The pool of bonding companies that understand affordable housing tax credits is small. We have made it our business to find the underwriters who grasp it, and cultivate these relationships. All our sureties are on the Federally Approved List of Sureties (Circular 570). Mistakenly, some surety underwriters shy away from writing P&P bonds on LIHTC deals because very often Principal & Obligee are related. Silly reasoning we say, because this drastically reduces chances of claim.
Carolina Indemnity Group is one of the largest providers of P&P bonds on LIHTC projects across the country. We represent many AHF Top 50 Developers, most of whom are “vertically integrated”. Our largest clients maintain Single Bond Limits of $70MM and Aggregates in excess of $500,000,000.
Typical turnaround time from submission of required documents to approval of P&P bond is one working week. We realize surety is one of the last things you think about, so we have positioned ourselves to act quickly.
Rates are competitive and structured to compete with those of the bank.
To get started email LIHTC Practice Leader Matthew Clarke at MC@cigbonds.com
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