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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Finance

Date & Time
  • event Date

    Tuesday, September 24, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$347.00
CLE
CPE
ALL

This CLE course will discuss utilizing Low-Income Housing Tax Credits (LIHTCs) and tax-exempt bonds in multifamily construction financing. The program will examine the mechanisms of each form of financing, how each impacts the other, and how current market trends and developments impact these financing vehicles.

Faculty

Ryan J. Bowen
Partner
Chapman and Cutler LLP

Mr. Bowen has experience serving as bond and underwriter’s counsel in connection with a variety of bond financings and as investor’s counsel with respect to the purchase of various state and local government obligations. He has served as bond counsel and underwriter’s counsel on private activity bond financings, including single family and multifamily housing bond transactions. Mr. Bowen’s housing finance experience includes serving as partnership counsel in connection with multifamily financings involving the use of tax credits.

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Brent L. Feller
Partner
Chapman and Cutler LLP

Mr. Feller is primarily involved in the tax aspects of financings throughout the country, including new money and refunding financings for the benefit of governmental issuers and 501(c)(3) organizations, including colleges and universities. He represents issuers, underwriters, and outside bond counsel in all matters relating to tax exempt and tax-advantaged bonds. He is also a frequent author and speaker on tax-related issues.

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Sean B. Leonard
Partner
Holland & Knight LLP

Mr. Leonard is a member of the firm's Tax Credit Transactions Practice. He focuses his practice on the representation of major institutional investors and various other participants in tax-advantaged investing, community development and affordable housing. Mr. Leonard has extensive experience as lead transaction counsel on a wide range of new markets tax credit and low income housing tax credit transactions. Previously, Mr. Leonard served as an executive at a leading tax credit syndicator, where he focused on the preservation of the value of investor equity, including the oversight of a portfolio of underperforming assets, as well as the development and implementation of workout strategies for troubled properties.

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M. Chrysa Long
Partner
Klein Hornig LLP

Ms. Long represents investors and developers of complex and multi-tiered projects eligible for federal and state low-income housing tax credits and historic rehabilitation tax credits. Her practice encompasses property acquisitions, development, asset management, exit strategies and resyndications of affordable housing properties. Ms. Long counsels clients on all aspects of development and financing, including tax credit structuring, public and private debt, equity investments, refinancing, disposition, and workout of troubled properties. She also represents clients investing in projects eligible for film and production tax credits in several states.

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Description

The availability of government incentives for multifamily affordable housing projects creates an opportunity for investors, developers, and governmental entities.

Tax-exempt bonds and the syndication of LIHTCs are primary tools for developing new affordable housing or rehabilitating existing affordable housing. Investors and developers must comply with strict requirements to qualify for and maintain these incentives.

Counsel structuring multifamily affordable housing transactions must understand the complex rules for qualifying for the LIHTC and how to best leverage tax-exempt bond financing.

Listen as our authoritative panel of real estate practitioners walks you through qualifying for and structuring transactions that utilize the LIHTC to finance multifamily housing projects. The panel will also address structuring tax-exempt bonds to pair with the LIHTC and the impact of reduced corporate tax rates on the LIHTC market.

Outline

  1. Current opportunities and trends in multifamily affordable housing
  2. Tax-exempt bonds
    1. Typical bond structures
    2. Good costs vs. bad costs
    3. 50 percent financing requirement
  3. Low-Income Housing Tax Credits
    1. Equity Investment Structures
    2. Requirements for qualification
    3. Income and rent restrictions
    4. Four percent credit for the acquisition
    5. Nine percent credit for new construction or substantial rehabilitation
    6. Twinning 9/4
    7. Other structural issues

Benefits

The panel will review these and other issues:

  • Tax benefits of investing in LIHTC projects
  • LIHTC eligibility requirements: state and federal
  • Common investment structures for LIHTC projects
  • Eligible bonds that can be paired with the LIHTC
  • Tax-exempt bond structures

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the tax benefits of investing in LIHTC projects
  • Ascertain the LIHTC eligibility requirements at both the state and federal level
  • Discern how to structure tax-exempt bonds to pair with the LIHTC
  • Recognize the impact of reduced corporate tax rates on the LIHTC market

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Working knowledge and understanding of tax credits and bonds and real estate taxes.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.