Novogradac Private Activity Bond and 4% LIHTC Overview Webinar Recording

This webinar recording presents an overview of the major accounting concepts associated with the use of private activity bonds and 4 percent low-income housing tax credits (LIHTCs) to finance affordable multifamily rental housing properties

Praise From Past Attendees

Original air date: June 17, 2021
Duration: 2 hours
Access to recording expires: June 17, 2022


Charles Rhuda, CPA

Matt Lockhart, CPA

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

Topics Covered

  • Overview of affordable housing finance and need for debt and equity
  • Overview of public (tax-exempt) vs. private (taxable) bonds
  • Introduction to Internal Revenue Code Section 142(d) and private-activity tax-exempt bonds
  • Players in a bond transaction
    • Borrower, issuer, underwriter, purchasers, credit enhancer, lender, trustee, bond counsel
  • LIHTC calculation
    • Eligible basis, applicable fraction, qualified basis, credit rate, annual credits
  • Equity financing with 30% present value (4%) tax credits
    • The 4% floor
  • Understanding 9% vs. 4% programs
  • The 50% test
    • Common pitfalls
    • Timing issues
    • Single vs. multi-building properties
    • Multi-year placed-in-service dates
  • Good costs/bad costs (95-5 test)
    • Related-party considerations (e.g. developer fee)
    • Soft debt
    • Seller’s notes
  • Differences between Section 142(d) bond rules and Section 42 tax credit rules
  • Q&A

Target Audience

This course is designed for those who have a basic understanding of affordable housing and low-income housing tax credits (LIHTCs) as well as for those who’ve worked in the industry for a few years and are looking for a refresher or who've worked with 9 percent LIHTC deals but not 4 percent LIHTC/bond deals.

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Registration Rates*

Standard: $130
Nonprofit: $115
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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