A review of historic tax credit (HTC) basics, including the IRS rules governing what buildings qualify and the substantial rehabilitation test
• What types of buildings qualify?
• Substantial rehabilitation test: What is and is not a qualified rehabilitation expenditure?
• Timing issues: How to calculate and claim the tax credit
• Limitations on the involvement of nonprofits and at-risk issues
• HTC recapture rules

Working with the National Park Service, the States, and Consultants on HTC Projects
• Introduction to the National Park Service (NPS) Historic Preservation Certification Applications (Parts 1, 2, and 3)
• The Secretary of the Interior’s standards for rehabilitation: What they mean for your transaction
• How to work with SHPOs, the NPS, and private consultants

You will hear a succinct overview of the major rules from the IRS, the states, and other agencies governing the use of the Low-Income Housing Tax Credit.
• How housing tax credits fit into the development, timing, and financing of your project
• Key players and typical transaction structures
• Credit allocation at the state level—including qualified allocation plans, project evaluations, set-asides, and more
• How to calculate the amount of the tax credit
• Determining credits for acquisition with rehabilitation
• Understanding special issues that arise with nonprofits
• Compliance requirements, extended use, and recapture

Our legal and accounting experts will discuss how to interpret technical financial information when evaluating your tax credit project.
• Reviewing sources and uses
• Determining the flow of funds
• Determining what development costs are included in eligible basis
• Structuring the financing to maximize tax credits, including examples of successful techniques
• Understanding capital accounts and their effect on allocations of tax credits

Our experts will discuss structuring a tax credit deal from the developer’s perspective. This panel will focus on the issues important to developers, and how developers work with investors, lenders, and governmental agencies to approach complex underwriting challenges in today’s economic environment.

Hear industry experts provide their assessments on market stabilization, credit pricing, the entry of new investors into the industry, and the current state of the tax credit equity markets, as well as predictions of future opportunities and challenges facing the tax credit industry. Learn how to maximize investor interest in your deal and gain support for your transactions at the federal, state, and local levels.
• Assessing the strengths (and weaknesses) in the tax credit markets
• Understanding investor criteria
• What makes the tax credit program attractive to credit investors?

This session will focus on sorting through the regulatory and technical issues that arise when housing tax credits and tax-exempt bonds are combined in a single transaction.
• The key players and rules in tax credit / tax-exempt bond transactions
• What it means to be “financed” with tax-exempt bonds
• An overview of the 50% test, and how total development costs are determined
• Timing issues that arise in tax credit / tax-exempt bond transactions, and their impact on investment and finance

This panel will provide a succinct overview of the rules governing Year 15 and discuss how informed owners can approach Year 15 to maximize opportunities in Year 15.
• Assessing rights and duties in Year 15 under the partnership agreement
• Understanding the various options and rights of first refusal for tax credit properties in Year 15
• Approaching Year 15 from the investor perspective
• Repositioning tax credit properties
• Resyndication as a Year 15 strategy

Our experts will introduce the ongoing monitoring, compliance, and occupancy rules that apply to housing tax credit properties.
• Knowing the rules on minimum set-asides, tenant income restrictions, rent calculations, utility allowances, and other fundamental aspects of tax credit compliance
• Learning how to administer the “next available unit” rule
• How to avoid hazards in implementing your management program
• Effective state compliance monitoring, including the 8823 process