Tax credit syndicators and lenders, concerned about what they see as potentially unsustainable equity prices, put the low-income housing tax credit (LIHTC) equity market’s current state into historical context and discussed the effect of new investors on the market during sessions at the Novogradac & Company affordable housing tax credit conference in San Francisco, Calif. on September 30.

Any tax credit syndicator interested in economic survival during the great recession has been working overtime to identify new investors. Speaking from personal experience, nothing is more frustrating than trying to convince a company CFO to try something new when revenue is down and cash is tight. Arranging the first phone conversation isn’t so hard. But getting past that first phone call to a face-to-face meeting without the help of a powerful door opener can be a daunting task.