Brad Elphick, CPA Novogradac & Company LLP brad.elphick@novoco.com Chris Key, CPA Novogradac & Company LLP chris.key@novoco.com /events
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
Low-income household
Affordable Housing 700 Debt Developer/ owner 400 Total development costs
10 years Section 42 Low Income Housing Ta Credit TAX CREDITS Ta liability Partnership LLC S-Corp Investor Debt Bonds Equity Debt Ta liability Developer/ owner Income Limits Rent Limits Suitable for Occupancy Equity Total development costs Low-interest debt Bonds
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
TAX CREDITS 10 years Section 42 Low Income Housing Ta Credit Ta liability Partnership LLC S-Corp Investor Debt Equity Debt Ta liability Developer/ owner Total development costs Income Limits Rent Limits Suitable for Occupancy
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* 10.8 mil Ineligible costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil Total development costs *These items can be in either A B 2. QCT = 1. DDA See IRC 42(d)(5)(B) Eligible Basis 30% 6 mil 4 mil 1. Projects located in Difficult Development Areas (DDAs), which are areas that have high construction, land, and utility costs relative to area median gross income. IRC 42(d)(5)(B)(iii) 2. Projects located in Qualified Census Tracts (QCTs), which are census tracts in which 50 percent or more of the household have an income which is less than 60 percent of the area median income for such year or which has a poverty rate of at least 25 percent. IRC 42(d)(5)(B)(ii)
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* 10.8 mil Ineligible costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil Total development costs *These items can be in either A B 2. QCT = Eligible Basis 30% 6 mil 4 mil 1. DDA See IRC 42(d)(5)(B)
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* 10.8 mil Ineligible costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil State allocating agency Total development costs *These items can be in either A B 3. 2. QCT = Eligible Basis 30% DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction 6 mil 130% 7.8mil 4 mil 130% 5.2mil 3. 9% projects not already in a DDA or QCT that the state allocating agency chooses to award up to a 30% basis boost so that the project may be financially feasible. Housing and Economic Recovery Act of 2008 (HERA) 1. DDA See IRC 42(d)(5)(B)
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* 10.8 mil BUILDING X Ineligible costs: Land Scenario No. 1 Scenario No. 2 Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil 800k Total development costs *These items can be in either A B Unit Fraction: Floor-Space Fraction: Lesser 50% 35% Low-income units Eligible Basis 30% 50% DDA/QCT basis boost 65% Eligible basis (adjusted) Applicable fraction Lesser Unit Fraction: Floor-Space Fraction: Market-rate units 6 mil 130% 7.8mil 4 mil 130% 5.2mil See IRC 42(d)(5)(B)
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* 10.8 mil Ineligible costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil 25% Marketrate units Total development costs *These items can be in either A B Eligible Basis 30% DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis 6 mil 130% 7.8mil 75% 5.85mil 4 mil 130% 5.2mil 100% 5.2mil See IRC 42(d)(5)(B)
Section 42 Eligible costs: Building & paving Construction loan interest Developer fee Sitework & landscaping* Applicable fraction Qualified basis 10.8 Ta mil credit percentage 75% 5.85mil Ineligible costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements* Eligible Basis = 10mil 100% 5.2mil Total development costs *These items can be in either A B Eligible Basis 30% DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage 6 mil 130% 7.8mil 75% 5.85mil 4 mil 130% 5.2mil 100% 5.2mil See IRC 42(d)(5)(B)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil LIHTCs Section 42 North Carolina pop.: 2016 Appro. Appro. 10.0 mil 2.30 23.0 mil State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil Section 42 23.0mil 10 = 230 mil LIHTCs State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil Section 42 16mil 10 = 160mil LIHTCs State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil Section 42 26.2mil 10 = 266mil LIHTCs State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil Section 42 88.5mil 10 = 885mil LIHTCs State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil LIHTCs Section 42 Montana pop.: 2016 Appro. 1.0 mil 2.30 Appro. 2.30 mil 2.68 mil Small-pop. state min. 2.68mil 10 = 26.8mil State allocating agency See IRC 42(h)(3)
Applicable fraction Qualified basis Ta credit percentage 75% 5.85mil 100% 5.2mil 9% deals ( competitive/per-capita credits ) Section 42? 16mil 10 = 160mil LIHTCs QB 7.35% to 9.27% = State allocating agency LIHTCs QB 3.15% to 3.97% = Developer/ owner 4% deals Private activity ta-eempt bonds
9% Applicable fraction 75% 100% 10.8 Qualified mil basis 5.85mil 5.2mil Ta credit Ineligible percentage costs: 800k Land Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil 4% Total development costs Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage A 6 mil 130% 7.8mil 75% 5.85mil B 4 mil 130% 5.2mil 100% 5.2mil See IRC 42(b)
9% 10.8 mil Ineligible costs: Land Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil 800k 4% Total development costs Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage A 6 mil 130% 7.8mil 75% 5.85mil B 4 mil 130% 5.2mil 100% 5.2mil See IRC 42(b)
70% present value credit 9% Total development 30% present value credit costs 4% 4.00% 3.75% 3.50% 3.25% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 30% PV Land (4%) Ta Credit Percentage Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil A July 11 3.29% B 300k PV of total credits = 30% QB See IRC 42(b) 3.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) 30% PV Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 130% 7.8mil 75% 5.85mil 1mil 3.29% 32.9k 10 329k 4 mil 130% 5.2mil 100% 5.2mil Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 10
70% present value credit 9% Total development 30% present value credit costs 4% 4.00% 3.75% 3.50% 3.25% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 30% PV Land (4%) Ta Credit Percentage Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil A July 11 3.33% B 300k PV of total credits = 30% QB See IRC 42(b) 3.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) 30% PV Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 130% 7.8mil 75% 5.85mil 1mil 3.33% 33.3k 10 333k 4 mil 130% 5.2mil 100% 5.2mil Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 10
70% present value credit 9% Total development 30% present value credit costs 4% 4.00% 3.75% 3.50% 3.25% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 30% PV Land (4%) Ta Credit Percentage Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil A July 11 3.29% Oct 11 3.20% B 1.76mil PV of total credits = 30% QB See IRC 42(b) 3.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) 30% PV Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 130% 7.8mil 75% 5.85mil 3.29% 192k 10 192k 4 mil 130% 5.2mil 100% 5.2mil 3.20% 166k 10 1.66mil 3.58mil Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
70% present value credit 9% 9.50% 9.00% 8.50% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 70% PV Land (9%) Ta Credit Percentage Reserves P ship org. costs Commercial property Off-site improvements Eligible Basis = 10mil July 11 7.68% 8.00% Total development 30% present value credit costs 4% 7.50% A B PV of total credits = 70% QB See IRC 42(b) 7.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 130% 7.8mil 75% 5.85mil 1mil 7.68%* 76.8k 10 768k 700k 70% PV (Including HERA 9% Floor) Actual 70% PV 4 mil 130% 5.2mil 100% 5.2mil 10
70% present value credit 9% 8.00% Total development 30% present value credit costs 4% 9.50% 9.00% 8.50% 7.50% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 70% PV Land (9%) Ta Credit Percentage Reserves P ship org. costs Commercial property 9% Off-site improvements Eligible Basis = 10mil A July 11 7.68% Allocation Oct PIS 11 7.48% B PV of total credits = 70% QB See IRC 42(b) 7.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 4 mil 130% 130% 7.8mil 5.2mil 75% 100% 5.85mil 7.68%* 5.2mil 7.48%* 449k 10 389k 10 4.49mil 3.89mil 4.1mil 8.38mil 70% PV (Including HERA 9% Floor) Actual 70% PV
70% present value credit 9% 8.00% Total development 30% present value credit costs 4% 9.50% 9.00% 8.50% 7.50% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 70% PV Land (9%) Ta Credit Percentage Reserves P ship org. costs Commercial property 9% Off-site improvements Eligible Basis = 10mil A Allocation PIS B See IRC 42(b) 7.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 4 mil 130% 130% 7.8mil 5.2mil 75% 100% 5.85mil 5.2mil 9% 527k 10 9% 468k 10 5.27mil 4.68mil 9.95mil 70% PV (Including HERA 9% Floor) Actual 70% PV
70% present value credit 9% 8.00% Total development 30% present value credit costs 4% 9.50% 9.00% 8.50% 7.50% 10.8 mil Low-Income Ineligible costs: Housing Ta Credit: 800k 70% PV Land (9%) Ta Credit Percentage Reserves P ship org. costs Commercial property 9% Off-site improvements Eligible Basis = 10mil A Allocation PIS B See IRC 42(b) 7.00% Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 4 mil 130% 130% 7.8mil 5.2mil 75% 100% 5.85mil 5.2mil 9% 527k 10 9% 468k 10 5.27mil 4.68mil 9.95mil 70% PV (Including HERA 9% Floor) Actual 70% PV
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
LP GP 9% Syndicator Ta liability Investor 4% GP Developer Fee Fund LP Upper Tier Developer/ Owner Lower Tier
LP GP 9% Asset management 4% GP Syndicator Developer Fee Ta liability Fund Investor LP Credits Losses Developer/ Owner Credits Losses
9% 1. Overall demands for credits in the market 2. Timing of capital contributions Syndicator Ta liability Investor 9.95mil 4% 0.50-1.10? Fund Developer/ Owner 9.95mil
www.tacredithousing.com 9% Syndicator Ta liability Investor 9.95mil 4% 0.50-1.10 Fund Developer/ Owner 9.95mil
9% 4%
10.8 Mil 8.46M Equity: 78% 9% Total project costs 4% 0.85 8.46mil A B Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 4 mil 130% 130% 7.8mil 5.2mil 75% 100% 5.85mil 5.2mil 9% 527k 10 9% 468k 10 5.27mil 4.68mil 9.95mil
10.8 Mil Bonds: >50% 9% 3.04M Total project costs Equity: 28% 4% 0.85 3.04mil A B Eligible Basis DDA/QCT basis boost Eligible basis (adjusted) Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits 6 mil 4 mil 130% 130% 7.8mil 5.2mil 75% 100% 5.85mil 3.29% 5.2mil 3.20% 192k 10 166k 10 1.92mil 1.66mil 3.58mil
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
Section 42 Developer/ owner State allocating agency
Timeline of Events Formation of Partnership Line up attorneys, architect, contractor, accountants, lenders, etc. Preparation of forecast
Section 42 LIHTCs 9%? Developer/ owner? State allocating agency Private activity ta-eempt bonds LIHTCs 4%
Timeline of Events Formation of Partnership Line up attorneys, architect, contractor, accountants, lenders, etc. Preparation of forecast Bonds (4%) No bonds (9%) LIHTCs Apply for ta credits
6.92mil LIHTCs Section 42 State allocating agency See IRC 42(m)(1) IRC 42(m)(1) Responsibilities of housing credit agencies: 1. Plans for allocation of credit among projects B. Qualified allocation plan ii. gives preference among selected projects to I. Projects serving the lowest income tenants, II. Projects obligated to serve qualified tenants for the longest periods, and III. Projects which are located in qualified census tracts C. Certain selection criteria must be used. The selection criteria set forth in a qualified allocation plan must include i. Project location ii. iii. Housing needs characteristics project characteristics, including whether the project includes the use of eisting housing as part of a community revitalization plan, iv. sponsor characteristics, v. tenant populations with special housing needs, vi. public housing waiting lists, vii. tenant populations of individuals with children, viii. projects intended for eventual tenant ownership, i. the energy efficiency of the project, and. the historic nature of the project. 2. Credits allocated to building not to eceed amount necessary to assure project feasibility
All agencies have a QAP, but the relevant rules may be in Policies or Application Guidelines Three categories of LIHTC allocation criteria: Section 42 1. Thresholds are fundamental requirements; can result in pre-selecting (developer knows will be ineligible) 2. Set-asides split LIHTCs based on characteristics: geographic areas, new vs. rehab, population served, applicant type (must have 10% for NPs) 3. Preferences distinguish among eligible applications within a set-aside, usually with points
Agencies must review a market study Section 42 Serves as a threshold requirement, and in some states, results in points
Section 42 250k 200k 8.74mil LIHTCs State allocating agency Developer/ owner Total project costs = 5.5 Mil Eligible basis Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits A 2.78 mil 100% 2.78mil 9% 250k 10 2.5mil B 2.22 mil 100% 2.22mil 9% 200k 10 2mil 4.5mil
5.5 Mil Section 42 3.8m Equity: 70% 8.74mil LIHTCs State allocating agency Total project costs = 5.5 Mil Eligible basis Applicable fraction Qualified basis Ta credit percentage Annual ta credits Ten years Total ta credits Total project costs A 2.78 mil 100% 2.78mil 9% 250k 10 2.5mil B 2.22 mil 100% 2.22mil 9% 200k 10 2mil 4.5mil
Section 42 450k Reservation 8.74mil Investors Lenders Contractors LIHTCs Application State allocating agency Developer/ Owner Architect Property Management Company
Reservation Placed-in-service due date Placed-in-service due date 8.74mil LIHTCs Section 42 Carryover 450k Reservation State allocating agency 1/1/15 12/31/15 Carryover Request Document 10% Test Developer/ Owner 12 months? 12/31/16 12/31/17 5.3M! Reasonably epected basis 10% = 530k (Fied assets at construction completion)
Section 42 450k Reservation 8.74mil LIHTCs Developer/ Owner State allocating agency
Timeline of Events Formation of Partnership Line up attorneys, architect, contractor, accountants, lenders, etc. Preparation of forecast Bonds (4%) No bonds (9%) LIHTCs Apply for ta credits Receive reservation of credits Pass a 10% Test
Comparing 9% Ta Credits to Bonds with 4% Credits Which is higher? Category Competition for Allocation/Reservation 9% Ta Credits Very high Bonds with 4% Credits Low Financing Fees Low High to very high Interest Rates About the same About the same Financing Leverage Low to very low High Amenity Cost Higher (due to competitive application requirements) Lower
Timeline of Events Formation of Partnership Line up attorneys, architect, contractor, accountants, lenders, etc. Preparation of forecast Bonds (4%) No bonds (9%) LIHTCs Apply for bonds (Ta credit app follows, includes 1 st 50% test) Bond allocation (Then bond issuance, etc.) Apply for ta credits Receive reservation of credits Pass a 10% Test Finish construction
Section 42 Loan documents Architectural agreements Permits Final Cost Certification Final Cost Placed-in- Service Package Certificate Certificate of Occupancy of Occupancy Ta liability Certification Investor State allocating agency Developer/ Owner Property Manager Low-income households
Section 42 Ta liability Investor Form 8609 Form 8609 State allocating agency Regulatory Agreement Developer/ Owner Property Manager 250,000.00 9.00 2,777,777.78 0 0 0 Form 8609
(for buildings PIS after 12/31/07) Offset AMT Ta Return Ta Return Section 42 450k 10 = 4.5 M 450k Ta liability Investor Form 8609 Form 8609 450k 450k Fund State allocating agency Developer/ Owner Property Manager
Timeline of Events Bonds (4%) No bonds (9%) LIHTCs Apply for bonds (Ta credit app follows, includes 1 st 50% test) Bond allocation (Then bond issuance, etc.) Formation of Partnership Apply for ta credits Receive reservation of credits Line up attorneys, architect, contractor, accountants, lenders, etc. Pass a 10% Test Preparation of forecast Finish construction Bonds (4%) No bonds (9%) LIHTCs Apply for bonds (Ta credit app follows, includes 1 st 50% test) Bond allocation (Then bond issuance, etc.) Apply for ta credits Receive reservation of credits Pass a 10% Test Finish construction
Bonds (4%) No bonds (9%) LIHTCs Apply for bonds (Ta credit app follows, includes 1 st 50% test) Bond allocation (Then bond issuance, etc.) Apply for ta credits Receive reservation of credits Pass a 10% Test Finish construction 2 nd 50% test for bond deal Final Cost Certification Placed in Service Package Regulatory Agreement Reception of 8609s Year audits and ta returns
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Program Rules and Avoiding Recapture Big Finish!
What do you need to do to stay in compliance? Follow the I.R.S. rules This acronym actually stands for: Income, Rent, and Suitability For the first two use:
Section 42 Ta liability Investor Reservation 2. % A B LIHTCs Property Manager State allocating agency 1. Low-income households
Section 42 Ta liability Investor Reservation 2. % LIHTCs State allocating agency 1. Property Manager Minimum Set-Aside:! Set aside at least 20% 40% of units for households with incomes at or below 50% 60% of area median income See IRC 42(g)(1) Low-income households
Section 42 State allocating agency Property Manager Noncompliance 1. Minimum set-aside 2. Rent limits 3. Income limits Low-income households
Applicable Fraction vs. Minimum Set-Aside How many credits? 1 Any credits at all? Individual buildings 2 Building or project Lesser of unit fraction and floor space fraction 3 Unit % only
Applicable Fraction vs. Minimum Set-Aside Eligible basis Applicable fraction Qualified basis Ta credit percentage Annual ta credits 1 mil 30% 300k 9% 27k 40 at 60 units income 30% 8 70% 12 Unit fraction Floor space fraction = 40% = 30% Low-income-qualified units Market-rate units
Applicable Fraction vs. Minimum Set-Aside Eligible basis Applicable fraction Qualified basis Ta credit percentage Annual ta credits 1 mil 35% 350k 9% 31.5k 40 at 60 units income 13 59.17% 7 40.83% Unit fraction Floor space fraction = 35% = 40.83% Low-income-qualified units Market-rate units
Ta Return Section 42 450k 10 = 4.5 M Income Rent Physical Condition Ta liability Investor 8.74mil Compliance Period LIHTCs Developer/ Owner Property Manager Ta Credit Period State allocating agency 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Year
Recapture! Ta Return Section 42 Form 8823 450k 10 = 4.5 M Ta liability Investor Noncompliance!! Etended Use Period Etended Use Period 8.74mil LIHTCs Developer/ Owner Compliance Period Compliance Period Ta Credit Period Ta Credit Period Property Manager Compliance Period Ta Credit Period State allocating agency 1 2 3 4 5 6 7 8 1 9 2 10 3 11 4 12 5 13 6 14 7 15 8 16 9 17 10 18 11 19 12 20 13 21 14 22 151 23 16 2 24 17 3 25 18 4 26 19 5 27 20 6 28 21 7 29 22 8 30 23 9 10 2411 2512 2613 2714 2815 2916 30 17 Year Year Year
OUTLINE Affordable Housing Overview How Ta Credits Are Calculated Typical Ownership Structure Development Timeline Acq/Rehab Deals Program Rules and Avoiding Recapture Big Finish!
Tiberi LIHTC Novogradac
LIHTC Senate Novogradac
Brad Elphick, CPA Novogradac & Company LLP brad.elphick@novoco.com Chris Key, CPA Novogradac & Company LLP chris.key@novoco.com /events