Novogradac Online LIHTC Property Compliance Workshop (APR 2016)

Tuesday, April 19, 2016 - 9:00am to Wednesday, April 20, 2016 - 2:00pm

Description

The Novogradac LIHTC Property Compliance Workshop is a 10-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 official accreditation for members of the LIHTC community.

Instructors

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webinars headshot panelist jillian toole

 

Wayne Michael, CPA, NPCC, HCCP
Director of External Education
Novogradac & Company LLP

Jillian Toole, NPCC, HCCP, NCP-E
LIHTC Compliance Specialist
Novogradac & Company LLP

 

Schedule:

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 48 hours 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.

Materials:

All attendees will receive a link to access the PDF of the 180-plus-page booklet of the slide deck we use to present the concepts of the workshop as well as links to HUD Handbook 4350.3 and the IRS 8823 Guide.

ONLINE Novogradac Property Compliance Certification (NPCC) Exam:

The Online NPCC Exam is a 60-question, open-book exam with a 48-hour time limit to complete beginning at 6 p.m. ET (3 p.m. PT) on Day 2 of the online workshop and ending 48 hours 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. Although candidates will have 48 hours to complete the exam, once they begin the exam they must complete it in one sitting without closing their browser. Therefore, candidates should leave themselves adequate time to complete the exam in one sitting. Average completion time is between 2 and 4 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 slidedeck, 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. Those who pass the exam may print a certificate from the exam software and may expect to receive via email from kirsten.yamada@novoco.com within five business days a copy of the fancy, professional looking NPCC certificate.

Topics Covered in Workshop:

  • LIHTC Property Compliance Overview
    • IRS, state agency, HUD, investors, developers, property managers
    • Calculating credits – eligible basis, DDAs and QCTs, applicable fraction, credit percentages
    • Tenant certification process – household size, verification forms, TIC effective date, initial certification vs. annual recertifications
  • Related Rules
    • Compliance period vs. credit period vs. extended use period
    • More on applicable fraction; exempt units
    • Minimum set-aside
    • Full-time students
    • Available unit rule
    • Unit vacancy rule
    • Transferring tenants
  • Household Income
    • Inclusions and exclusions
    • Examples – employment income with anticipated raise, seasonal/sporadic work, child support (sporadic), 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, revocable trusts, assets disposed of for less than fair market value
  • Rent
    • 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
  • Initial Lease-Up and First-Year Credits
    • Initial qualification of units, first-year applicable fraction vs. 12/31 applicable fraction, deferring Year 1 of the credit period
    • Initial lease-up strategy
    • Form 8609 Line 8b multiple building election
    • Acq/rehab issues – tack-back rule, certifying existing vs. new tenants, safe harbor for over-income tenants
  • State Inspections and Avoiding Recapture
    • Calculating recapture
    • State agency compliance inspections and the 8823 process
    • Correcting noncompliance