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

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)

 

 

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