Stack the capital. Close the gap.

Layer senior debt, tax-credit equity, grants, soft loans, deferred fee, and sponsor equity against your total development cost — see the financing gap, the blended cost of capital, the stacking conflicts, and the order to chase each source.

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Describe the dealTotal development cost + stabilized NOI — the height the stack must reach.
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Layer the sourcesDebt, tax-credit equity, grants, soft loans, deferred fee — tap to add, override any amount.
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Read the verdictGap covered or not, stacking conflicts flagged, blended cost — then print the lender exhibit.
⭐ Pro — $39 one-timeFull 36-month capital-stack timeline · source-by-source sensitivity · printable exhibit
Mill Street Lofts — a 64-unit 4% LIHTC rehab: $14.2M cost, bonds + credits + a city grant. Edit anything; the stack updates live. Your own numbers replace it the moment you type.
⚙ Assumptions (editable)

Planning math with editable assumptions — not underwriting, and never tax, legal, or investment advice. Credit pricing and program rules vary by market and year.

Questions CapStack answers

What sponsors ask when the sources do not yet add up to the uses.

What is a capital stack?
The full set of sources funding a project, ordered by repayment priority: senior debt first, then any subordinate or soft debt, then tax credit equity and grants, then sponsor equity last. The order matters because it determines who is repaid in a downside and what each source will therefore charge.
How do I close a financing gap on a project?
Four levers, roughly in order of how often they work: reduce scope or cost, add subordinate or soft sources such as grants and gap loans, defer part of the developer fee, or bring in more equity at a lower return. Most real closings use three of the four rather than one heroic source.
Can low-income housing and historic tax credits be combined on one deal?
Yes, and it is common on adaptive-reuse projects — but the two interact rather than simply adding. Historic credits affect the depreciable basis that the housing credit is calculated from, the investor appetite differs, and the compliance periods run separately. Twinned deals need counsel and an accountant engaged early, not at closing.
What order should I secure financing sources in?
Start with whichever source constrains the others. Competitive allocations such as housing credits or state gap funds have fixed deadlines and set the schedule; senior debt sizing follows from the resulting income; sponsor equity fills last because it is the only source you control. Sequencing by ease rather than by constraint is what causes re-underwriting.

CapStack is free to run in your browser with no account, and it installs — see below to put it on your phone or desktop. Pro is a one-time $39 unlock that adds the printable exhibit, editing and depth — owned forever, not a subscription. Built by NESO, an advisory and tools practice for business and real estate. Questions: send them here.