LIHTC COMPLIANCE WEBCAST SERIES PART II - Navigating Pitfalls After Tax Credit Year-1
About This Training
If the first year of the credit period is a controlled-chaos sprint, the 15-year Federal Compliance Period and 30-year+ Extended Use Period are marathons that require ongoing diligence and oversight of tax credit projects by owners and operators. Failure to do so may result in tax credit recapture and / or credit disallowance. In part II of this compliance series, seasoned multifamily asset manager Vinnie Viola and LIHTC compliance experts Carol Howard and Scott Michael Dunn analyze the many pitfalls developers and owners of tax credit projects can encounter, from first year annual reporting through the end of the extended use period or qualified contract.
1 - COVID-19 Effect
2 - “Eyes on the horizon” - establishing the credit, compliance and Extended Use Periods
3 - Annual reporting requirement
4 - File compliance: the IRS’ summary of due diligent measures
5 - Triannual inspections & how to “read” them
6 - Casualty loss
7 - “End of an Era” preparing for transitions (credit, compliance and Extended Use periods)
8 - Post Year-15
Is This Webcast for Me?
This training is ideal for tax credit professionals that have a good working knowledge of the LIHTC (Section 42) program. Professionals that have responsibility for oversight of LIHTC projects would benefit from this training:
· Property Managers
· Regional Managers and Corporate Compliance Staff
· LIHTC Asset Managers
· Project Funders
· Housing Finance Agency Staff
· Multifamily Developers and General Partners
Please contact Vinnie Viola at Vinnie@birchislandrec.com or 617-905-6340 with any questions about this webcast.
Scott Michael Dunn is CEO of Costello Compliance. Before that, he was executive vice president of Zeffert & Associates for 12 years. He brings almost three decades of direct experience in affordable housing management, auditing and training. He has worked with over three quarters of the state tax credit agencies, many HOME participating jurisdictions, and HUD and Rural Development agencies. A recognized expert in the industry, Scott Michael has been published in numerous trade periodicals and is the author of several textbooks and regulatory manuals on various affordable housing programs. Besides his own subject matter expertise, he also has a proven track record of designing systems that leverage teams to review and ensure compliance and deliver excellent regulatory results and training.
Carol Howard has over 30 years of real estate experience. Most recently, she served as Vice President and Director of Housing Compliance for Boston Capital, until it was acquired by Boston Financial Investment Management in December of 2020. Carol worked for Boston Capital since 1998 in various capacities, beginning as a Senior Asset Manager in the Asset Management Department and then as Senior Portfolio Manager, supervising a team of asset managers and investment analysts. In 2002, Carol transitioned to the Taxation and Housing Compliance department (HD), where she helped grow an internal housing compliance function. For nearly two decades, she directed Housing Compliance to help ensure compliance of all tax credits projects during both the initial qualification process, then throughout the 15-year federal credit period under IRC Section 42. Carol earned a BA in business from the University of Massachusetts. She holds numerous tax credit compliance certification designations. She is a Housing Credit Certified Professional (HCCP), elected the 2013 HCCP Designee of the Year and a National Credit Professional – Executive (NCP-Executive). Carol serves on the National Association of Home Builders' HCCP Technical Advisory Group and on the National Compliance Professional Advisory Board. She is an active participant in the National Council of State Housing Agencies. Currently, Carol is working independently as a tax credit compliance advisor.
Vinnie Viola, HCCP, MPA is Principal of Birch Island Real Estate Consulting, LLC, located in Milton, MA. Building on Vinnie's 30+ years of broad affordable housing experience, Birch Island provides consulting and training services to developers, investors and operators of multifamily housing financed with LIHTC equity. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices for tax credit investments. In these roles, Vinnie participated in hundreds of investment committee meetings for prospective tax credit investments and proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Vinnie earned a BA from University of Massachusetts, Boston and an MPA from University of Texas, Dallas. He also completed the certificate in real estate finance from Boston University's Metropolitan College. Today, Vinnie serves as Director of Asset Management at non-profit multifamily developer Madison Park Development Corporation, located in Nubian Square, Boston, MA.