Capital Sources — Fully Capitalized ✓ Gap $0
| Source | Amount |
|---|
| HUD 221(d)(4) first mortgage | $54.8M |
| Federal LIHTC equity (DDA-boosted) | $70.6M |
| Texas State LIHTC equity | $18.9M |
| Deferred developer fee | $12.6M |
| TDHCA Multifamily Direct Loan | $6.0M |
| FHLB Dallas AHP (grant) | $1.5M |
| City of Houston HOME + Harris County CDBG | $4.0M |
| Total sources = total uses | $168.4M |
Summary figures only. Developer fee detail, sponsor returns, and sensitivity analysis are held in the private underwriting model and are not published here. Cost/OpEx assumptions reflect 596-unit scale economies and require GC GMP and comparable operating data to confirm. DDA designation, program caps, and LIHTC rents to be verified before syndication. Optimized case — a conservative base case is maintained separately.