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Learn the Basics: Housing Tax Credits 101
June 7 & 8, 2007
Seaport Hotel
Boston, MA
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Sponsor:
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Who Should Attend
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Owners, developers, syndicators, property managers and their staffs and
advisors
who need a basic understanding of how the low-income housing tax credit works.
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Investors, lenders, underwriters and others
in the housing finance community looking for straightforward and practical
analysis of the business and technical issues surrounding today's use of the
low-income housing tax credit.
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Housing agency and community development staff, non-profit representatives
and others
who want step-by-step information on the use of the low-income housing tax
credit and how it fits into the overall development process.
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Real estate and tax attorneys, accountants and other advisors to tax credit
participants who need an overview or update of the fundamental
rules, techniques and practices applicable to today's transactions.
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Why You Should Attend
The low-income housing tax credit, already a well known and highly successful
development tool, continues to grown in importance. Particularly in these
challenging times, those involved in affordable housing development, finance,
investment and management cannot afford to be less than fully in command of the
mechanics and strategies of the tax credit's use. This popular seminar more
than meets that need.
Sold-out for almost every presentation, this seminar is intended for newcomers
to the field or those seeking an up-to-the-minute refresher course. It presents
the basic rules governing the low- income housing tax credit and how the tax
credit is utilized in today's transactions; a "hands on" analysis of a
financial model generated for a typical tax credit project; an overview of the
legal, accounting and business issues involved in negotiating transactions; a
practical look at tax credit transactions from the lender, agency, developer
and investor perspectives; special issues that arise in deals involving
non-profits; the basic rules when tax credits are used together with tax-exempt
bonds; and real world advice on the occupancy and compliance essentials that
are critical to the long-term success of every project.
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The Speakers
Tony Bertoldi
MMA Financial
Boston, MA
Laurie Tickle
Massachusetts Department of Housing and Community Development
Boston, MA
Molly R. Bryson, Esq. ** [
bio ]
Partner
Nixon Peabody LLP
Washington, DC
James F. Duffy, Esq. ** [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Thomas A. Giblin, Esq. ** [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Rebekka Hermans-Or [
bio ]
Associate
Nixon Peabody LLP
Boston, MA
Dave Kavanaugh, Esq. [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Michael Kotin, CPA
Kay-Kay Realty
Scottsdale, AZ
John Mackey, CPA
Reznick Group
Boston, MA
Forrest David Milder, Esq. [
bio ]
Partner
Nixon Peabody LLP
Boston, MA
Daniel J. Smith, CPA
Partner
Novogradac & Company LLP
Dover, OH
Laurie Tickle
Massachusetts Department of Housing and Community Development
Boston, MA
**Planning Committee
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Agenda
Thursday, June 7, 2007
7:30 A.M.
Continental Breakfast and Registration
8:30 A.M.
Laying the Foundation: The Basic Rules Governing Today's Housing Tax Credits
Projects.
This succinct overview of the major rules from the IRS, the states and other
agencies governing use of the low-income housing tax credit will include:
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How housing tax credits fit into the development, timing, and financing of your
project.
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The key players and structure.
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How to calculate the amount of the tax credit.
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The applicable income and rent restrictions.
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Credits for acquisitions with rehabilitation.
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Compliance requirements, extended use and recapture.
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Credit allocation at the state level: qualified allocation plans, project
evaluations, set-asides and more.
10:00 A.M.
Coffee Break
10:15 A.M.
Laying the Foundation (Continued)
11:15 A.M.
Understanding the Numbers: Sources and Uses, Pro Formas and More
Interpreting technical financial information is essential in evaluating a tax
credit project or any project. In plain-English terms, accounting and legal
experts will discuss:
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Making sense of sources and uses, benefits schedules and operating pro formas.
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Determining the flow of funds.
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Allocating the credits among partners
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Determining what development costs are included in eligible basis.
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Structuring the financing to maximize tax credits: examples of successful
techniques.
12:15 P.M.
Complimentary Networking Lunch
1:30 P.M.
Understanding the Numbers (Continued)
3:00 P.M.
Coffee Break
3:15 P.M.
Negotiating the Terms of the Basic Business Deal
In a role playing scenario illustrating the developer and syndicator
perspective, speakers will examine the key business terms typically negotiated
between the developer and the syndicated investor.
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Payments of equity capital - how much and how fast: conditions for release of
the investor's equity.
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Tax credit adjusters.
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Developer guarantee provisions for completion, operating deficits, etc.
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Payment of developer's fees and issues that arise when the developer's fee is
deferred.
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Repurchase obligations, general partner removal and other provisions.
4:00 P.M.
A Practical Look at the Housing Tax Credit Program from Industry Insiders
This practical session will focus on the tax credit program from the
perspectives of lenders, tax credit agencies and investors.
5:15 P.M.
Wrap Up of the Day
5:15 - 7:00 P.M.
Networking Cocktail Reception for Participants and Speakers
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Friday, June 8, 2007
7:30 A.M.
Continental Breakfast
8:30 A.M.
Using Tax-Exempt Bonds with Housing Tax Credits: Sorting Through the Rules
This session will focus on the regulatory and technical issues that arise when
housing tax credits and tax-exempt bonds are combined in a single transaction.
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The key players and rules in tax credits/tax-exempt bond transactions.
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What does it mean to be "financed" with tax-exempt bonds?
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What is the 50% test and how are total development costs determined?
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Timing issues that arise in tax exempt bond/tax credit transactions and their
impact on investment and finance.
9:30 A.M.
Special Issues for Projects Involving Non-Profits
When non-profits are involved in housing tax credit transactions, additional
issues arise, including:
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Maintaining tax-exempt status in today's transactions.
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How to structure joint ventures with for-profit partners.
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Depreciation and other special tax issues.
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Non-profit options and rights of first refusal to acquire the property after
the compliance period.
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Qualifying for tax credits under the 10% nonprofit set-aside.
10:15 A.M.
Coffee Break
10:30 A.M.
Critical Tax Issues in Today's Tax Credit Transactions
An in-depth look at certain critical tax issues that arise using housing tax
credits..
11:30 A.M.
What You Need to Know Up Front About Compliance and Occupancy
Closing the transaction is only the start. This session will introduce the
ongoing monitoring, compliance and occupancy rules that apply to housing tax
credit properties.
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The rules on minimum set-asides, tenant income restrictions, rent calculations,
utility allowances and other fundamental aspects of tax credit compliance.
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How to administer the "next available unit" rule.
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Hazards in implementing your management program - and how to avoid them.
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Extended use agreements and state compliance monitoring.
12:30 P.M. - 1:00 P.M
Conclusion of Program and Optional Question and Answer Forum
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Instructional Information
Course level: This seminar, designed for individuals with a basic
familiarity with the low-income housing tax credit, will provide a general
overview of the tax credit program and its rules and practices as they work
today.
Prerequisites: There are no formal pre-requisites for this program, other
than a basic working knowledge of affordable housing development and finance,
and no specific advanced preparation is required.
Teaching Methods: All sessions will be presented live, by on-site
speakers. The teaching modes will include individual presentations, panel
discussion, role playing and question and answer sessions. A specifically
prepared book of reference materials described on the inside panel of this
brochure will be distributed to each registrant at the start of the program.
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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.
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Registration Information
IPED, Inc. accepts the following forms of payment: Visa, Mastercard and check. American
Express is not accepted.
Fees and payment
$695 General Registrant $595 Non-Profit Organizations (please provide proof of
501(c)(3) status)
Register by April 16, 2007 and save $35.00.This discount cannot be combined
with group discounts.
Payments must be made by check or credit card, in advance of
the program.
Payment must be received by May 31, 2007 to ensure your place is held at the
conference. There are no exceptions to this policy.
Recommended Dress: Business Casual Attire
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Group discounts
Group discounts are available. For three, four or five attendees, deduct $50 per
person from the applicable rate; for six 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
Seaport Hotel
200 Seaport Boulevard
Boston, MA
This hotel is sold out during the conference. For alternative hotel
accommodations, please call one of the hotels listed below:
Hilton Boston Logan Airport
One Hotel Drive, Boston, Massachusetts, United States 02128
Tel: 1-617-568-6700 | Fax: 1-617-568-6800
Hyatt Harborside at Boston's Logan International Airport
101 Harborside Drive
Boston, Massachusetts, USA 02128
Tel: 1-617-568-1234 | Fax: 1-617-567-8856
Boston Harbor Hotel
70 Rowes Wharf
Boston, MA 02110
Phone: 1-617-439-7000 | Fax: 1-617-330-9450
*Please call the hotels directly for information regarding pricing and
availability*
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Cancellation Information
Cancellations must be made in writing and must be received in our 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 fewer 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, cannot attend, and have missed the date for a refund, IPED
encourages you to transfer your payment and registration to a future IPED
conference for a $50 fee. We will honor your original payment and registration
for any conference within 6 months of the date of this conference. For more
information regarding administrative policies, refunds or complaints, please
call 202-331-9230.
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Artwork at top of page: "House", 1988, Jennifer Bartlett
Jennifer Bartlett (b. 1941, Long Beach, California) graduated from Mills
College in Oakland, California, and earned her BFA and MFA from Yale
University. Since her first one-person exhibit in New York in 1974, she has had
numerous one-person shows and has participated in major exhibitions at
institutions such as the San Francisco Museum of Art; the Albright-Knox
Gallery, Buffalo; the Walker Art Center, Minneapolis; the Museum of Art,
Carnegie Institute, Pittsburgh; the Brooklyn Museum of Art; and the Milwaukee
Museum. Jennifer Bartlett is an internationally recognized painter and
printmaker. Her early work, which was strictly limited to grids, graphs, and
dots, has evolved to include an expanded view of the possibilities of
classifying and cataloging. Recently she has created a set of works linked by
the image of a square and triangle immediately identifiable as a house.
Robert Brown Gallery, (202) 483-4383
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| Price each: |
General: $695.00
Non-profit: $595.00 |
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Total
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General: $695.00
Non-profit: $595.00
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