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- Demystifying the Tenant File Audit Process at Tax Credit Projects
Demystifying the Tenant File Audit Process at Tax Credit Projects
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Tuesday, December 5, 2017
2:00 – 3:30 PM EST
“By failing to prepare, you are preparing to fail.” Benjamin Franklin
About This Webcast
Does preparing for or participating in a tenant file audit by the State HFA, tax credit investor or other third-party cause you unnecessary anxiety? Perhaps you’re looking for some best practices for organizing your tax credit property’s tenant files. If you’re new to the LIHTC program or a compliance professional looking for a practical refresher training, this webcast is for you.
Join Vinnie Viola and Marie Peace (scroll down for bios) for a new 90-minute interactive training designed for multifamily professionals that process rental applications and tenant income certifications at the site-level or corporate office. The three-part training features: a) best practices for preparing for a file audit and organizing files for ease of review, b) brief overview of the types of noncompliance on IRS Form 8823 directly in the property manager’s control and c) several interactive on-screen exercises with sample tenant files. Vinnie and Marie have collaborated on other successful compliance trainings. They offer complementary perspectives as seasoned tax credit asset manager and affordable housing compliance expert, respectively. Attendees may submit questions for real-time discussion and participate in several on-screen exercises.
Prerequisite: Attendees should have a basic understanding of the LIHTC (Section 42) program and HUD Handbook 4350.3. This training focuses on LIHTC program requirements and will not consider compliance with other federal or state affordable housing programs.
Agenda
Part I – Preparing for the On-Site File Audit
Part II - Overview of Form 8823 and Types of Noncompliance with Tenant Files
Part III - Let’s Audit Several Tenant Files
Part IV – Checklist for Your Next File Audit
Is This Training for Me?
This webcast is designed for staff and projects stakeholders involved in reviewing, approving and auditing tenant files prior to move-in, at recertification. Asset managers that review tenant files on behalf of LIHTC fund investors would also benefit from this practical training.
Presenter Bios
Marie Peace, HCCP, C6P, NCP, FHS, is Vice President of Compliance at the Franklin Johnston Group, located in Virginia Beach, VA. Ms. Peace’s multifamily career began in 1995 as a Community Manager in Central Virginia. By 1996, Ms. Peace completed a new community lease up before the project even opened; soon after, she was promoted to Director of Compliance. This role included implementing policies and procedures relating to tax credit housing. Ms. Peace spent thirteen subsequent years working with A.J. Johnson Consulting Services completing asset management reviews and auditing files to determine compliance with LIHTC, HUD, HOME Funds, USDA-RD and other state or local housing programs. She also conducted physical inspections to ensure properties were well maintained and in compliance with ADA requirements. Her role with A.J. Johnson Consulting included reviewing files to determine if households would be deemed eligible under Section 42 or other housing programs. In doing so she typically reviewed between 8,000 and 10,000 files annually. Today, Ms. Peace is back to her roots working as Vice President of Compliance and overseeing tax credit compliance for some of the same properties she managed over fifteen years ago.
Vinnie Viola, MPA, HCCP, is Principal and Founder of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services and web-based and private trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years’ experience, Mr. Viola has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. In these roles, Mr. Viola participated in hundreds of investment committee meetings for prospective tax credit investments. He has proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Mr. Viola received his Bachelor of Arts in Geography with concentration in urban planning (magna cum laud) from the University of Massachusetts Boston and Master of Public Affairs from the University of Texas Dallas. He currently serves on NAHB’s Housing Credit Certified Professional (HCCP) Board of Governors and chairs the board's Professional Development subcommittee.
2:00 – 3:30 PM EST
“By failing to prepare, you are preparing to fail.” Benjamin Franklin
About This Webcast
Does preparing for or participating in a tenant file audit by the State HFA, tax credit investor or other third-party cause you unnecessary anxiety? Perhaps you’re looking for some best practices for organizing your tax credit property’s tenant files. If you’re new to the LIHTC program or a compliance professional looking for a practical refresher training, this webcast is for you.
Join Vinnie Viola and Marie Peace (scroll down for bios) for a new 90-minute interactive training designed for multifamily professionals that process rental applications and tenant income certifications at the site-level or corporate office. The three-part training features: a) best practices for preparing for a file audit and organizing files for ease of review, b) brief overview of the types of noncompliance on IRS Form 8823 directly in the property manager’s control and c) several interactive on-screen exercises with sample tenant files. Vinnie and Marie have collaborated on other successful compliance trainings. They offer complementary perspectives as seasoned tax credit asset manager and affordable housing compliance expert, respectively. Attendees may submit questions for real-time discussion and participate in several on-screen exercises.
Prerequisite: Attendees should have a basic understanding of the LIHTC (Section 42) program and HUD Handbook 4350.3. This training focuses on LIHTC program requirements and will not consider compliance with other federal or state affordable housing programs.
Agenda
Part I – Preparing for the On-Site File Audit
- Tenant File Format Consistency
- Property Information Binder
- Supplemental Third-Party Reports
- Audit Sample Size
Part II - Overview of Form 8823 and Types of Noncompliance with Tenant Files
Part III - Let’s Audit Several Tenant Files
- Audit Led by Presenter
- Application
- Tenant Income Certification (TIC)
- 3rd Party Verifications
- Lease
- Interactive Audit — What Catches Your Eyes
Part IV – Checklist for Your Next File Audit
Is This Training for Me?
This webcast is designed for staff and projects stakeholders involved in reviewing, approving and auditing tenant files prior to move-in, at recertification. Asset managers that review tenant files on behalf of LIHTC fund investors would also benefit from this practical training.
- Regional property managers
- Site management staff
- HFA staff involved in audit of LIHTC project files
- LIHTC asset managers and analysts
- Others interested in learning about LIHTC compliance best practices for tenant files
Presenter Bios
Marie Peace, HCCP, C6P, NCP, FHS, is Vice President of Compliance at the Franklin Johnston Group, located in Virginia Beach, VA. Ms. Peace’s multifamily career began in 1995 as a Community Manager in Central Virginia. By 1996, Ms. Peace completed a new community lease up before the project even opened; soon after, she was promoted to Director of Compliance. This role included implementing policies and procedures relating to tax credit housing. Ms. Peace spent thirteen subsequent years working with A.J. Johnson Consulting Services completing asset management reviews and auditing files to determine compliance with LIHTC, HUD, HOME Funds, USDA-RD and other state or local housing programs. She also conducted physical inspections to ensure properties were well maintained and in compliance with ADA requirements. Her role with A.J. Johnson Consulting included reviewing files to determine if households would be deemed eligible under Section 42 or other housing programs. In doing so she typically reviewed between 8,000 and 10,000 files annually. Today, Ms. Peace is back to her roots working as Vice President of Compliance and overseeing tax credit compliance for some of the same properties she managed over fifteen years ago.
Vinnie Viola, MPA, HCCP, is Principal and Founder of Birch Island Real Estate Consulting, LLC. His company provides asset management consulting services and web-based and private trainings to owners, developers, operators and investors of multifamily housing funded with LIHTC equity. With over 25 years’ experience, Mr. Viola has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes ten years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. In these roles, Mr. Viola participated in hundreds of investment committee meetings for prospective tax credit investments. He has proactively managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed equity. Mr. Viola received his Bachelor of Arts in Geography with concentration in urban planning (magna cum laud) from the University of Massachusetts Boston and Master of Public Affairs from the University of Texas Dallas. He currently serves on NAHB’s Housing Credit Certified Professional (HCCP) Board of Governors and chairs the board's Professional Development subcommittee.