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After the Closing: Maximizing Value and Avoiding Pitfalls at
Tax Credit Properties
April 26 & 27, 2007
Loews Coronado Bay Resort
San Diego, CA
Sponsors:
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Who Should Attend
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Experienced developers, syndicators and others
involved in the ownership and operation of housing tax credit properties who
seek proven strategies to maximize profits and avoid common pitfalls.
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Investors, lenders, property managers and others in the housing financing
community
looking for a comprehensive overview of the most critical business, tax and
regulatory issues affecting the long-term viability of today's tax credit
properties.
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State and local housing agency staff
interested in keeping current on recent trends relating to the ownership,
operation and asset management of tax credit properties.
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Real estate and tax attorneys, accountants and other professional advisors
to the tax credit community who need the latest business, tax and accounting
information to help owners maximize opportunities and mitigate risks during the
various stages of a tax credit property's lifecycle.
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Why You Should Attend
For sophisticated practitioners, the challenges of operating a low-income
housing tax credit project go beyond the intricacies of the credit rules
themselves. A tax credit project faces numerous challenges during its
lifecycle. Navigating through these challenges and seizing opportunities
requires a comprehensive understanding of the complex business, legal and
accounting issues facing today's tax credit properties.
In addition to providing solutions to the most serious problems facing owners of
tax credit properties, this course will provide the tools to solve problems
before they occur and the strategies to unlock value at all stages of a tax
credit property's lifecycle. Topics to be discussed include best practices in
asset management and compliance; working with government agencies; ownership
transfers during the compliance period; understanding early warning signs; and
successfully creating value in Year 15.
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The Speakers
Scott Arrighi
Vice President, Acquisitions
Boston Capital
Boston, MA
Charles Anderson
Director of Asset Management/Senior VP of JHRA, John Hancock Realty Advisors
Inc.
Boston, MA
Dana Brown
Fannie Mae
Boston, MA
James F. Duffy, Esq. ** [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Brad Elphick, CPA
Principal
Novogradac & Company LLP
Alpharetta, GA
Thomas A. Giblin, Esq. ** [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Michael H. Gladstone, Esq.
Principal
MMA Financial LLC
Boston, MA
Richard S. Goldstein, Esq. [
bio ]
Partner
Nixon Peabody LLP
Washington, DC
Harry J. Kelly, Esq. [
bio ]
Partner
Nixon Peabody LLP
Washington, DC
Michael Kotin, CPA
Principal
Kay-Kay Realty
Scottsdale, AZ
Tom Mangum
Vice President
National Tax Credit Advisory Group
CB Richard Ellis
Columbus, Ohio
Forrest David Milder, Esq. [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Roshni Patel
Manager
Ernst & Young LLP
Boston, MA
Armando Perez
Principal
MMA Financial
Boston, MA
Jeanne Peterson, JD
Co-Managing Principal
Reznick Group, P.C.
Sacramento, CA
Stephen D. Roger
Senior Vice President of Capital Transactions
Centerline
New York, NY
Robert L. Sheppard
Senior Director
National Tax Credit Property Advisors
Marcus & Millichap, Seattle, WA
Monica H. Sussman, Esq. [
bio ]
Partner
Nixon Peabody LLP
Washington, DC
Deborah L. Thaxter, Esq. [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
**Planning Committee
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Agenda
Wednesday, April 25, 2007
3:00 - 5:30 PM
Optional Pre-Conference Workshop: Tax Credit Basics
For those new to the tax credit program or desiring a refresher, this workshop
will provide a succinct introduction to the low-income housing tax credit
program and an overview of the basic rules governing the low-income housing tax
credit. Topics include:
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How tax credits fit into the development and financing of your project
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How to calculate the amount of tax credits
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9% vs. 4% tax credit
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The applicable rent and income restrictions
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Credit allocation at the state level: qualified allocation plans, set-asides
and more
Thursday, April 26, 2007
7:30 A.M. - 8:30 A.M.
Continental Breakfast and Registration
8:30 A.M.
Introduction and Overview
Laying the foundation for long-term operating success, this general overview
looks at the tax credit property's lifecycle and the unique opportunities and
challenges facing tax credit properties during the tax credit compliance
period.
9:00 A.M.
Hot Topics in Compliance: Best Practices in Management and Compliance
Business as usual is not enough to guarantee success for today's sophisticated
and complex projects. This panel will address the most challenging compliance
issues facing today's tax credit properties. Topics include:
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Understanding lease-up strategies in weak markets and maximizing first-year
credit delivery
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Managing mixed-income/mixed-use properties
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Maintaining long-term market advantage in challenging markets
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Applying correction techniques: solving compliance violations
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Challenging fair housing issues
10:15 A.M.
Coffee Break
10:30 A.M.
Working with Government Agencies: Developing and Maintaining Strong
Relationships During the Compliance Period
Government agencies can offer an extensive wealth of experience and expertise
to owners of today's tax credit properties. This panel will focus on practical
tips for developing strong relationships between property owners and tax
credits agencies, such as HUD and the IRS, to create successful projects. This
panel will address:
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Tax credit agency perspective on asset management and compliance
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Compliance monitoring after the compliance period
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The latest HUD compliance issues
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REAC and other physical inspection requirements
12:00 P.M.
Complimentary Networking Lunch
1:15 P.M.
Beyond Asset Management: Working with Your Investor to Improve Efficiency and
Maximize Profits
This panel will focus on the key aspects of the developer/investor relationship
and offer specific examples for each to follow when working together to
maximize profits for both during the compliance period. Topics will include:
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Understanding the asset management function
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Utilizing best practices in asset management
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Satisfying key reporting requirements
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Conducting effective property inspections
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Efficiently processing requests for capital contribution installments
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Maximizing synergies for projects with multiple phases
2:15 P.M.
Sophisticated Legal, Tax and Accounting Issues
This panel of nationally recognized industry leaders will provide their
perspectives - and solutions - surrounding the most critical legal, tax and
accounting issues facing owners of tax credit properties during the compliance
period. Topics include:
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Structuring construction overruns and tax credit adjuster payments
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Understanding and avoiding recapture penalties
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Avoiding a reallocation of credits when projections fail to materialize
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Structuring (and restructuring) fees and other compensation paid to partners
and affiliates
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Managing an IRS Audit
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Learning about tax credit rules applicable to casualty/ condemnation events
3:15 P.M.
Coffee Break
3:30 P.M.
Ownership Changes During the Compliance Period: Structuring General Partner
Transfers and Secondary Market Sales
Those with hands-on experience will discuss the critical business issues to
consider when handling ownership transfers during the compliance period.
Relevant issues include:
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Considering various issues when buying an existing tax credit property
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Understanding recapture rules; posting recapture bonds
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Comprehending general partner/limited partner transfers
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Allocating risks and benefits between new and old owners
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Obtaining lender and agency consents
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Understanding HUD 2530/previous participation issues
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Handling labor issues in transferring an apartment complex
4:30 P.M.
Washington Update: Recent Legislative Developments
5:00 P.M.
Networking Cocktail Reception for Participants and Speakers
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Friday, April 27, 2007
7:00 A.M.
Continental Breakfast
8:00 A.M.
Managing the Unexpected: Workouts, Liability, Bankruptcy and More
While the housing tax credit industry has many great success stories, no real
estate asset is immune from the realities of a cyclical economy. Experts will
explain how sophisticated owners anticipate problems before they occur and
offer practical solutions to minimize the longterm impact of those unexpected
challenges.
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Understanding warning signs and addressing problems early
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Assessing "watchlist" properties
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Reviewing workouts and partnership restructurings
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Understanding general partner and management agent removals
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Learning about tax issues affecting a debt workout or foreclosure
9:15 A.M.
Preparing for Year 15
This session will provide a comprehensive overview of the rules affecting Year
15 and a practical discussion of the business issues to consider when selecting
and implementing a Year 15 strategy at your tax credit property. Topics will
include:
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Understanding the tax credit rules in Year 15
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Determining residual value
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Understanding qualified contracts and preparing qualified contract requests
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Analyzing capital accounts and liquidating tax credit partnerships
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Managing exit tax liability and phantom income
10:30 A.M.
Coffee Break
10:45 A.M.
Unlocking Value in Year 15: Exploring Realistic Year 15 Scenarios
Incorporating case studies of recently closed transactions, this session will
include a detailed analysis of the more common exit strategies being utilized
at projects that have recently completed their compliance periods. This session
will identify specific opportunities and challenges that arise when
implementing common exit strategies. Topics include:
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Resyndication
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Condominium conversion and homeownership
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Conversion to market-rate rental property
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Utilizing non-profits in Year 15
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Deferring tax liability through 1031 exchanges
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Additional considerations for buyers of existing tax credit properties
12:00 P.M.
Conclusion of Program
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Instructional Information
Course level: This seminar is designed for individuals already
experienced in low-income housing tax credits and is intended as an analysis
and update.
Prerequisites: While there are no formal pre-requisites for this
program, it is suggested that participants possess a sound working knowledge of
tax credits and affordable housing and/or have attended IPED's Housing Tax
Credits 101 or Affordable Housing "101." No
specific advanced preparation is required.
Teaching Methods: All sessions will be presented by on-site speakers.
Teaching modes will include presentations, panel discussions and question and
answer sessions.
Recommended Dress:
Business Casual Attire
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Accreditation
IPED will seek approval for continuing legal education credits on an as needed
basis. Please indicate on your registration form if you need these credits.
State bar associations have the final authority on the acceptance of individual
courses and IPED will do everything to ensure these requirements are met when
seeking approval.
IPED is registered with the National Association of State Boards of Accountancy
(NASBA) as a sponsor of continuing professional education on the National
Registry of CPE Sponsors. State boards have final authority on the acceptance
of individual courses for CPE Credits. Complaints regarding registered sponsors
may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue
North, Nashville, TN 37219-2417, www.nasba.org.
In accordance with the standards of the National Registry of CPE sponsors this
course has been granted 10 CPE Credits. In accordance with the standards of the
National Registry of CPE sponsors this course has been granted 10 CPE Credits.
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Registration Information
IPED, Inc. accepts the following forms of payment: Visa, Mastercard and check. American
Express is not accepted. Payments must be made by check or credit card
in advance of the program. Registration and payment must be received by April
20, 2007 to ensure your place is held at the conference. There are no
exceptions to this policy.
Fees and payment
$695 General Registrant $595 Non-Profit Organizations (please provide proof of
501(c)(3) status)
Register by March 26, 2007 and save $35.00.This discount
cannot be combined with group discounts.
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Group discounts
For 3-5 attendees, deduct $50 per person from the applicable rate. For 6 or more
attendees, deduct $100 per person. To receive this rate, you must register all
individuals together in one transaction. This discount cannot be combined with
early registration discount. If you have any questions please call
202-331-9230.
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Conference Site and Hotel Information
The conference will be held at the
Loews Coronado Bay Resort
4000 Coronado Bay Road
Coronado, CA 92118
1-800-815-6397
The hotel is SOLD OUT during the length of the conference. There
is a waiting list for the hotel under IPED; however, conference registrants are
still encouraged to make alternate hotel arrangements.
Alternate accommodation arrangements can be made by calling Advance Reservations
at 1-800-676-5808. They will search all of the hotels in the area and make
reservations for you. You will have to pay for the room and tax upfront. There
is a 3 day cancellation policy (any cancellation before 3 days will have a $25
fee, any after will have the $25 fee plus 1 night stay.)
Alternate hotels closest to the conference site include:
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Hotel del Coronado
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Marriott Coronado Island Resort
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Glorietta Bay Inn
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Cancellation Information
Cancellations must be made in writing and must be received in the IPED office no
later than 10 business days prior to the conference. A $150 administrative fee
will be deducted from all refunds received in writing 10 business days prior to
the conference. Any cancellations received less than 10 business days prior to
the conference, or any confirmed registrants who fail to attend, will be
charged the entire registration fee. Option: If you have paid for a conference
but find you are unable to attend and have missed the date for a refund, IPED
will allow you to transfer your payment and registration to a future IPED
conference for a $50 transfer fee. We will honor your original payment and
registration for any conference within 6 months of the date of the original
conference. If you have comments, questions or concerns, please call
202-331-9230.
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