Live at AHF Live: what do syndicators want?

AHF's Donna Kimura, also in Chicago at AHF Live, was just at a discussion where developers fired questions at a panel of leading tax credit syndicators and investors. She writes:

"What margins of safety are you looking for from developers?" asked an affordable housing builder and manager. One of the keys for a deal is the developer and his or her track record, responded Greg Judge of MMA Financial. Others noted that real estate fundamentals and rent advantages are also important for deals.

It was part of a candid discussion about the state of the market. Other questions involved what kind of deals investors prefer and what's keeping some deals afloat.

What margins of safety are you seeing in tax credit deals? Any new trends when it comes to underwriting?