Novogradac Private Activity Bond and 4% Low-Income Housing Tax Credit Basics On-Demand Course


webinars headshot panelist  wayne michael
webinars headshot panelist matthew bissonette
Wayne Michael, CPA, NPCC, HCCP
Director of External Education
Novogradac & Company LLP
Matthew Bissonette
Citi Community Capital
webinars headshot panelist christine cadman
Christine Cadman
Managing Associate - Public Finance
Orrick, Herrington & Sutcliffe LLP

Course Description

This course presents a basic overview of how development teams can use private activity bonds and 4 percent low-income housing tax credits (LIHTCs) to finance affordable multifamily rental housing properties. 

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  • 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
  • Direct bond issue structure vs. public bond offering structure
  • Bond financing timeline
  • Low-income housing tax credit calculation
  • Equity financing with 30 percent present value (4 percent) tax credits
  • The 50 percent test
  • Cost of issuance limitations
  • Good costs/bad costs (95-5 test)
  • Differences between Section 142(d) bond rules and Section 42 tax credit rules
  • Q&A

CPE Information

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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.

Terms and Conditions

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Registration Rates

Standard: $100
Nonprofit: $90
Multiple Registrations: $90/person ($80/person for nonprofits)

Access to Novogradac on-demand courses expires after one month. A two-week extension may be purchased for $25. Read more under Terms and Conditions above.