1. HUDSON HOUSING CAPITAL EFFECT OF TAX REFORM ON PRICING
HAND BOND PROGRAM
HUDSON HOUSING CAPITAL
EFFECT OF TAX REFORM ON PRICING

2. Impact on Tax Reform on Pricing
REDUCTION IN TAX RATES HAS A DIRECT REDUCTION IN THE VALUE OF THE LOSSES
The impact on bond deals are more dramatic because the ratio of losses to equity is higher
REDUCTION IN CORPORATE TAXES LOWERS APPETITE
COST OF FUNDS
The investors are more focused on the cost of funds now vs the recent past
Competing investments for the tax credit
TAX RATE CHANGE FROM 35% / 25% / 21% – PENNY A PERCENT IN TAX RATE
DIFFERING VIEW OF LOSSES BY INVESTORS

3. 35% CTR
21% CTR

4. 2017 DEPRECIATION SCHEDULE 2018 DEPRECIATION SCHEDULE