--- title: Affordable Housing Finance Advisory | Dane Isaac Associates description: LIHTC equity, FHA-insured loans, tax-exempt bonds and soft sources structured into one capital stack for affordable housing developers and owners. --- [DIA Dane Isaac Associates](https://dane-isaac.com/?hsLang=en) [Services](https://dane-isaac.com/services?hsLang=en) Sectors [Multifamily](https://dane-isaac.com/multifamily?hsLang=en)[Affordable Housing](https://dane-isaac.com/affordable-housing?hsLang=en)[Healthcare Real Estate](https://dane-isaac.com/healthcare-real-estate?hsLang=en) [Track Record](https://dane-isaac.com/track-record?hsLang=en) [Insights](https://dane-isaac.com/dane-isaac-insights?hsLang=en) [About](https://dane-isaac.com/about?hsLang=en) [Book a call](https://meetings-na2.hubspot.com/david-opalek) Menu [Services](https://dane-isaac.com/services?hsLang=en) [Multifamily](https://dane-isaac.com/multifamily?hsLang=en) [Affordable Housing](https://dane-isaac.com/affordable-housing?hsLang=en) [Healthcare Real Estate](https://dane-isaac.com/healthcare-real-estate?hsLang=en) [Track Record](https://dane-isaac.com/track-record?hsLang=en) [Insights](https://dane-isaac.com/dane-isaac-insights?hsLang=en) [About](https://dane-isaac.com/about?hsLang=en) [Contact](https://dane-isaac.com/contact?hsLang=en) [Book a call](https://meetings-na2.hubspot.com/david-opalek) # Affordable Housing An affordable housing development is financed in layers: tax credit equity, a first mortgage, tax-exempt bonds, and state and local soft funds, each with its own rules and its own calendar. Deals that worked on paper when they were awarded often need another gap source, a trimmed scope or a reworked stack. The projects that reach closing are the ones whose sponsors can replace a layer without rebuilding the whole transaction, and who have priced the risk of delay before it arrives. ## What the firm does in affordable housing - Structures the full capital stack for new construction and preservation transactions. - Sources and negotiates Low-Income Housing Tax Credit equity for 4% and 9% transactions. - Places FHA-insured construction, permanent and refinance loans. - Coordinates tax-exempt bond financing with issuers, underwriters and lenders. - Identifies and integrates gap sources, including soft debt, local funds and energy incentives. ## Capital for affordable housing Low-Income Housing Tax Credit equity (4% and 9%), FHA-insured loans under Section 221(d)(4) and Section 223(f), tax-exempt private activity bonds, agency affordable loan programs, bank construction loans, and state and local soft financing. ## David’s background in affordable housing David spent five years at Red Capital Group underwriting affordable housing transactions, on both the debt and the equity side. While there he designed the first short-term cash-collateralized tax-exempt bond, a structure that lowers the interest cost on a tax credit transaction and has become the industry standard. Since 2018 he has structured and secured debt for affordable housing projects through Dane Isaac Associates. At Scioto Properties he led the firm’s first affordable housing project, structured as a public-private partnership. He writes weekly on housing policy and the programs that fund these transactions. [See the track record](https://dane-isaac.com/track-record?hsLang=en) ## Related commentary October 7, 2026 ### [FHA Multifamily Loans Take 9 to 12 Months to Close. The Faster Fix Is Administrative.](https://dane-isaac.com/dane-isaac-insights/fha-multifamily-loans-take-9-to-12-months-to-close.-the-faster-fix-is-administrative?hsLang=en) A bipartisan caucus agenda and the FHA Commissioner hearing point at the same problem: how long FHA multifamily loans take to close. September 30, 2026 ### [USDA and HUD Agree to Coordinate Reviews and Inspections for Rural Housing](https://dane-isaac.com/dane-isaac-insights/usda-and-hud-agree-to-coordinate-reviews-and-inspections-for-rural-housing?hsLang=en) A September 29 USDA-HUD memorandum under the ROAD to Housing Act aims at one environmental review and one inspection for dual-funded rural projects. September 16, 2026 ### [Opportunity Zones 2.0: Governors Redraw the Map by September 28](https://dane-isaac.com/dane-isaac-insights/opportunity-zones-2.0-governors-redraw-the-map-by-september-28?hsLang=en) Governors nominate Opportunity Zone tracts by September 28 under tighter eligibility. What the OZ 1.0 record says about housing and affordability. [All articles](https://dane-isaac.com/dane-isaac-insights?hsLang=en) ## Working on a tax credit, bond or FHA transaction? Bring the sources and uses and talk through where it is short. [Book a call](https://meetings-na2.hubspot.com/david-opalek) DIA Real Estate Capital Advisory - [Services](https://dane-isaac.com/services?hsLang=en) - [Track Record](https://dane-isaac.com/track-record?hsLang=en) - [Insights](https://dane-isaac.com/dane-isaac-insights?hsLang=en) - [About](https://dane-isaac.com/about?hsLang=en) - [Contact](https://dane-isaac.com/contact?hsLang=en) - [Multifamily](https://dane-isaac.com/multifamily?hsLang=en) - [Affordable Housing](https://dane-isaac.com/affordable-housing?hsLang=en) - [Healthcare Real Estate](https://dane-isaac.com/healthcare-real-estate?hsLang=en) - [info@dane-isaac.com](mailto:info@dane-isaac.com) - [(614) 778-9698](tel:+16147789698) - Columbus, Ohio - [LinkedIn](https://www.linkedin.com/in/davidgopalek/) © 2026 Dane Isaac Associates LLC [Privacy Policy](https://dane-isaac.com/privacy-policy?hsLang=en)   [Terms of Use](https://dane-isaac.com/terms?hsLang=en)