Thomas E. Upton, MAI

Jeffrey T. Upton, MAI

William P. Szabo

David T. Dicke

134 West South Boundary
Suite MM
Perrysburg, OH 43551
PH: 419-874-7414
Fax: 419-874-7448

American Property Analysts,
Inc. is An Equal Employment
Opportunity Employer




Since 1990, Thomas Upton, MAI has completed appraisals on ± 200 LIHTC projects throughout the state of Ohio for regional lenders that were developed by “for profit” and “non profit” organizations.

The project types have included:

  • New construction apartments
  • Remodeled apartments
  • Scattered site subdivisions
  • Senior housing units
  • Apartment units designed for “special needs” individuals and families

Depending on the clients underwriting requirements, our Income Approach analysis included in the appraisals have ranged from “Direct Capitalization” to “Discounted Cash Flow” projections over the holding period that the project must be operated under LIHTC guidelines.  Quite often, the client also requests a “Market Analysis” under other “Affordable Housing” guidelines.

Unique aspects of properly evaluating LIHTC projects is having a good understanding of the tax code as it relates to the tax savings generated from “passive losses”, how the federal tax credits are used and being knowledgeable of the funding sources available for other “Affordable Housing” projects that are being developed in the community.

The analysis has included new construction, at various points in the projects 15 year required compliance period as well as at the end of the 15 year compliance period.