From application to 8609.

Joint venture development and consulting for affordable housing developers, from the RFP to the final equity installment.

A four-story wood-frame apartment building under construction, a tower crane in the distance under a crisp autumn sky

I. Joint venture

Joint venture partner development

On joint venture deals, Gibson Spyre co-develops alongside a partner and puts its own name on the deal. We provide development management and consulting from the RFP and the tax credit application through closing and construction.

Our partners get a co-developer who has read applications from the funder's side of the table, and who stays with the deal until the keys are handed over.

Joint venture partners: True Ground Housing PartnersThe NHP FoundationUrban AtlanticGreen Street Housing

  • RFP response and tax credit application
  • Development management through closing
  • Oversight through construction
Two professionals shaking hands on the walk outside a new brick apartment building
Columbia Crossroads, Falls Church, VA — architectural rendering of the pedestrian plaza
Columbia Crossroads, Falls Church, VA — architectural rendering

Consulting services

Seven services, in the order a deal needs them: from the application to the acquisition that starts the next one.

  1. LIHTC applications — 9% and 4%

    Preparation and review of competitive 9% and 4% bond applications, by a team that has read them from the board's side of the table. In 2025 and 2026, every client that filed a 9% application with Virginia Housing placed first in its pool.

    Hands turning the tabbed dividers of a thick application binder

  2. Financial modeling

    Underwriting and deal-structuring support: the pro formas and scenarios that a lender, a syndicator, and a housing finance agency will each ask to see.

  3. Development management & reporting

    Ongoing oversight of the development schedule and budget, with clear reporting to owners, boards, and partners through the life of the deal.

    A consultant marking up a site plan at a conference table

  4. Construction & draw monitoring

    Active oversight during the build: site visits, draw review, and early warning when the schedule or the budget starts to drift.

    A construction manager in a hard hat and safety vest walking through a wood-framed building

  5. Closing management

    Closings, 8609 submission, loan conversion, and equity installments: the paperwork that turns a finished building into a finished deal.

    A conference room set for a closing, with binders and pens at each seat

  6. Repositioning existing communities

    Rehab and recapitalization planning that brings older communities back to strength, including fire recovery.

    Sycamore Village, Pittsburg, KS — the renovated building with dark siding and new balconies

  7. Acquisition analysis

    A clear-eyed read of existing properties and sites before you commit, and the first step of the next deal.

    A man in a hard hat reviewing a tablet on the walk of an existing brick apartment community

Who hires us

See the clients

  • Non-profit developers

    Mission-driven sponsors who need a competitive application, and a partner who can carry part of the development load.

  • For-profit developers

    Experienced developers adding a board-level read to their applications, closings, and draw oversight.

  • Public housing authorities

    Authorities repositioning their portfolios and working through tax credit deals, from application to 8609.

  • Private equity

    Investors who want disciplined acquisition analysis and oversight on affordable housing deals.

Request an application review.

Send the basics of your 9% or 4% deal, and we will tell you how it is likely to read before the board sees it.