New Markets Tax Credit - Has anyone worked through the credit?

[Jace Holt]

I am working on an apartment complex and commercial space project that will cost between $10M and $15M. Fortunately, it looks like we will be able to qualify for the new markets tax credit (NMTC). I do well with projections and financials in general, however, the NMTC is fairly complex.

Currently, I am working on getting the preliminary projections ready for investors. I have completed a very thorough market analysis with a local research firm and managed to find additional analyses for the local market. I have been working with contractors, the city, the intermediary entity for the NMTC, a small handful of banks, and a few RE agents to get all of the information compiled for the business plan and financial outlines. 

 I have some questions on how to correctly account for the NMTC when generating projections. Has anyone used the credit? If so, can you help me through understanding exactly what the financial statements will look like in a leveraged QLICI structure? Also, can you explain exactly how the 7 year forgiveness works?

I'm happy to answer any questions I can help with! Thanks!