Partnership Agreement Essentials for LIHTC Projects - A Seasoned Asset Manager’s Perspective
2:00pm
Duration:
1 hour 30 minutes
Location
Online
Description
What is the purpose of a limited partnership agreement (LPA) in an affordable housing project that uses Low-Income Housing Tax Credit (LIHTC) equity? More importantly, what are the essential LPA terms, conditions, obligations, covenants and responsibilities that you REALLY must understand as a stakeholder in a tax credit partnership? If you work in an organization that develops, operates or invests in LIHTC multifamily housing and would benefit from a seasoned expert's perspective on the LPA or simply have limited experience navigating this essential document, this training is for you.
Join seasoned tax credit asset manager Vinnie Viola for a 90-minute training that covers the basics of LIHTC partnership agreements. He will review the frequently referenced terms and sections of a typical LPA, considering both the investor limited partner's and general partner's perspectives. Attendees may submit questions for discussion and participate in on-screen polls.
Agenda:
- Purpose of Limited Partnership Agreement
- Partnership Formation & Structure
- Ancillary Legal Agreements
- What You REALLY Need To Understand in the LPA
- Capital Contributions
- Projected Tax Credit Amount & Equity Adjusters
- Rights, Powers & Obligations of the GP
- GP Limitation on Authority
- ILP Rights
- Cash Waterfall and Distributions
- Lifecycle Reporting Obligations
- LPA Exhibit - LIHTC Financial Model
- Year-15 Dispositions
- Tips for Successfully Managing a LIHTC Partnership