Novogradac Online LIHTC Property Compliance Workshop - June 2019
|Wayne Michael, CPA, NPCC, HCCP
Senior Director of Education
|Stephanie Naquin, HCCP, COS
Multifamily Compliance Manager
Group Instruction: Day 1-Noon to 5 p.m. ET* (9 a.m. to 2 p.m. PT)
Group Instruction: Day 2-Noon to 5 p.m. ET* (9 a.m. to 2 p.m. PT)
Online NPCC Exam: Opens Day 2 at 6 p.m. ET (3 p.m. PT) and closes 10 business days later
*A 10-minute break will be taken approximately every 50 minutes during instruction. There will be no official meal break; attendees are encouraged to eat throughout the workshop as needed.
All attendees will receive a link to access the pdf of the 150-plus-page booklet of the slide deck used to present the concepts of the workshop as well as links to HUD Handbook 4350.3 and the IRS 8823 Guide.
Participants should use a calculator to complete the Novogradac Property Compliance Certification (NPCC) Exam.
Certificate of Attendance
Attendees of the workshop, regardless of whether they pass the NPCC Exam, will receive via email a certificate of attendance within 10 business days after the close of the testing window.
ONLINE Novogradac Property Compliance Certification (NPCC) Exam
The Online NPCC Exam is a 60-question, open-book exam with a 10-business-day time limit to complete beginning at 6 p.m. ET (3 p.m. PT) on Day 2 of the online workshop and ending 10 business days later. Questions are in multiple-choice and true/false format. Recordings of Days 1 and 2 of the workshop will be made available for candidates to review until access to the exam expires. Average completion time is between 2 and 5 hours.
In completing the exam-–in addition to reviewing recordings of Days 1 and 2–-candidates are allowed to consult links to the PDF of the workshop slide-deck, HUD Handbook 4350.3 and the 8823 Guide as well as research the Internet. However, in taking the exam, candidates agree to NOT consult with other people or retain or publish the exam questions or answers or provide access to the questions or answers to others.
A passing score on the NPCC exam is 48 out of 60 (80 percent). Upon completing the exam,candidates will be informed immediately through the exam software of whether they've passed or failed. The Novogradac Property Compliance Certification, NPCC ID, expiration date, renewal information, and other instructions will be emailed to those who pass the NPCC Exam within 10 business days after the close of the testing window.
Topics Covered in Workshop
- LIHTC Property Compliance Overview
- Roles of IRS, state agency, HUD, investors, developers, property managers
- IRS Form 8609 Line 8b and the definition of a “project”
- Tax credit period, compliance period and extended use period
- Credit recapture vs. credit disallowance
- Calculating credits – eligible basis, DDAs and QCTs, applicable fraction (treatment of exempt units), credit percentages
- Minimum set-aside (40-at-60 vs. 20-at-50 vs. average income)
- Minimum set-aside vs. applicable fraction
- Initial Lease-Up and First-Year Credits
- Initial qualification of units, first-year applicable fraction vs. 12/31 applicable fraction
- 15-year/two-thirds credits
- Deferring Year 1 of the credit period
- Tenant Certification Process
- Rental applications, verification forms,
- Tenant income certification (TIC) form, TIC effective date
- Initial certification vs. annual re-certifications
- Hold harmless
- · Related Rules
- Available unit rule
- Vacant unit rule
- Transferring tenants
- Full-time students
- Household Income
- Determining the household size
- Determining income limits
- Income inclusions and exclusions; whose income is included
- Examples – employment income with anticipated raise, seasonal/sporadic work, child support, regular cash contributions, self-employment
- Assets and Income from Assets
- Asset inclusions and exclusions
- Income vs. assets question
- The $5,000 cliff test
- Examples–checking and savings accounts, retirement accounts, revocable trusts, assets disposed of for less than fair market value
- Maximum rent limit–LIHTC rent limit calculation
- Deeper rent targeting
- Gross rent for unit–tenant paid rent, utility allowance, other non-optional charges
- Rent assistance - Section 8 and tenant based vouchers
- State Inspections and Correcting Noncompliance
- State agency compliance inspections and the 8823 process
- Classifications of noncompliance
- Correcting noncompliance
- Casualty events and federally declared disaster areas
- Record retention and management systems
- LIHTC Property Compliance Overview
Three or more registrants: $465/person ($415/person for nonprofits)
*The standard and nonprofit registration fee for live online workshops and for online workshop recordings covers a single viewer only. If multiple persons within an organization wish to view the workshop 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.
There are no reviews yet.