LIHTC Fundamentals & Advanced – Cleveland

Class will begin at 9:00 each morning. It will end at 4:30 on 9/7 and at approximately 12:30 on 9/8. The SHCM Exam will follow the class on 9/8.

What You’ll Learn

• Six Key Requirements for Managing a LIHTC Property

• Complete review of the major players and governing documents & project info

• Determining maximum incomes, maximum rents and utility allowances

• Qualifying Residents & Income Certifications: Determining household composition, processing an application, verifying income and assets, calculating household income & assets, and the full time student rule.

• Ongoing Compliance: lease requirements, move ins, recertifications, transfers, special rules for live in care attendants, changes in household composition, layering of programs, file maintenance, and compliance monitoring

• LIHTC Allocations & determining the value of the LIHTC

• Project set-asides, eligible basis, applicable fractions and qualified basis, credit percentages, treatment of exempt units

• Critical time periods, First year of the credit period – lease up and acquisition-rehabs

• Advanced rent & fee issues

• IRS Forms & correcting non-compliance

• Unit Vacancy Rule & Available Unit Rule

• Combining LIHTC w/ other programs