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Sell, Hold or Resyndicate: What to do at the End of the Housing Tax Credit Project

Avoid disastrous tax consequences - evaluate and choose the best option for you at the end of the tax credit compliance period.

Owners of tax credit projects are faced with numerous options at the end of the tax credit compliance period. They can sell the project subject to the use restrictions, attempt to have the use restrictions removed by offering the project for sale pursuant to a qualified contract, continue to own the project or attempt to get new low-income housing tax credits. These decisions can also impact lenders, investors and governmental entities involved with the project. An owner's options may be limited by decisions made when the project is developed. Consequently, the parties involved in a low-income housing tax credit project and their counsel need to understand the options both when initially structuring a project and when evaluating what to do in year 15. Failure to properly structure the project initially and failure to structure the deal at the end of the compliance period can have disastrous tax consequences. This ondemand webinar will address the options, the potential tax consequences and how to evaluate what is the best option for a project.

Runtime: 89 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Information Is Required to Make a Decision?

What Can the Owner Do After the End of the Compliance Period?

  • Right of First Refusal Pursuant to §42(i)(7) of the Internal Revenue Code-Qualified Nonprofit
  • Acquisition of Limited Partnership Interest
  • Purchase Option - Sale of Property at Fair Market Value
  • Put
  • Transfer (or No Transfer) Pursuant to a Qualified Contract
  • Conversion to Home Ownership - Interface of §42(i)(7) and the Extended Use Agreement
  • Resyndication
  • Negotiate With Limited Partner

Considerations on Front End of Transaction

  • Losses - There Is a Need to Balance the Desire of Investor to Maximize Losses to Maximize IRR and the Impact of the Investor's Negative Capital Account in Year 15
  • Debt Structure
  • Related Party Issues
  • Free Transferability of Limited Partnership Interests to General Partner
  • Elections Made in Tax Credit Application

Debt Modification

  • Background
  • When Is COD Income Realized?
  • What is a Significant Modification?
  • Acquisition of Debt by Debtor or a Party Related to Debtor
  • Purchase Price Reduction
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 7, 2014.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Angela M. Christy

Angela M. Christy

Faegre Baker Daniels LLP

  • Partner at Faegre Baker Daniels LLP
  • Practice emphasizes real estate development, particularly housing and community development and low-income housing tax credits
  • Former chair of the ABA Forum on Housing and Community Development Law
  • Member of the American College of Real Estate Lawyers (ACREL)
  • Chambers USA: Leading Lawyer for Business, real estate, 2008-2017
  • Top 100 Super Lawyers in Minnesota
  • Co-chair of the Minnesota Real Estate Institute for more than 20 years
  • Who’s Who Legal: Real Estate, 2018, one of two Minnesota attorneys listed
  • Can be contacted at (612) 766-6833 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 394373
Published 2014, 2019
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