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Affordable Housing News and Views - Third Quarter 2014


Third Quarter 2014


Special Meeting Report on the Housing Credit

Bob Moss, CohnReznick Principal and National Director of Governmental Affairs, shares a detailed update on small working group meeting convened by the chair of the House Ways and Means Subcommittee on Select Revenue Measures. The group discussed the LIHTC modifications proposed earlier this year. Bob explains the key elements of the program included in the discussion draft that have led to its success.

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IRS Issues Revised Audit Technique Guide for LIHTC

On September 18, 2014, the IRS released the final Audit Technique Guide (Guide) for the low income housing tax credit. This makes final the draft that was released for public comment on December 19, 2013. The Guide is a compilation of guidance from a number of sources including the Internal Revenue Code, Regulations, Technical Advice Memoranda (TAM), and Private Letter Rulings (PLRs). The IRS received many responses from the LIHTC community during the public comment period. The final Guide included a few revisions and clarifications suggested by the commentators.  If an owner has questions related to the IRS’ perspective regarding eligible basis, they should refer to Appendix C of the Guide – Treatment of Assets/Costs for IRC §42 Purposes. Because the appropriate tax treatment of costs is very fact specific, please contact your CohnReznick professional if you have questions related to how the IRS guidance impacts your deal.

Year 15 Dispositions – Who Gets the Cash?

The amount of money each partner is entitled to may vary widely when it is time to dissolve the low-income housing tax credit (LIHTC) partnership that owns an affordable housing property. Partners may be surprised by how much – or how little – they receive, depending on the precise terms of the partnership agreement negotiated between affordable housing developers and their investor/limited partner 15 years ago. In order to understand how the process will work, the general partner first needs a basic understanding of how income tax basis capital accounts work in a partnership.

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The Rise of Public-Private Partnerships: An Opportunity for Affordable Housing

With crumbling infrastructure and continued budgeting constraints, a growing number of states are passing legislation that sets the stage for public-private partnerships (P3s) to build everything from roads and bridges to schools and hospitals. The P3 model represents a momentous shift in how public projects are coming online. “The spread of the P3 model may create new opportunities for affordable housing professionals to partner in new ways and participate in new programs,” said Beth Mullen, National Director of CohnReznick’s Affordable Housing Industry Practice.

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HUD Releases New Regulatory Agreement

HUD has issued a new regulatory agreement for for-profit projects other than leased nursing homes. Form HUD-92466M, dated 06/14, will be used by HUD for insurance commitments entered on or after August 10, 2014. This article explains the key revisions to the regulatory agreement since the previous version released in 2011.

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Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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