Services

When affordable housing deals struggle, the complexities multiply. In addition to the "normal" real estate concerns, these deals have the added challenge of dealing with government requirements and reporting.

Handling a work‑out the wrong way can invalidate millions of dollars of subsidy that might be used to help turn the property around or might inadvertently cause profound economic loss to the owner, equity holder, or lender.

Boze Capital has advised numerous clients in negotiations with financial partners. As an independent expert, we are often able to salvage more value from distressed properties while helping our clients reach the best possible outcome. We are available to provide a variety of services, including strategic guidance, technical advice, expert testimony, and re‑capitalization alternatives.

Sometimes workouts simply involve agreeing how to share pain – in these cases; we endeavor to lessen the pain for everyone by finding the optimal re‑financing solution and getting all parties to agree on a path forward. This may involve selling or redeeming bonds or other techniques of bringing new money into a deal.



Offering over 40 years of experience in real estate and public finance, Boze Capital provides clients with both strategic guidance and project management in a wide range of areas. We pride ourselves on being able to offer global solutions and drive them to visible results. We apply this principle to both large strategic projects as well as short‑term, tactical advisory services.

While we specialize in tax‑exempt and taxable bond financing for affordable multi‑family and mixed use developments and rehabilitations, we also have experience with many other kinds of public‑private projects.

Boze Capital works with developers, lenders, brokers, and government entities to understand our clients' needs, identify financial structures, and design optimal solutions. By drawing on our unique industry knowledge and experience, we offer the most cost effective ideas in the business. We then work hand‑in‑hand with our clients to complement their staff and to execute the strategy.

Boze Capital often serves as the "quarterback" on complex transactions; bringing together a team of professionals – lawyers, accountants, bankers, and government representatives – to drive the transaction to the "end‑zone" of closing.

We also assist with smaller client needs – such as demystifying tax exempt and taxable bonds, interfacing with local issuers or government entities, and modifying documents.

Our services frequently include:

• Defining specific project and client needs
• Structuring debt and equity alternatives
• Analyzing and interpreting existing financing restrictions (bond and tax credit requirements)
• Convening the professional working team
• Creating and maintaining a roadmap to closing – including project timelines and team member responsibilities
• Coordinating bond allocation
• Obtaining bond inducement
• Facilitating TEFRA approval
• Negotiating with product providers
• Marketing projects to equity investors
• Obtaining credit enhancement
• Consulting on Issuer policies

Boze Capital has extensive experience in obtaining and utilizing tax credits and government grants. We use a variety of government programs that aid in the development and rehabilitation of public-interest projects. Some of the most common include:

• Federal and State Low Income Housing Tax Credits (LIHTC)
• 4% and 9% new money programs
• 15 Year "Recycling" of LIHTC projects
• Fannie Mae and Freddie Mac programs
• FHA and HUD programs
• Hope VI loans
• Section 8 Housing
• GO (Gulf Opportunity) Zone bonds
• Tax Increment Financing (TIF) or Tax Allocation District (TAD) Financing
• New Markets Tax Credits
• Historic Tax Credits

While all of these programs can add significant value to a transaction, extensive experience is required to fully utilize them. Boze Capital brings this experience – both to the process of selecting the best programs to use as well as implementing them to create maximum possible value.

If you are considering these kinds of funding sources for your project, Boze Capital can help you examine alternatives and choose the ones that are best for you. We are available to work with you throughout the process of application and execution.




Boze Capital advises clients in procuring Interest Rate Hedges and Investment Agreements. Our services include negotiating with one provider or, more commonly, competitively bidding the product with multiple providers.

We work with clients to determine the most appropriate interest rate hedges - usually Interest Rate Caps and Swaps – often creating unique solutions based on a project's specific needs. Our profound knowledge of public finance and real estate financing allows us to understand the hedge requirements of these complicated deals. Our long term relationships with Fannie Mae, FHA, Freddie Mac, and most major lending institutions provide an invaluable resource in determining a client's hedge requirements.

We also provide advisory and procurement services for Investment Agreements, frequently referred to as Guaranteed Investment Contracts (GICs). Our competitive advantage comes from obtaining the highest yields for our clients while ensuring that the legal requirements for the investment of public‑private funds are met and maintained.

We have a relationship with a derivatives specialty firm with offices located on both coasts - to provide the most knowledgeable team in the real estate industry. We are proud of the value we add through these transactions.

Boze Capital, Inc. is a Registered Investment Advisor. Please see our ADV Form for our disclosure documents.