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Novogradac Online LIHTC Property Compliance Workshop - (June 2021)
The online workshop airs both days from 11:30 a.m. to 5 p.m. ET (8:30 a.m. to 2 p.m. PT).
The Novogradac Online LIHTC Property Compliance Workshop is an 11-hour, two-day course, led by knowledgeable instructors, to provide attendees with the most up-to-date low-income housing tax credit (LIHTC) compliance knowledge and industry trends critical to owners and property managers. At the conclusion of the workshop, attendees have the opportunity to pass an exam to obtain the Novogradac Property Compliance Certification (NPCC), an accreditation for members of the LIHTC community.
Group Instruction: Day 1 - 11:30 a.m. to 5 p.m. ET (8:30 a.m. to 2 p.m. PT)*
Group Instruction: Day 2 - 11:30 a.m. to 5 p.m. ET (8:30 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
*Each day will have a 10-minute break after the first hour and ten minutes of instruction. The second break of the day will be a 30-minute break at approximately the 2.5-hour mark. The third and final break of the day will be a 10-minute break occurring at approximately one hour and ten minutes after the 30-minute break ends.
All attendees will receive a link to access the pdf of the 175-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 5 business days after the close of the exam window.
Novogradac Property Compliance Certification (NPCC) Exam
The NPCC Exam (offered exclusively online) 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. Test takers should budget at least 2 to 5 hours to complete the exam.
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 platform of whether they've passed or failed. Each attendee is afforded TWO attempts to take the exam during the exam window. Those who do not pass on their first attempt will receive instructions from the exam platform of how to login and make a second attempt. The second attempt must be completed within the same 10 business days.
Those who pass the NPCC Exam will receive their certification, NPCC ID number, expiration date, renewal information, and other instructions via email within 5 business days after the close of the testing window.
NOTE: The 10-business-day window provides ample time for all test takers to complete the exam. Accordingly, the exam window WILL NOT be extended beyond the original 10 business days.
Retaking the NPCC Exam
Workshop attendees who do not achieve a passing score on the NPCC Exam proctored after their respective workshop may retake the exam in one of two ways:
- Attend a subsequent session of the workshop and take the exam again. Contact [email protected] to obtain a 40% discount on the workshop and accompanying NPCC Exam if you last took the NPCC Exam within the previous 12 months.
- Retake the NPCC Exam (without the workshop) by sending an email to [email protected] so our Help Desk can assist you in registering. The NPCC Exam Retake is available only to those who previously attended the Novogradac LIHTC Property Compliance Workshop. The standard rate for the NPCC Exam Retake is $125 ($100 for nonprofits). The Retake will still be open-book and open-internet and recordings of Day 1 and Day 2 of the most recent workshop will again be made available. Each NPCC Exam Retake occurs within a specific 10-business-day window within the weeks following the orginal NPCC Exam window of the most recent online workshop. The exact dates of the NPCC Exam Retake window (as well as the last day to register) will be sent via email to attendees of the most recent workshop who did not pass the exam. CAUTION: There is no guarantee that a person will pass the NPCC Exam on the retake. In fact, because they are that much further removed from live instruction, those who retake the test commonly score worse on the retake than they did on the original.
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
- 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)
- Calculating recapture and disallowance of credits
- 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
- Related Rules
- Available unit rule
- Vacant unit rule
- Transferring tenants
- Full-time students
- Household Income
- 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
- The $5,000 cliff test
- Examples–checking and savings accounts, retirement accounts, 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 Avoiding Recapture
- State agency compliance inspections and the 8823 process
- Correcting noncompliance
Three or more registrants: $465/person ($415/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 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.