Partnership Agreement Essentials for LIHTC Projects - Developer & Investor Perspectives (TC Series Part I)
Tuesday, September 25, 2018
2:00 - 3:30 PM EDT
About the Training
So, what exactly is the purpose of a limited partnership agreement# (LPA) in project that leverages Low-Income Housing Tax Credit (LIHTC) equity to construct affordable rental housing? Indeed, It is the binding contract that specifies the business terms, conditions, expectations, etc, between the tax credit investor and general partner (often affiliated with the developer). So, if you work in an organization that develops, operates or invests in LIHTC multifamily housing and would benefit from seasoned experts’ insights on the LPA, this training is for you. Join host Vinnie Viola and special guests Lewis Brown of Vesta Corporation and Troy Pohlkamp of Red Stone Equity Partners for an enlightening discussion between the parties that negotiate the essential contents in the LPA. Learn first-hand how the developer and investor view real and perceived risks and how this can impact equity pricing, capital contributions and much more.
- Training AgendaPurpose of Limited Partnership Agreement
- Partnership Formation & Structure
- Ancillary Legal Agreements
- What You REALLY Need To Understand in the LPA
- Capital Contributions
- Projected Tax Credit Amount & Equity Adjusters
- Rights, Powers & Obligations of the GP
- GP Limitation on Authority
- ILP Rights
- Cash Waterfall and Distributions
- Lifecycle Reporting Obligations
- LPA Exhibit - LIHTC Financial Model
- Year-15 Dispositions
- Industry Updates – Impact of Potential Tax Reform on LIHTC Partnerships
- Tips for Successfully Managing a LIHTC Partnership
Is This Training For Me?
This training is ideal for tax credit professionals that need to understand the key sections in the LPA and the competing perspectives between partnership stakeholders, i.e. the general partner and investor limited partner##:
- General partners, managing members, developers and guarantors
- Multifamily acquisition and underwriting professionals
- Asset Managers that interact with tax credit project stakeholders
- Senior property management staff
- Others interested in a developer’s perspective on LIHTC LPAs
Contact Vinnie with questions about the training at 617-905-6340 or firstname.lastname@example.org.
About the Presenters
Lewis Brown is Executive Vice President of Vesta Corporation located in Weatogue, Connecticut. He joined Vesta in 2005, and since that time has developed an expertise in multifamily deal identification, feasibility analysis, development planning and implementation, and construction oversight. Currently, Lewis is focused on growing Vesta’s multifamily portfolio of 7,500 units in 44 project with responsibilities that include identifying new acquisition opportunities, negotiating with sellers, and securing various sources of capital including LIHTC equity. Before joining Vesta, Lewis worked as Assistant Corporation Counsel for the City of Boston, which included litigation and transactional issues related to real estate, contracts, and construction. Earlier in his career, he was an associate attorney at the Boston law firm of Atwood & Cherny. Lewis graduated summa cum laude from Suffolk University Law School and with honors from the University of Michigan.
Troy Pohlkamp, as Chief Credit Officer, eads the real estate underwriting of prospective real estate investments and is responsible for the overall review and approval of each of Red Stone Equity Partners, LLC’s affordable housing transactions. Troy has more than 20 years of real estate investment and LIHTC experience, having previously served in various roles within Red Stone’s portfolio management group, including Director of Asset Management. Prior to joining Red Stone, Troy spent four years at another national tax credit syndicator as an asset manager where he was responsible for overseeing a portfolio of LIHTC investments located throughout the United States. Troy is a graduate of the University of Wisconsin-Whitewater, where he received a Bachelor of Business Administration in Finance.
Vinnie Viola, HCCP, MPA, is Principal of Birch Island Real Estate Consulting, LLC. BIREC 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, Vinnie has worked in for-profit, government and not-for-profit organizations that invest in, manage and regulate affordable housing. His career includes 10 years in various leadership roles at Boston Financial Investment Management and Boston Capital, through which he gained expertise with asset management best practices. He actively participated in hundreds of investment committee meetings for prospective tax credit investments and has asset managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor contributed tax credit equity. Vinnie received a Bachelor of Arts in Geography with concentration in urban planning from the University of Massachusetts Boston and a Master of Public Affairs from the University of Texas Dallas. He is an active member of NH & RA's Asset Management Council, a unique peer network that convenes affordable housing executives from multifamily development firms as well as syndicators, tax credit investors and lenders, to develop operational best practices. From 2013-2017, he served on NAHB’s Housing Credit Certified Professional (HCCP) Board of Governors and chaired the board's professional development committee.
# In the case of a limited liability company (LLC), an operating agreement.
## In an LLC, managing member and non-managing member.