THE KIRKWOODCONSORTIUMPut KC on a workstream
← Proof Hub

Work sample 01 · Capital formation

Capital Stack &
Funding Readiness

A sanitized feasibility model designed to answer one question: which parts of the proposed stack are merely plausible, which are supported, and what gap remains after the evidence is governed?

Download Excel modelApply this to a transaction
Total development cost$15,175,010Sanitized feasibility case
Coverage-sized debt cap$3,389,040Linked to operating support
Baseline funding gap$4,426,565No OLIHTC / no basis boost
Evidence-supported / committed$0 / $0Until project-specific support exists

What the model does

Separate capital capacity from capital readiness.

Program limits, preliminary sizing, and sponsor assumptions can define a possible stack. They do not prove that a source is available to the project. This model assigns each source a readiness tier and keeps unsupported proceeds out of the evidence-supported and committed totals.

  • Reconciles a complete Sources & Uses schedule
  • Distinguishes planning, program, evidence, and commitment tiers
  • Tests federal equity, debt, subsidy, DDF, and sponsor capital
  • Preserves basis-boost and future OLIHTC gates as contingent
Capital Stack tab showing sources, uses, and funding gap
Capital Stack tab · linked outputs and visible gap

Scenario review

Five cases. No hidden cure.

The model shows how the result changes as specific sources or site conditions change, while keeping the governing evidence status separate from the scenario math.

CaseKey conditionRemaining gap
BaselineNo OLIHTC / no boost$4,426,565
Contingent creditFuture state credit assumed$1,626,565
Max HDL + contingentExpanded soft debt$626,565
Alternate parcel + boostParcel eligibility changes basis$283,794
Evidence screenProject-specific support onlyNot executable
Scenario Review tab showing five capital cases and remaining gaps
Scenario Review tab · each cure is named, bounded, and still subject to evidence
Source Readiness tab showing capital sources, evidence tiers, and next actions
Source Readiness tab · source, status, evidence, blocker, and next action

Live-deal application

Where this becomes useful to a developer.

The same control structure can be applied to an awarded or closing-stage transaction without rebuilding the sponsor’s entire model.

  • Reconcile award-era Sources & Uses to current commitments
  • Track lender, investor, OHFA, City, and other source conditions
  • Assign owners, deadlines, evidence, and financial effects
  • Maintain a change log and short weekly exceptions memo
Propose this workstream
Work-sample boundary

Independent, sanitized predevelopment analysis prepared by John Kirkwood Jr. This is not a financing commitment, investor offer, agency approval, or representation of a closed transaction.