HOME Rental Underwriting
GRP, GRO, EGI, NOI, DCR, AMI, NPV, IRR, and ROI... It’s enough to make a grownup cry. This three-day course helps break through the “math phobia” and identify a common framework for underwriting HOME rental projects – preparing PJs (and developers) to ask better questions, make sound decisions, and satisfy their regulatory requirements.
August 18-20, 2026
Denver, CO
9:00am-4:30pm EST (Day 1 & 2) | 9:00am-3:45pm (Day 3)
$695
Who Should Attend
PJ staff responsible for underwriting HOME rental projects
Housing and community development professionals
Program and finance staff involved in project review and funding decisions
Developers and consultants working with HOME funds
Anyone seeking a clearer, more consistent underwriting approach
What You Will Learn
How to read and interpret HOME rental proformas with confidence
Key underwriting metrics: NOI, DCR, IRR, NPV, and more — explained in plain language
How to evaluate project feasibility and identify financial red flags
Strategies to structure financially viable HOME investments
How to ask the right questions when reviewing developer proposals
A practical underwriting framework you can apply to your own projects
Logistics
Through hands on exercises, participants will have the opportunity to review, manipulate, and improve project assumptions – beginning to apply their own local knowledge to a proforma “based on a true story.” Participants will leave the training with a proforma they can customize for their own projects and learn to recognize how all proformas seek to answer five core questions.
Participant must bring laptop loaded with MS Excel to the training.
Residence Inn by Marriott Denver City Center 1725 Champa St, Denver, CO 80202, 303-296-3444.
"Pikes Peak". Please confirm with the front desk.
TDA has secured a room block for this training from August 17, 2026 through August 20, 2026 at the Residence Inn by Marriott Denver City Center, the training site. The room block expires July 24, 2026. The room rate is $194.00/night (plus taxes and fees). Reservations can be made using the following link: Residence Inn by Marriott Denver City Center. If you have questions about your travel, please email us at [email protected] or call us 833-483-2334 ext 1
No meals will be provided during this training, each participant is responsible for their own meals.
Meet Your Instructor
Stephen Lathom, Senior Consultant
Stephen provides consulting services and training related to
programs including HOME, HOME-ARP, HTF, CDBG,
CDBG-DR, NSP, and LIHTC as well as services in support
of a range of state and locally funded affordable housing
finance programs.