Investors provide capital and bear economic risk while Syndicators are intermediaries that assist investors in sourcing, underwriting, closing and ongoing asset management of the investment(s) for a fee. The Syndicator takes the place of a multi-member staff generally required to thoroughly evaluate the financials and developer of each potential new project, as well as managing all of the compliant legal documentation, investment reporting and ongoing review.

Syndicators are not the recipients of the tax benefits, nor do they hold economic interest in the project(s), though their fees are typically aligned with the positive performance of the project. The primary function of the syndicator, once each deal and developer has been fully vetted, is to manage the delivery of all cost certifications for federal tax credits as agreed.