Understand the steps you can or should be taking as the LIHTC project enters Year 15.
This panel is intended for owners (for-profit and non-profit) and property managers who are involved in Low-Income Housing Tax Credits (LIHTC) projects to understand the steps they can or should be taking as their LIHTC project enters Year 15. Year 15 is the end of the IRS 15-year LIHTC compliance period and can be an opportunity for the LIHTC owners to restructure their project ownership and explore possible redevelopment and refinancing opportunities including a possible sale, refinance, investor exit, new LIHTC financing and homeownership conversion. The presentation will explain the typical ownership structure in LIHTC projects, what the options are for owners in year 15, what the LIHTC project documents usually provide as to Year 15, as well as discussion topics with the LIHTC equity investor for year 15. This panel will cover the Rights of First Refusals and Purchase Options, which are often negotiated in LIHTC projects, especially with non-profit sponsors of LIHTC projects. Finally, the presentation will describe the considerations a LIHTC owner should review about their project as well as what notices and approvals may be required in connection with Year 15.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
LIHTC Ownership Through Year 15
- An Overview of the LIHTC Ownership Structure
- Different Viewpoints of Parties in Approaching Year 15
- Planning for Year 15 (Physical, Financial, and Legal Condition of the Property)
Major Contractual Considerations
- Identifying Existing Restrictions
- How to Discuss With Equity Investor
- Year 1 Contracts (Purchase Options and Rights of First Refusal)
Resyndication and Tax Considerations
- Qap and Political Considerations for the Project
- Financial Considerations for Resyndications
- Eligibility for Acquisition Tax Credits
Homeownership Opportunities
- Extended Use Restrictions Preventing Homeownership Uses
- Lease Purchase Under Section 42(G)(C)
- Real Estate Considerations for Homeownership
Questions and Answers
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 17, 2023.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 66 Minutes.
- NM CLE 1.1
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.1 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VA CLE 1.0
- This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.
This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jake Greenberg
Reno & Cavanaugh, PLLC
- Associate Attorney at Reno & Cavanaugh, PLLC
- Member of ABA Forum on Affordable Housing and Community Development Law, Virginia Bar and D.C. Bar
- University of Virginia School of Law, J.D.; Brandeis University, Bachelor of Arts in Business and Environmental Studies
Stuart D. Poppel
Poppel Law LLC
- Poppel Law LLC
- Concentrates practice on representing both for-profit and non-profit developers of affordable rental housing
- Over 25 years, has closed over 200 Low Income Housing Tax Credit projects for developers
- As well as investors across the country
- Projects have also utilized state tax credits, the historic rehabilitation tax credit and solar and energy tax credits as well as various forms of federal financing such as HUD’s HOME, CDBG and Rental Assistance Demonstration Program (and previously HUD Hope VI and HUD Mixed Finance Programs)
- J.D., Emory University School of Law, 1994; B.A., Political Science, Johns Hopkins University, 1991
Martin Walsh
Reno & Cavanaugh, PLLC
- Member at Reno & Cavanaugh PLLC
- Specializes in providing legal assistance structuring, financing and closing multifamily affordable housing developments for range of clients across the country including nonprofit and for-profit developers, public housing authorities, other public agencies, and lenders
- Provide legal assistance structuring, financing and closing multifamily affordable housing developments for range of clients across the country including public housing authorities, nonprofit and for-profit developers, public agencies, and lenders.
- Represent major national bank as lender’s counsel on affordable housing transactions involving federal low income housing tax credits, tax-exempt bonds, HUD assistance and other state and local funding sources.
- Possess expertise with all major affordable housing funding programs including Rental Assistance Demonstration program, Faircloth-to-RAD, FHA mortgage insurance, Section 8 project based rental assistance, HUD 202/811, HOPE VI, Choice Neighborhoods, Public Housing Capital and Operating funds, Moving-to-Work funding, federal low income housing tax credits, tax exempt bonds, HOME funds, CDBG funds, Federal Home Loan Bank Affordable Housing Program funds, Neighborhood Stabilization Program funds, ARRA funding and other public and private sources.
- Wharton School of Business, M.B.A., Real Estate; University of Pennsylvania Law School, J.D.; Pennsylvania State University, B.A. in Philosophy
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