Casualty Loss, Credits & LIHTC Best Practices... Oh My!

Description

In this webinar, attendees will learn about LIHTC property credit loss and recapture, as well as the related differences between casualty loss, a presidentially declared disaster loss, units in the turn process, and units in general disrepair.

In this webinar, attendees will learn about LIHTC property credit loss and recapture, as well as the related differences between casualty loss, a presidentially declared disaster loss, units in the turn process, and units in general disrepair. The ways in which each of these events could result in credit loss and/or recapture, as well as the impact of IRS Notices 2022-05 & 2022-52, will be discussed. Attendees will also learn about best practices and the importance of reporting these events to their state agency and investor partners.

What You’ll Learn:

• Understand how casualty losses impacts unit status at year-end and how this can affect tax credits.
• Identify the difference between a unit with casualty loss, a presidentially declared disaster loss, units in the turn process, and units in general disrepair.
• Learn about how IRS Notices 2022-05 & 2022-52 impact casualty loss and disallowance of credit for LIHTC properties.
• Gain an understanding reporting steps related to these issues (state agency, CPA & investor) and 8823s.

Speakers:

• Missy Covington, HCCP - VP, Compliance - Raymond James Affordable Housing Investments
• Stephanie Naquin, HCCP - Director of Multifamily Property Compliance – Novogradac & Company LLP®
• Wendy Quackenbush, HCCP - Director of Multifamily Compliance - Texas Department of Housing and Community Affairs

CE Credit: NAHB - 1.0 CE hour(s)

Can’t attend but don’t want to miss out? Replays will be available to all registrants throughout 2023.

If you have any questions, please contact nahblearning@nahb.org