Novogradac Financing LIHTC Properties With Private Activity Bonds Webinar - 2021

Friday, March 19, 2021 - 10:00am to 12:00pm
March 19, 2021 - 10:00am to 12:00pm

This webinar airs from 1 to 3:00 p.m. ET (10 a.m. to 12:00 p.m. PT)

This course presents an overview of how development teams use private activity bonds, 4 percent low-income housing tax credits (LIHTCs) and other sources to finance affordable multifamily rental housing properties. The course focuses on bond financing structure and the financing time line as opposed to tax credit calculations or how tax credits work.

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

Christine Rankin
Senior Associate - Public Finance, Impact Finance and Investment
Orrick Herrington & Sutcliffe LLP.

Mark Sween
Vice President and Project Partner

Matthew Bissonette
Managing Director

Topics Covered

  • Players in a bond transaction and their roles
    • Borrower, issuer, underwriter, purchasers, credit enhancer, lender, trustee, bond counsel
    • Fees/capital stack
  • Major documents
    • Inducement resolution, loan agreement, regulatory agreement, tax certificate, mortgage or deed of trust, trust indenture, bond purchase agreement, official statement
  • Direct bond issue structure vs. public bond offering structure
    • Difference in interest costs
  • The 50 percent test
  • Bond financing timeline
    • Preparation period, bond financing period, construction period, permanent period
    • Sources and uses in the construction period vs. the permanent period
  • The 2 percent cost of issuance limitation
  • The 95-5 test
  • The 25 percent land cost limitation

NOTE: This course skips over bond and 4 percent LIHTC basics and goes deeper into the financing of the project. For a more basic overview of 4 percent LIHTCs, see the webinar recording from May 2020.


Target Audience


This course is designed for those who have a basic understanding of affordable housing and 4 percent 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.

Terms and Conditions
Receiving Login Info and Handouts
CPE Information

Registration Rates*

Standard: $130
Nonprofit: $110
Multiple Registrants: $115/person ($95/person for nonprofits)

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

*The standard and nonprofit registration fee for live webinars and for webinar recordings covers a SINGLE VIEWER ONLY. If multiple persons within an organization wish to view the webinar and/or its recording (regardless of whether they view it on a single computer or multiple computers), the organization must purchase a registration for EACH person.