Conferences and Events

12th Annual New York State Association for Affordable Housing (NYSAFAH) Conference

Location:
Marriott Marquis Times Square
44th Street and Broadway
New York, NY

Wednesday, May 11, 2011

Reznick Group is presenting a one day workshop on the low-income housing tax credit (LIHTC) at the NYSAFAH pre-conference. The workshop, LIHTC 101, offers a comprehensive overview of the LIHTC program, and how the program works for the development and financing of various real estate projects. Led by a team of Reznick Group tax credit professionals, the LIHTC 101 workshop offers instruction on how the credit is allocated, the Qualified Allocation Plan, and project evaluation. It will also examine the details of the tax credit basis and calculating 4% and 9% credits. Typical tax credit structures and returns to owners will be presented and the session will conclude by providing topical project examples and strategies to successfully own and operate a tax credit development.

LIHTC 101 Workshop Agenda

David Reznick, Overall Moderator throughout the day
9:00 – 10:00am - Breakfast and Registration

10:00 – 12:00pm - Session # 1
An in-depth program overview of Section 42
David Reznick, Reznick Group
Deborah VanAmerongen, Nixon Peabody
Steve Weiss, Cannon Heyman & Weiss, LLP
Kellen Prince, Novogradac & Company LLP

Learn how the LIHTC program works for the development and financing of your project. This overview of Section 42 will cover the authority of the Internal Revenue Code, the use of the credit, how the credit is allocated and an explanation of the fundamental rules of Section 42. Discussion topics will include the minimum set-aside, the affordability commitment, income and rent limitations, state volume allocation limits, the Qualified Allocation Plan, the state allocation process and project evaluation. Key business terms and syndication of the credits will also be discussed, as will processing benchmarks, compliance and recapture.

12:00 – 1:00pm - Lunch

1:00 – 3:00pm - Session # 2
Understanding the Numbers, Basic Calculations, Example of Tax Credits Calculation, The Typical LIHTC Structure, Differences between 4% and 9% projects, and Rules and Regulations
John Mackey, Reznick Group
Richard Froehlich, NYC Housing Development Corporation
David Goldstein, Goldstein Hall
John Kelly, Nixon Peabody

Getting down to the real nitty-gritty, this session will examine the details of the tax credit basis and calculating 4% and 9% credits. Equity calculations, typical tax credit structures and returns to the owners will be presented and drilled down. Qualified basis, applicable fraction and the applicable percentage will be illustrated using specific examples. Specific rules relating to acquisition, substantial rehabilitation, federal subsidies and grants will be also presented and discussed.

3:00 – 3:15pm - Coffee Break

3:15 – 5:00pm - Session # 3
Where’s the “$$$” and WHY: The Business Beyond the Rules
Mark Einstein, Reznick Group
Allan Cohen, Paul, Hastings, Janofsky & Walker, LLP
Deborah Widerkehr, CPC

This session will apply the information discussed in the two previous sessions into topical, relevant examples. Emphasis will be placed on issues such as current tax credit equity pricing, what to expect in a syndicator’s letter of intent, and what you need to know to successfully own and operate a tax credit development.

5.00pm-7.00pm Reception

Thursday, May 12, 2011

Reznick Group is also proud to be a Gold Sponsor of the 12th Annual New York State Association for Affordable Housing Conference taking place on May 12th. Reznick Group Principals John Mackey and Fred Copeman will moderate a breakout session: Structuring Complex Transactions: Historic, Brownfields, Energy and Other Credits as well as a session on the State of the Equity Market.

If attending the conference, please take a moment to stop by exhibit booth Q to visit the Reznick Group team. For more information on the conference, please visit the NYSAFAH website.