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New Markets Tax Credit Rules and Regulations in Community Development

Gain a better understanding of the New Markets Tax Credits and the opportunities that exist.

This information will provide you with an overview and analysis of the new markets tax credit program, which follows the announcement of $7 billion in allocations by the CDFI Fund in late fall 2016. Learn about significant opportunities for developers, lenders and community development entities in designated census tracks to secure additional financing in order to complete projects and fund businesses. Listen to a discussion of recent transactions; the twinning of NMTCs with other programs; and the opportunities for nonprofits to expand their charitable programs.

Runtime: 93 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

Impact of Prospective Tax Legislation on the NMTC Program

  • Expansion
  • Extension
  • Sunset

New Markets and Nonprofits

  • Challenges Working With Nonprofit Boards
  • Need to Form New Entities and Form New Boards
  • UBTI Considerations

New Requirements Around Monetization of Assets

  • FAQ Requirements
  • Allocation Agreement Requirements
  • General Requirement Prohibits a Recipient of QLICI Proceeds (i.e. Party Being Reimbursed or Repaid) From Also Providing QEI Proceeds
    • 24 Month Exception
    • 5% of QLICI Exception
  • Best Practices

Recent Transactions

  • Examples
  • Issues/Problems Encountered

Twinning NMTCs With Other Programs/Subsidies

  • HTCs
  • EB-5
  • USDA

Exiting a NMTC Transaction

  • Contractual Agreements - Put Option and Call Option
  • Exits Are Subject to Some Risk - Options Are Not Mandatory
  • Potential Tax Impact: Cancellation of Indebtedness
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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 April 20, 2017.

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

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

MP3 Download

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

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More Program Information

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

Elaine DiPietro

Elaine DiPietro

Blooming Ventures LLC

• Founded Blooming Ventures LLC to utilize her experience in the New Markets Tax Credit (NMTC) industry to provide consulting services to project sponsors and community development entities

• Most recent experience is as vice president for Enterprise Community Investment, Inc., where she was responsible for management of all facets of Enterprise’s NMTC program, including investor and government relations, deal selection, underwriting and portfolio management

• Managed the provision of compliance and accounting services to other NMTC community development entities

• Enterprise is one of the largest recipients of NMTC allocation; under her direction Enterprise managed a portfolio of over $800 million of investments

• Frequent speaker at NMTC industry conferences and has published articles in industry journals

• Serves on several advisory and governing boards for NMTC community development entities

• Graduate, with honors, King’s College in Wilkes-Barre, PA

Nicolo Pinoli, CPA

Nicolo Pinoli, CPA

Novogradac & Company LLP

• Partner in the Portland, OR, office of Novogradac & Company LLP

• Specializes in affordable housing and community development, including the low-income housing tax credit (LIHTC), new markets tax credit (NMTC), historic rehabilitation tax credit (HTC) and tax-exempt bond financed transactions

• Extensive experience in a wide range of services, including financial statement audits; tax return preparation; writing NMTC and LIHTC applications; LIHTC, NMTC, and HTC transaction underwriting; consulting on LIHTC, NMTC, and HTC transaction structuring; and LIHTC and NMTC compliance

• Frequent speaker at industry conferences, also delivers several webinars every year on topics such as NMTC exit strategies, NMTC allocation applications and LIHTC Year 15 strategies

• Published many articles on various technical issues confronting the affordable housing and community development industries, and also serves as a technical editor of the Novogradac LIHTC Handbook

• Licensed in California, Oregon and Washington as a certified public accountant

• M.A. degree in professional accounting; B.A. degree in accounting, Brigham Young University

No photo available

Michael I. Sanders

Blank Rome LLP

  • Lead partner of Blank Rome LLP’s Washington, D.C., office tax group
  • Focuses practice in the area of taxation, offering particular knowledge in matters affecting partnerships, limited liability companies, S-corporations, real estate, tax controversy, and estate planning, including trusts and estates
  • Also has a large practice in the area of exempt organizations involving health care and low-income housing, associations and joint ventures between for-profits and nonprofits, as well as structuring New Markets Tax Credit (NMTC) and Historic Tax Credit (HTC) transactions
  • Wrote Joint Ventures Involving Tax-Exempt Organizations (4th Ed., 2013; 2016 Supplement) published by John Wiley & Sons, Inc. which was recently cited by the majority opinion in the widely covered U.S. Supreme Court decision in Burwell v. Hobby Lobby Stores, Inc.
  • Adjunct professor at George Washington University Law Center and Georgetown University Law School teaching Income Taxation of Partnerships and Subchapter S Corporations and Tax Treatment of Charities and Other Non-Profit Organizations, and Joint Ventures Involving Tax Exempt Organizations (including healthcare, universities, LIHTC, new markets, HTC, and conservation organizations, respectively)
  • Recognized by Chambers USA as a leading tax attorney, with clients noting that he is “very hardworking and talented” and praising his “extensive relations within the industry and extensive knowledge on the rules and regulations”
  • LLM degree, Georgetown University; LLB degree, New York University School of Law; B.S. degree, summa cum laude, New York University
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Product ID: 400060
Published 2017, 2019
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