Conquer Low-Income Housing Tax Credit Compliance

Created by Amanda Lee Gross, VP of Training & Compliance Policy, the “Conquering Low-Income Housing Tax Credit (LIHTC) Compliance” is a two-day course specially designed to assist affordable housing professionals in conquering LIHTC project compliance.

What You Can Expect From This Training

US Housing Consultant's Gary Kirkman will delve deep into the Low-Income Housing Tax Credit laws and regulations, while also providing real-world examples with practical application. This engaging and interactive session utilizes numerous examples and exercises to ensure attendees complete the session with a thorough comprehension of how to maintain project compliance and why it is so important to do so.

Monitoring the entire project’s compliance is the part of LIHTC Compliance that is often the most complex and challenging to understand. For instance, Randy will review the rules around annual credit calculations, and income and rent limits, which can often be incredibly complicated. Additionally, Randy will review the regulations regarding working with minimum set-asides and project allocation to handling deep targets and all of the most critical reporting requirements as well as compliance standards for household eligibility, which can be among the most vital to ensuring a property continues to meet the IRS standard.

Topics will include, but not limited to:

• Calculation of earned income and income from assets, and unearned income.
• Leasing Requirements & Student Eligibility
• Handling Project Set-Asides and Eligible Basis
• Calculating Rent Limits and Handling Utility Allowances
• Learn best practices for ensuring that you are always in compliance.

Accredited Compliance Expert (A.C.E) Exam

Attendees will have the option of taking US Housing Consultant's LIHTC Accredited Compliance Expert (A.C.E) Designation. The LIHTC A.C.E Certification is a specialized designation for affordable housing management professionals either developing or owning an LIHTC project or assisting in determining eligibility for those who will be residing at the property.

Professionals holding this designation have a demonstrable and thorough understanding of determining household eligibility, rent, how the project was developed, and much more for the Low-Income Housing Tax Credit program.

What You Will Takeaway

• Instructor: Gary Kirkman 
• Type of Instruction - Virtual Training
• Certificate of Attendance Provided (within 7 business days after the training)
• Continuing Education Hours (CE Hours): 16.5 Hours (5.5 hours per day)
• Reference Manual Provided: PDF Manual 

Agenda

Part 1: Processing Applications & Certifications

1. Applications & Screening
2. Interviews
3. Occupancy Standards, Preferences & Restrictions
4. Household Size
5. Verification Requirements

Part 2: Student Eligibility

1. Definition of Full-time Student & the Student Calendar
2. Definition of Educational Organization
3. Student Exceptions
4. HFA Requirements & Interpretations
5. Monitoring Student Status

Part 3: Determining Income

1. Method of Determining Income
2. Overview of Income Inclusions
3. Overview of Income Exclusions
4. Earned Income Sources
5. Unearned Income Sources

Determining Asset Income

1. Introduction to Assets
2. Asset Inclusions & Exclusions
3. Disposed Assets
4. Personal Property
5. Review of Common Assets
6. Imputing Asset Income

Part 5: Leasing & Certification Requirements

1. Tenant Income Certification Form
2. Lease Requirements
3. Recertification Requirements

Part 6: Allocation Process

1. Introduction
2. Key Players
3. Application for Credits
4. Qualified Allocation Plan
5. Credit Reservation

Part 7: Development & Lease Up

1. Placing in Service
2. Carry-over Allocation
3. Set-Aside Elections
4. Income & Rent Limits
5. Calculating & Claiming Credits

Part 8: Ongoing Compliance Requirements

1. Available Unit Rule & Vacant Unit Rule
2. Unit Transfers
3. Record Retention
4. Compliance Monitoring
5. Non-Compliance

Part 9: Acquisition/Rehab

1. Allocation & Calculation of Acq/Rehab Credits
2. Claiming Acq/Rehab Credits
3. Certifying Existing Households
4. Federally Funded Projects - URA
5. Resyndication

Part 10: LIHTC Layered with Other Programs & Laws

1. LIHTC & Tax-Exempt Bonds
2. LIHTC & HOME Funds
3. LIHTC & Section 8
4. LIHTC & RD
5. LIHTC & Fair Housing/ADA

Note: Training will be conducted in accordance with HOTMA regulatons. Some information may be supplied to attendees as supplemental.