LIHTC 202: Year 15 Overview

Wednesday, May 16, 2018 - 9:00am to 3:00pm


Cost with conference registration: $450
Workshop only: $550

Instructors

Brent Parker workshop headshot

Brent Parker, CPA
Principal
Novogradac & Company LLP

panelist head shot for webinar - alex teich

Alex Teich, CPA
Manager
Novogradac & Company LLP

Christina Pham headshot workshop

Christina Pham
Director - Portfolio Dispositions
WNC

Prerequisite: Throughout the workshop there will be group break-out sessions where the panelist will compare the topics discussed to actual documents. Attendees are highly encouraged to bring copies of their partnership agreements and other documents related to Year 15 to use during the break-out sessions. 

Understanding your options under the partnership agreement
Discuss various purchase and sale options in partnership agreements, followed by a review of partnership documents to identify key language regarding right of first refusal, put option, call option, etc.

Agenda*

*Agenda from 2017 Conference, new agenda forthcoming.

9-9:15 a.m. Year 15 Overview
9:15-9:30 a.m.

Capital Account Basics

  • Understanding capital accoutns and how they impact year 15 exits.
9:30-10:15 a.m.

Special rules for nonprofit right of first refusal

  • Discuss right of first refusal under IRC 42(i)(7)
10:15-10:50 a.m.

Understanding the economics of the limited partner exit

  • Discuss key information needed to calculate gain/loss on exit, cash flow split, and exit taxes.  Review how capital accounts affect cash waterfall.  Case study will be provided, but please bring your own documents.

10:50-11 a.m. Break
11-11:30 a.m.

Understanding the economics of the limited partner exit (continued)

  • Discuss key information needed to calculate gain/loss on exit, cash flow split, and exit taxes.  Review how capital accounts affect cash waterfall.  Case study will be provided, but please bring your own documents.
11:30 a.m.-Noon Buying property vs. buying LP partnership interest
  • Discuss the economics under various scenarios and how it can affect re-syndication.
Noon-1 p.m. Lunch
1-1:30 p.m. Early exit by limited partner
  • Discuss pros and cons of early exits and reasons why both parties may or may not want an early exit.
1:30-1:50 p.m.

Resyndication

  • Discuss 10-year hold rule, tack back rule, grandfathering tenants, and resetting rent & income limits in acq/rehab projects. 
1:50-2 p.m. Break
2-2:30 p.m. Qualified Contracts
  • Brief 30,000 foot view of qualified contracts; and pros and cons of exercising qualified contract.
2:30-3 p.m.

Final Tips and Q&A

  • Discuss how to plan for a successful Year-15 transaction and questions you may have.