For better or worse, both affordable housing and renewable energy projects in the US are mostly built and owned by private developers and corporations. These private developers in turn are reliant on private capital provided by investors, corporations and banks. Almost all these investors rely heavily on federal tax credits. 90% of affordable housing in the US receives a subsidy through the low-income housing tax credit (“LIHTC”). Virtually all large-scale wind and solar projects receive tax credit subsides as well (“ITC” or “PTC”). This course is designed for students who are interested in either of these two important areas of public policy as well as students interested in careers in municipal finance who want to expand their knowledge in related fields. We will begin with an overview of what developers need to build their projects and what investors are seeking and how common tax credit programs bridge the gaps. By studying this topic, students will also gain a general understanding of multi-family housing, renewable energy, project development and project financing and federal tax expenditures. Lastly, we will examine the overall efficiency, fairness and policy implications of such subsidies structures that benefit banks, corporations and private developers as well as at-risk populations and society in general.