Webcast: Getting Your Compliance House in Order by YE
Getting Your Compliance House in Order by Year-End - To Do's for Owners & Operators of LIHTC Projects
About this Webcast
Owners and operators of multifamily properties 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. 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, you won't want to miss this webcast.
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 projects. 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 by Virginia Housing Development Authority (VHDA) for annual compliance reporting.
FIRST YEAR OF THE CREDIT PERIOD
- Set-Up Property Information Book (Best Practice)
- Section 42 Project Deadlines for New Construction
- Form 8609 (Part II Irrevocable Elections)
- Meeting the Minimum Set-Aside & Applicable Fraction
- Investor's Tax Credit Expectations v. Reality in 3 Scenarios
- Exceed Expectations
- Fall Short of Expectations
- Plan B Saves Some of the Credits
ANNUALLY DURING 15-YEAR FEDERAL TAX CREDIT PERIOD
- Minimum Set-Aside & Applicable Fraction
- Projected Annual Credit Amount, Years 2-10
- VHDA Occupancy Report (WTCMS)
- Annual Owner's Certifications (VHDA example)
- Form 8609-A (Part I)
- Status of 8823s
- 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.
Please contact Vinnie at 617-905-6340 or Vinnie@birchislandrec.com with any questions about this training or your registration.
Marie Peace, HCCP, C6P, NCP, FHS, is Vice President of Compliance at the Franklin Johnston Group, located in Virginia Beach, VA. Marie multifamily career began in 1995 as a Community Manager in Central Virginia. By 1996, Marie completed a new community lease up before the project even opened; soon after, she was promoted to Director of Compliance. This role included implementing policies and procedures relating to tax credit housing. Marie spent thirteen subsequent years working with A.J. Johnson Consulting Services completing asset management reviews and auditing files to determine compliance with LIHTC, HUD, HOME Funds, USDA-RD and other state or local housing programs. She also conducted physical inspections to ensure properties were well maintained and in compliance with ADA requirements. Her role with A.J. Johnson Consulting included reviewing files to determine if households would be deemed eligible under Section 42 or other housing programs. In doing so she typically reviewed between 8,000 and 10,000 files annually.
Vinnie Viola, MPA, HCCP, is Principal and Founder of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services and web-based and private trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years’ 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. In these roles, Vinnie participated in hundreds of investment committee meetings for prospective tax credit investments. He proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Vinnie received his Bachelor of Arts in Geography with concentration in urban planning from the University of Massachusetts Boston and Master of Public Affairs from the University of Texas Dallas.