CPA, Partner - Affordable Housing Industry Leader
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Affordable Housing News & Views - November 2017
Affordable Housing News & Views
CohnReznick Insights
Tax Reform Resources and Insight
Tax reform continues to dominate headlines and conversation while the House and Senate develop their draft proposals. Two CohnReznick resources to help make sense of the latest developments, in case you missed it this week, include the latest Capitol Connection and a webinar examining the legislative, individual, business and international impacts from the proposed changes to the tax code. Please click here to access the Capitol Connection and here to listen to a recording of the webinar (held Tuesday).
Revenue Recognition and Leasing for Affordable Housing Developers
For years there has been chatter around new accounting standards regarding both revenue recognition and leasing. WIth the implementation timeline for both now set, it's time to review processes and procedures to be sure your company is prepared. LIHTC developers who have not already begun research and plan development risk last minute issues that can be costly, time-consuming and pulls much-needed resources from other areas within their organization. Please join our experts for a presentation and discussion around the new revenue recognition standard and the new lease accounting standard. Specific focus areas for developers include:
- Understanding the core principle in the new revenue recognition standard and its applicability to activities in developing real estate properties for affordable housing
- Identifying the matters that introduce complexity to the timing and amounts of revenue recognition
- Awareness of how changes in lease accounting may impact financial reporting and agreements with the users of financial statements
- Demonstrating judgment and articulate conclusions regarding the distinct and separately identifiable criteria for performance obligations that correspond with development activities
- Preparing for adoption of the new standards, be aware of decisions needed, and plan your transition steps
Partner Transfers: Technical Termination or Not
More and more, the issue of partner transfers and what causes a technical termination is coming up. To help understand the issue and how to better navigate the issues involved, join us for a short discussion (20 minutes) to help yourself be better prepared. If planned for properly, the disruption they have can be minimized. The discussion includes defining the issue of Section 708(b), sale or exchanges, capital and profits interest, avoiding a technical termination, multi-tier transactions, fund level transactions and transfer tax impacts. Listen in here to better understand this important issue and start planning an efficient strategy should this be an issue you are facing.
Around the Community
We will be attending and/or speaking at these events. We hope to see you!
2017 Ohio Housing Conference – November 7-9
Institute for Responsible Housing Preservation: Where The Opportunities Are – November 9
Mercy Housing Southeast’s the Power of Home Luncheon – November 14
AHF Live 2017 – November 14-16
CDFA National Development Finance Summit – November 15-17
Caritas Communities 32nd Annual Dinner – November 15
CohnReznick Affordable Housing & Community Development Forum (Atlanta) - December 4
Homes Within Reach (Housing Alliance of Pennsylvania) – December 4-6
CohnReznick Affordable Housing & Community Development Forum (Charlotte) - December 5
NYHC / NHC 44th Annual Awards - December 6
Opportunity SC: 2017 Community Economic Development Conference – December 6-8
SHNNY Tax Credit Financing Roundtable – December 12
In Case You Missed It
News stories and headlines from the previous month
National News
IRS Increases LIHTC, Bond Caps for 2018 (Affordable Housing Finance)
The House Republican tax bill, explained (Vox)
The Republican Tax Plan Wages War on the Housing Industry (Slate)
House Bill Seeks 50% Increase in LIHTCs (Affordable Housing Finance)
Affordable housing advocates say Trump tax reform bill is 'devastating' Elimination of private-activity bonds would lead to steep drop in affordable housing units (Curbed)
Homebuilders Open Door to Changing Mortgage Interest Deduction (Washington Examiner)
NAHB Reconsiders Housing Tax Policy (Mortgage Professional America)
What Trump’s tax reform could mean for affordable housing (Curbed)
Red Stone Equity Partners Closes $188-Million LIHTC Investment Fund and Celebrates its 10th Anniversary in the Affordable Housing Industry (PR Newswire)
Enterprise Announces RFP for Hurricane Recovery Funds (Affordable Housing Finance)
Democrats seek tax relief for Puerto Rico, Virgin Islands (Star Tribune)
Ryan Blasts States that Send Billions to Federal Government (Chicago Tribune)
Groundbreakers: The 2017 Affordable Housing Hall of Fame Inductees (Affordable Housing Finance)
The Path to Multifamily Gold Is Paved in Green (Affordable Housing Finance)
Q&A: Former Rep. Rick Lazio on today's biggest housing challenges (Housingwire)
3 housing myths, debunked: Poverty, property values, and gentrification (Chicago Tribune)
The Richman Group Raises $165 Million Through Tax Credit Fund to Build Affordable Housing for Seniors and Families in 15 States (Business Wire)
2018 Fannie Mae Outlook (Affordable Housing Finance)
Q&A with Ron Terwilliger: How would you rate our nation’s housing policy? (Housingwire)