Panel Presentation on Valuing Limited Partner Interests and Year-15 Aggregators
What happens when private firms — often called aggregators — acquire limited partner (LP) interests in affordable housing projects, especially post-Year 15?
At the 2025 NLHA Mid-Year Meeting, John Doyle (MAI) and David Davenport laid out how these aggregator tactics are reshaping the valuation landscape — and what nonprofit and for-profit stakeholders need to know to protect their interests.
In their presentation (presented below), David and John explored:
The evolution of LP interests and the year-15 turning point
Common aggregator strategies and their financial implications
Three valuation models used in disputes
Risks, defenses, and actionable takeaways
Why this matters now:
The market is changing: aggregators are increasingly treating LP agreements as pure financial instruments — extracting value on legal or technical terms rather than project economics. Nonprofit and mission-driven entities are often left exposed to aggressive tactics.
This recent trend is a result of an emergence of "affordable housing asset management" firms that view the partnership agreements as pure financial instruments--rather than projects intended to promote low-income housing.
Both John Doyle and David Davenport have extensive experience in consulting and litigating limited party interests.
What Are Aggregators?
“Aggregators”, as they are referred to in the LIHTC industry, are private firms that have collected limited partner interests in LIHTC entities that own affordable housing. These organizations employ vulture strategies meant to extract unintended cash windfalls out of affordable housing projects.
Nonprofit and profit-based organizations are being deprived of the hard-earned exchanges that first incentivized them to develop the affordable housing and participate in the LIHTC program.
