Novogradac Initial Lease Up and Maximizing First-Year Credits Recording (2021)

This webinar recording provides a look at several crucial factors of a low-income housing tax credit (LIHTC) property's construction completion and initial lease up that—if ignored or not properly understood—can jeopardize its ability to maximize both its first-year and its Year 2 through Year 10 tax credits.

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Original Air Date: March 4, 2021
Duration: 3 hours
Access to Recording Expires: March 4, 2022

Instructors

Wayne Michael, CPA, NPCC, HCCP
Principal, Senior Director of Education
Novogradac

Rita Coriasco, CPA
Technical Trainer
Novogradac

Topics Covered

  • First-year weighted average applicable fraction vs. 12/31 applicable fraction
  • When a unit can first count as LIHTC qualified
  • Excess basis in first-year credit calculation for 9% deals
  • Form 8609 Line 10c – minimum set-aside election
  • Form 8609 Line 8b – multi-building project election
  • Rent floor election
  • Occupancy threshold for implementing new utility allowances
  • Record retention requirements
  • Form 8609 Line 10a – postponing Year 1 of credit period
  • Avoiding 2/3 (“15-year”) credits
  • Rental concessions
  • Previously qualified then vacated units as of beginning of Year 1 of the credit period
  • Different credit periods for buildings in the same project
  • Claiming credits without receiving Forms 8609

Initial lease up and first-year credit issues for acq/rehab deals are addressed in a separate webinar

Target Audience

The webinar is primarily intended for LIHTC property owners and asset managers, but we welcome on-site managers, as well as anyone interested in ensuring that the property generates the full amount of tax credits it was awarded. A basic understanding of the LIHTC program is recommended.

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Registration Rates*

Standard: $135
Nonprofit: $120
Multiple Registrants: $115/person ($100/person for nonprofits)

For questions or registration assistance, please contact us at 415-356-7960 or email [email protected]

 

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