Mapping Low-Income Housing Tax Credits - From Cost Certification to the Partnership’s Tax Return
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New Live Webcast for 2023
Thursday, April 6, 2023
2:00 – 3:30 pm EDT
INTRODUCTION
Seasoned multifamily asset manager and webcaster Vinnie Viola maps the flow of Low-Income housing Tax Credits (LIHTC) on a journey from the partnership’s Cost Certification to the annual tax return in this new 90-minute training. Tax credit professionals: If your job responsibilities include reviewing the credit amount in a LIHTC cost certification, confirming content on Form(s) 8609 or annual credit amount in a partnership’s annual tax return, and you’re looking to build your working knowledge, this webcast is for you.
This training examines credit flow for a 4% acquisition rehabilitation (4% A/R) project consisting of one high-rise LIHTC building. The webcast begins with an excerpt of a partnership’s cost certification, covering terms such as depreciable costs, eligible basis, applicable fraction, qualified basis, applicable percentage and much more. Then, the presenter provides an overview of Form 8609, Low-Income Housing Credit Allocation and Certification, the much-celebrated form issued by Housing Credit Agencies. The training then dives into the 4% A/R project’s annual tax return, weaving a story from Form 8586, Forms 8609-a, Schedule K and finally to Schedules K-1, for the latter, detailing the investor limited partner’s and general partner’s 99.99% and 0.01% allocation of annual credits, respectively. The training concludes with a case study on the 10-year credit period for the subject partnership, followed by a demonstration of that million dollar question: What is a tax credit and how does It work?
A basic understanding of the LIHTC program is ideal for this intermediate-level training.
Disclaimer: Vinnie is an end-user of various tax credit documentation prepared by CPA firms’ tax and audit professionals. As such, he is not qualified to provide tax or legal advice on actual LIHTC partnerships and their legal structures.
OBJECTIVES
IS THIS TRAINING FOR ME?
This intermediate training is ideal for tax credit professionals that review various foundational tax credit documentation to confirm a partnership’s ‘projected’ 10-year credit amount with amounts certified in the cost certification and 8609s and ultimately claimed on the myriad tax return forms and schedules:
ABOUT THE PRESENTER
Vinnie Viola is principal of Birch Island Real Estate Consulting, LLC, celebrating its 10th anniversary in 2023. Birch Island provides consulting services and training to owners, developers, operators and investors of affordable housing funded with Low-Income Housing Tax Credit (LIHTC) equity. With more than 30 years of experience, Vinnie has worked in for-profit, not-for-profit and government organizations that develop, invest in, manage and regulate affordable housing with LIIHTC equity. He has deep expertise in multifamily asset management best practices. Vinnie’s resume includes ten years in various leadership roles at Boston Financial Investment Management and then Boston Capital. He actively participated in hundreds of investment committee meetings for prospective tax credit investments and reviewed thousands of partnership tax returns against investment objectives. He has proactively asset managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor-contributed tax credit equity. Vinnie received a BA in Geography from the University of Massachusetts, Boston and an MPA from the University of Texas, Dallas. He completed the certificate in real estate finance program at Boston University’s Metropolitan College. From 2013-2017, he served on NAHB’s Housing Credit Certified Professional (HCCP) Board of Governors and chaired the board's professional development committee. From November 2019 to January 2023, Vinnie served as Director of Asset Management at non-profit multifamily developer Madison Park Development Corporation located in Nubian Square, Roxbury, MA.
Photo by Alexander Andrews on Unsplash.com
Thursday, April 6, 2023
2:00 – 3:30 pm EDT
INTRODUCTION
Seasoned multifamily asset manager and webcaster Vinnie Viola maps the flow of Low-Income housing Tax Credits (LIHTC) on a journey from the partnership’s Cost Certification to the annual tax return in this new 90-minute training. Tax credit professionals: If your job responsibilities include reviewing the credit amount in a LIHTC cost certification, confirming content on Form(s) 8609 or annual credit amount in a partnership’s annual tax return, and you’re looking to build your working knowledge, this webcast is for you.
This training examines credit flow for a 4% acquisition rehabilitation (4% A/R) project consisting of one high-rise LIHTC building. The webcast begins with an excerpt of a partnership’s cost certification, covering terms such as depreciable costs, eligible basis, applicable fraction, qualified basis, applicable percentage and much more. Then, the presenter provides an overview of Form 8609, Low-Income Housing Credit Allocation and Certification, the much-celebrated form issued by Housing Credit Agencies. The training then dives into the 4% A/R project’s annual tax return, weaving a story from Form 8586, Forms 8609-a, Schedule K and finally to Schedules K-1, for the latter, detailing the investor limited partner’s and general partner’s 99.99% and 0.01% allocation of annual credits, respectively. The training concludes with a case study on the 10-year credit period for the subject partnership, followed by a demonstration of that million dollar question: What is a tax credit and how does It work?
A basic understanding of the LIHTC program is ideal for this intermediate-level training.
Disclaimer: Vinnie is an end-user of various tax credit documentation prepared by CPA firms’ tax and audit professionals. As such, he is not qualified to provide tax or legal advice on actual LIHTC partnerships and their legal structures.
OBJECTIVES
- Explain tax credit calculation nuances for a 4% A/R project.
- Identify key exhibits in a cost certification that detail a partnership’s projected annual credit amount.
- Compute the annual credit amount from details on Form 8609.
- Trace credit flow through the applicable forms and schedules in a LIHTC partnership’s tax return.
IS THIS TRAINING FOR ME?
This intermediate training is ideal for tax credit professionals that review various foundational tax credit documentation to confirm a partnership’s ‘projected’ 10-year credit amount with amounts certified in the cost certification and 8609s and ultimately claimed on the myriad tax return forms and schedules:
- Asset management analysts
- Asset managers and portfolio managers reviewing annual tax returns on behalf of LIHTC investors.
- Real estate development project managers and analysts
- Staff at state housing agencies that allocate LIHTC to taxpayers.
- Non-LIHTC equity project funders and other project stakeholders interested in expanding their working knowledge of tax credits.
ABOUT THE PRESENTER
Vinnie Viola is principal of Birch Island Real Estate Consulting, LLC, celebrating its 10th anniversary in 2023. Birch Island provides consulting services and training to owners, developers, operators and investors of affordable housing funded with Low-Income Housing Tax Credit (LIHTC) equity. With more than 30 years of experience, Vinnie has worked in for-profit, not-for-profit and government organizations that develop, invest in, manage and regulate affordable housing with LIIHTC equity. He has deep expertise in multifamily asset management best practices. Vinnie’s resume includes ten years in various leadership roles at Boston Financial Investment Management and then Boston Capital. He actively participated in hundreds of investment committee meetings for prospective tax credit investments and reviewed thousands of partnership tax returns against investment objectives. He has proactively asset managed thousands of rental units in hundreds of investment partnerships, comprising over $1 billion in investor-contributed tax credit equity. Vinnie received a BA in Geography from the University of Massachusetts, Boston and an MPA from the University of Texas, Dallas. He completed the certificate in real estate finance program at Boston University’s Metropolitan College. From 2013-2017, he served on NAHB’s Housing Credit Certified Professional (HCCP) Board of Governors and chaired the board's professional development committee. From November 2019 to January 2023, Vinnie served as Director of Asset Management at non-profit multifamily developer Madison Park Development Corporation located in Nubian Square, Roxbury, MA.
Photo by Alexander Andrews on Unsplash.com