |
| May to Jun 2025 † | $0.857 | 88 | CohnReznick monitor, July 2025 |
| Apr to May 2025 | $0.864 | 104 | CohnReznick monitor, June 2025 |
| Mar to Apr 2025 † | $0.860 | 79 | CohnReznick monitor, May 2025 |
| Feb to Mar 2025 † | $0.860 | 119 | CohnReznick monitor, April 2025 |
| Dec 2024 to Jan 2025 † | $0.853 | 134 | CohnReznick monitor, February 2025 |
| Oct to Nov 2024 | $0.859 | 135 | CohnReznick monitor, December 2024 |
| Sep to Oct 2024 † | $0.886 | 120 | CohnReznick monitor, November 2024 |
Source: CohnReznick Tax Credit Advisor, Housing Tax Credit Monitor (monthly PDFs, linked per row), read 2026-10-30. Prices are per $1 of federal credit, net to the project, across all deal types. † The issue says "the last 60 days"; the period comes from the order of surveys in the monitor's trend chart. Aug to Sep 2025 and Oct to Nov 2025 surveys appear in the trend chart, but the November and December 2025 issues do not state the figure in machine-readable text, so they are left out. CohnReznick notes that fund data comes from sponsors and is not verified by it. In its December 2024 issue it described 2024 as holding in a band between $0.86 and $0.89.
Fund offerings, October 2026
National multi-investor funds in the October 2026 monitor that disclosed a price range. Most funds list "TBD"; these are offering ranges, not closed deals.
| Fund | Net equity price | Target close |
|---|---|---|
| Greystone Fund 3 | $0.77 to $0.92 | December 2026 |
| Merchants Capital 33 | $0.84 | December 2026 |
| PNC Real Estate 108 | $0.85 to $0.9812 | December 2026 |
| Walker & Dunlop Affordable Equity 133 | $0.84 to $0.99 | November 2026 |
| WNC Institutional Tax Credit Fund 60 | $0.72 to $0.85 | December 2026 |
Source: TCA Housing Tax Credit Monitor, October 2026, national multi-investor funds.
What moves the price
- Supply of credits. Pub. L. 119-21 sec. 70422 raised every state's 9% ceiling 12% for 2026 on, and let bond deals qualify for 4% credits with 25% bond financing instead of 50%, stretching bond cap over more projects. CohnReznick's September and October 2026 monitors attribute part of the 2026 decline to these changes. See 2025-2026 law changes.
- Bank demand. Banks buy most credits, many for Community Reinvestment Act credit. Pub. L. 119-101 sec. 203 raised the cap on national bank public welfare investments from 15% to 20% of capital and surplus, which widens bank capacity. The FDIC and OCC have also proposed CRA rule changes to bank size thresholds (comments were due October 13, 2026) that could change CRA-motivated demand.
- Investor tax capacity and yields. Investors buy credits to hit a target after-tax return, so a lower price means a higher investor yield. Fund after-tax IRR ranges in the October 2026 monitor run from 4.75% to 10.15%.
- Location and deal type. Banks compete hardest for deals in the markets where they need CRA credit, so those deals price higher; deals outside them, smaller deals and newer sponsors usually see lower bids. The spread inside a single fund's offering range shows how wide this runs.
What is not public
Deal-level and state-level pricing is sold to subscribers (Novogradac, CohnReznick) or quoted privately by syndicators. Separate public medians for 9% and 4% deals are not consistently published. Pricing ranges like "92¢ to $1.05" that circulate on unsourced sites are stale; we only list figures we could read in a dated primary report.
To see what a price means for your gap, run it through the capital stack calculator.
Questions people ask
What is LIHTC equity pricing in 2026?
CohnReznick's most recent public survey put the median at $0.823 per dollar of credit for properties approved in Jun to Jul 2026 (93 properties), the lowest in its recent series. A year earlier, Jun to Jul 2025, it was $0.839.
Why did tax credit prices fall in 2026?
The surveys point to supply: Pub. L. 119-21 raised 9% ceilings 12% from 2026 and lowered the bond test for 4% deals to 25%, so more credits came to market while bank demand did not grow as fast. The ROAD to Housing Act raised the bank public welfare investment cap from 15% to 20%, which CohnReznick says may help stabilize pricing.
Is 9% credit priced differently from 4% credit?
Often, and by market: CRA-driven bank demand pays more in big coastal metros. The public medians on this page blend all deal types; fund offering ranges show the spread, for example $0.72 to $0.99 across the October 2026 national funds listed.
Where can I get state or deal-level pricing?
Not from public sources. Novogradac and CohnReznick publish state and regional detail to subscribers, and syndicators quote deal by deal. Use the public medians as a check on a letter of intent, not as a quote.
Pricing equity on a deal now?
We arrange bridge-to-equity, construction and permanent loans around your syndicator's pay-in schedule.