Calendar

Planning for SUCCESS with Year-15 LIHTC Dispositions - A Roadmap for Non-Profit Developers & Owners

Dates: 

June 11, 2020
2:00pm - 3:30pm EDT

Instructors: 

Teresa M. Santalucia, Partner; Rebecca Ritvo Melaas, Partner; Vinnie Viola. MPA, HCCP

LIVE WEBCAST

About This Training

Navigating the process for taking out the investor limited partner after expiration of the 15-year federal compliance period for Low-Income Housing Tax Credit (LIHTC) projects may seem like a daunting task. But it doesn’t have to be.  Join webcast host Vinnie Viola and counsel of Klein Hornig LLP Teresa Santalucia and Rebecca Melaas for a 90-minute insightful webcast that offers a discussion of key topics related to investor exits, including:

  • When to Start Planning for an Investor’s Exit from a LIHTC Project
  • A Comparison of Different Exit Strategies (ROFR, Option, Put)
  • A Discussion of Important Disposition Documents and Ideal Terms
  • Case Studies Illustrating Tax Concerns and Consequences of Various Exit Strategies

Agenda

  • Extended Low-Income Housing Commitments and Re-Syndications
  • Rights of First Refusal (ROFR) versus Options
  • Section 42(i)(7) ROFR- Statutory Requirements and Ideal Terms
  • Recent ROFR Cases
  • Options to Purchase- Ideal Terms
  • Disposition Strategies & Their Tax Consequences for the Partners-Exit Taxes, Capital Accounts
  • Typical Disposition Transaction Documents and Key Disposition Terms
  • Alternative Exit Strategies- Investor Put or Donation
  • Case Studies
  • Questions and Wrap-Up

Is This Webcast for Me?

This training is ideal for staff at non-profit organizations currently involved in or looking to engage in federal low-income housing tax credit transactions with a tax credit investor, including:

  • General partners, developers & sponsors
  • Real estate development staff
  • Portfolio and asset managers that interact with LIHTC syndicators
  • Asset management analysts
  • Chief financial officers
  • Others that want to understand fundamentals of year-15 dispositions

Presenter Bios

Teresa M. Santalucia, Partner

Teresa’s practice focuses on a wide range of affordable housing and community development activities. She regularly assists both public and private clients with a variety  of mixed-finance, public housing, and community development projects throughout the country. Teresa serves as outside corporate counsel to affordable housing and community development nonprofits. In that capacity she works with both newly formed and well-established nonprofit entities on a wide range of issues including nonprofit mergers, joint ventures, and collaborations, board governance and policies. She also advises and provides training on nonprofit compliance issues at both the state and federal level.

Rebecca Ritvo Melaas, Partner

Rebecca focuses her practice on federal and state income taxation of corporate, flow-through and tax-exempt entities and individuals. She also has experience representing investors, syndicators and developers in transactions using federal and state tax credits and incentives, including low-income housing and new markets tax credits. In addition to helping clients with tax structuring in connection with tax credit transactions, Rebecca also assists clients with respect to ongoing compliance matters, investor exits and unwinds. Rebecca has also represented a number of non-profit organizations in obtaining tax-exempt status and addressing on-going reporting and compliance issues, including the tax on unrelated business income. Before joining Klein Hornig, Rebecca worked for Locke Lord LLP (formerly Edwards Wildman Palmer LLP) as a member of the firm’s Tax, Benefits & Compensation Department.

Vinnie Viola. MPA, HCCP

Vinnie is principal and founder of Birch Island Real Estate Consulting, LLC. His company provides consulting services and trainings to owners, developers, operators and investors of multifamily affordable. With over 30-years of experience, Vinnie has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. 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 and IRS' Section 42 (Low-Income Housing Tax Credit program. He has asset managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Today, as a consultant to NeighborWorks America's Organizational Assessment Division, Vinnie evaluates the profitability and business practices of NWA charter member organizations' property management and real estate development and asset management lines of business. He currently also serves as Director of Asset Management (part-time) at Madison Park Development Corporation located in Nubian Square, Boston. Vinnie earned a BA in Geography from the University of Massachusetts, Boston and an MPA from the University of Texas, Dallas. He also completed the certificate in real estate finance from Boston University's Metropolitan College.

Registration fee: 

$119

Type of event: 

Partner Events

Learning area: 

Real Estate Development

Partners: 

Birch Island Real Estate Consulting, LLC