Calendar

Getting Your Compliance House in Order by Year-End - To Do's for Owners & Operators of LIHTC Projects

Dates: 

November 15, 2018
2:00pm - 3:30pm

Instructors: 

Marie Peace, HCCP, C6P, NCP, FHS, Vice President of Compliance, Franklin Johnston Group; ​Vinnie Viola, MPA, HCCP, Principal and Founder of Birch Island Real Estate Consulting, LLC

BIRCH ISLAND REAL ESTATE CONSULTING, LLC

PART OF THE FOUR IMPORTANT YEAR-END LIVE WEBCASTS FOR 

MULTIFAMILY, LIHTC & P-B SECTION 8 PRO's

LIVE WEBCAST

Thursday, November 15, 2018

2:00 - 3:30 PM (EST)

About this Webcast

Owners and operators of affordable housing projects know all too well about the year-end reporting demands for Section 42 (LIHTC) projects. Annually, owners and operators must satisfy the many regulatory, legal and contractual requirements with state housing agencies and other funders, tax credit investors, the Internal Revenue Service, among others. Getting your compliance house in order for year-end reporting begins—well, at least it should begin-- long before December 31st. If you're new to the LIHTC program or need a refresher on compliance requirements for projects in the first year of the credit period and annually thereafter, this is a webcast you won’t want to miss.

Join Vinnie Viola and Marie Peace, Director of Compliance with the Franklin Johnson Group, for a timely and information-packed webcast on the various year-end reporting obligations for tax credit project owners. Year-end reporting requires a coordinated effort and input from project stakeholders including the general partner, tax preparer, property management staff and state housing agencies. This training describes the decision making, proactive planning, types of forms and actions that feed into a well-organized and coordinated compliance reporting process. Marie, a seasoned professional when it comes to auditing tax credit projects and monitoring portfolios for compliance with state and federal affordable housing programs, will share some best practices and tips for achieving timely and accurate reporting on a portfolio of tax credit assets. The training will use several forms required of owners by Virginia Housing Development Authority (VHDA) for annual compliance reporting.

Training Agenda

FIRST YEAR OF THE CREDIT PERIOD

1. Set-Up Property Information Book (Best Practice)
2. Section 42 Project Deadlines for New Construction
3. Form 8609 (Part II Irrevocable Elections)
4. Meeting the Minimum Set-Aside & Applicable Fraction
5. Investor's Tax Credit Expectations v. Actual Results - 3 Scenarios
- Exceed Expectations
- Fall Short of Expectations
- Plan B Saves Some of the Credits
6. First-Year Files

ANNUALLY DURING 15-YEAR FEDERAL TAX CREDIT PERIOD

  1. Minimum Set-Aside & Applicable Fraction
  2. Projected Annual Credit Amount, Years 2-10
  3. VHDA Occupancy Report (WTCMS) 
  4. Annual Owner's Certifications (VHDA example)
  5. Form 8609-A (Part I)
  6. Status of 8823s
  7. Gross Rent & Can I Push Rent

​Is this Training for Me

This webcast is ideal for tax credit professionals with compliance oversight and reporting responsibilities for LIHTC partnerships including:

  • Property Managers
  • Regional Managers
  • Directors of Compliance
  • Asset Managers
  • State Agency Staff
  • Others interested in learning about year-end reporting

A working knowledge of the Section 42 program is recommended

Vinnie Viola, MPA, HCCP, hosts all of Birch Island's live webcasts. Please contact him at vinnie@birchislandrec.com or (617) 905-6340 with any questions about the above training schedule or your registration.

Registration fee: 

$99.00

Type of event: 

Partner Events

Learning area: 

Economic Development
Real Estate Development