4% and 9% transactions from preclosing through permanent conversion.
Our Business is Insurance & Surety.
Our World is Affordable Housing.
Gatta Insurance advises the developers, owners, managers, contractors
and housing authorities who build and preserve affordable housing.
Our Business is Insurance & Surety. Our World is Affordable Housing.
Gatta Insurance advises the developers, owners, managers, contractors and housing authorities who build and preserve affordable housing.
65+
Years of Combined Experience
10K+
Policies Quoted & Issued
$500B+
In Coverage Provided
A+ XV
Rated Carrier Markets
An affordable housing deal is a capital structure, not a building.
A tax credit transaction is a negotiated allocation of risk among parties with different horizons and return requirements. The investor member underwrites a fifteen year credit stream. The construction lender underwrites completion. The permanent lender underwrites coverage. The housing finance agency underwrites compliance. The sponsor underwrites all of it.
Each party writes insurance requirements to protect its own position. Reconciled late, those requirements surface as closing delays, deductible gaps and equity that does not fund on schedule. Gatta reconciles them early, and prices the program against the transaction rather than against last year’s renewal.
We don’t just insure the asset. We understand the deal.
INSURANCE & THE CAPITAL STACK
The arithmetic of operating expense.
With national LIHTC equity averaging roughly 82 cents per credit in mid 2026, every source of proceeds is being contested. Recurring operating expense is one of the few the sponsor controls. Capitalized through the permanent loan, it is worth far more than its annual cost.
ANNUAL EXPENSE REMOVED
$
40,000
$500 per unit on an 80 unit property
ADDITIONAL DEBT SUPPORTED
≈ $
475,000
1.20x DSCR, 6.25%, 35 year amortization
EQUIVALENT EQUITY PRICING
4
¢
Per credit, on a $12 million allocation
*Illustrative only. Actual proceeds depend on loan terms and lender underwriting. Equity pricing reference: Novogradac national averages, June 2026.
Risk management is capital management.
The objective is not the lowest premium. It is the lowest total cost of risk for the protection the transaction requires. The same logic governs construction. Builder’s risk structure, soft cost and delay limits, and catastrophe deductibles are contingencies the lender and investor will underwrite whether or not the sponsor has priced them. A named storm deductible is a liquidity reserve by another name. A renewal is a recurring claim on NOI with a capitalized value.
ONE PRACTICE. THE ENTIRE HOLD PERIOD.
From the first lender exhibit to the next resyndication.
01
Predevelopment & Closing
Insurance is priced into the sources and uses before capital is committed. We reconcile lender, investor and partnership requirements, identify hard to place exposures and test feasibility early, so insurance is never the item that moves the closing date.
02
Construction
Builder’s risk, soft costs and delay in start up, owner and contractor liability, environmental, catastrophe and surety, structured around the actual contract, schedule and financing rather than a template.
03
Stabilization & Conversion
The most underestimated insurance event in the deal. Construction coverage terminates, values are reset, business income becomes the protection behind debt service and permanent lender requirements take effect. We bind the permanent program before the construction program expires.
04
Operations & Management
Property, casualty, management liability and enterprise protection for single communities and multistate portfolios, managed as a recurring expense with a capitalized value, not an annual event.
05
Rehabilitation & Resyndication
Year 15 exits, acquisitions and preservation deals restart the risk cycle with residents in place, new values and a new capital stack. We treat each as a new underwriting event, not a policy endorsement.
06
Portfolio Strategy
At scale, the question changes from what to buy to what to hold. We align aggregation, deductibles, catastrophe strategy and risk financing with the owner’s balance sheet, loss experience and growth plan.
RISK FINANCING
Transfer volatility. Retain what you can predict.
A commercial premium prices three things: the expected cost of losses, the carrier’s cost of capital to absorb volatility around that expectation, and frictional expense. For a smaller owner, transferring all three is efficient. Losses are too irregular to forecast and too large to absorb.
Scale changes the math. As a portfolio grows, frequency losses become statistically predictable, and paying a carrier’s capital charge on losses you can forecast becomes an expensive habit. The rational structure transfers severity and catastrophe, and retains the predictable layer where the organization has the liquidity and governance to hold it.
FROM: MORE RISK TRANSFERRED
TO: MORE RISK RETAINED
FROM: More Risk Transferred
TO: More Risk Retained
Guaranteed Cost
Fixed premium, full transfer. Master programs, layered and shared capacity, specialized catastrophe structures.
Large Deductible
Retain frequency, transfer severity. Lower premium in exchange for collateral and claims discipline.
Loss Sensitive
Cost adjusts with actual experience, rewarding owners whose loss history outperforms the pool.
Group & Cell Captives
Shared or segregated capital with like minded owners, with underwriting profit and investment income returned to members.
Single Parent Captive
An owned insurer. Full control of loss funding, claims and reinsurance purchasing, with capital and governance to match.
The right point on that spectrum depends on premium volume, loss stability, liquidity, collateral capacity, governance and tolerance for volatility. We model both sides with the same rigor, so the decision is made on economics rather than on a sales cycle. Sometimes the answer is a better guaranteed cost program. The point is to know.
WHERE DEALS BREAK
The policy is rarely the problem. The mismatch is.
Difficult transactions seldom fail for want of a policy. They fail when the insurance program does not match the deal.
A lender requires a deductible the market will not offer.
Closing slips while terms are renegotiated or capacity is rebuilt.
Investor requirements conflict with the construction contract.
Coverage gaps surface at the worst possible moment: the first claim.
A coastal project meets wind or flood capacity limits.
Catastrophe cost rises faster than the underwriting assumed.
The permanent program misses valuation or business income requirements.
Conversion stalls and debt service is exposed.
A contractor lacks the bonding capacity for the job.
The best builder for the project cannot be selected.
A growing portfolio outgrows its risk financing structure.
The organization keeps paying for volatility it could hold.
A lender requires a deductible the market will not offer.
Closing slips while terms are renegotiated or capacity is rebuilt.
Investor requirements conflict with the construction contract.
Coverage gaps surface at the worst possible moment: the first claim.
A coastal project meets wind or flood capacity limits.
Catastrophe cost rises faster than the underwriting assumed.
The permanent program misses valuation or business income requirements.
Conversion stalls and debt service is exposed.
A contractor lacks the bonding capacity for the job.
The best builder for the project cannot be selected.
A growing portfolio outgrows its risk financing structure.
The organization keeps paying for volatility it could hold.
OUR INSURANCE CAPABILITIES
Built around the affordable housing transaction.
LIHTC Development
HUD & FHA
Programs built to the requirements of federally financed multifamily housing.
RAD & Public Housing
Insurance and surety for housing authorities and their private partners.
Property Management
Professional, employment, cyber, crime and resident related liability.
Construction Risk
Builder’s risk, construction liability, environmental and catastrophe exposures.
Performance & Payment Bonds
Surety credit for general contractors and construction organizations.
Catastrophe Risk
Wind, named storm, flood and earthquake weighed against values, liquidity and concentration.
Guaranteed Cost Programs
Full risk transfer engineered around scale, geography and loss experience.
Captives & Alternative Risk
Retention structures for organizations with the scale to hold risk deliberately.
Executive & Enterprise Risk
D&O, EPLI, fiduciary, cyber and crime for the organizations behind the real estate.
WHY GATTA INSURANCE
An advisor aligned with the owner, fluent in the capital.
Concentration, Not Coverage of Everything
Affordable housing is the core of the firm. Depth in one asset class is how we see what generalists miss.
The Underwriter’s View
Our founder began his career as a commercial underwriter. We present your account the way carriers price it.
Capital Fluency
Every recommendation is tested against sources and uses, NOI, debt sizing and liquidity.
The Full Risk Financing Spectrum
Guaranteed cost to captives, construction to permanent, insurance and surety, in one relationship.
Independence
We are not affiliated with your lender or equity partner. Our only principal is the owner.
A Network, Not Just a Market
Relationships with developers, lenders, syndicators, equity providers, contractors and housing authorities nationwide, put to work for our clients.
AFFORDABLE HOUSING INTELLIGENCE
We watch what moves your deal, well beyond insurance.
Equity pricing, tax exempt bond capacity, CRA and bank regulation, HUD and RAD policy, construction and modular costs, operating expenses, catastrophe capacity and surety markets. Read our Market Intelligence Report where we follow the forces that set your cost of capital and explain what they mean for the stack.
What Our Clients Are Saying
FROM ONE DEVELOPMENT TO A NATIONAL PORTFOLIO
Built to Grow With You.
Closing your next LIHTC deal, acquiring or recapitalizing a community, converting a portfolio through RAD, scaling a management platform, growing a construction company or evaluating a captive: Gatta is built for each stage. Our goal is not to sell another policy or issue another bond. It is to protect the capital, organizations and relationships that create and preserve affordable housing in America.
