Financing Multifamily Housing: Structuring the Low-Income Housing Tax Credit and Tax-Exempt Bonds
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE course will discuss utilizing Low-Income Housing Tax Credits (LIHTCs) and tax-exempt bonds in multifamily construction financing. The program will examine the mechanisms of each form of financing, how each impacts the other, and how current market trends and developments impact these financing vehicles.
Outline
- Current opportunities and trends in multifamily affordable housing
- Tax-exempt bonds
- Typical bond structures
- Good costs vs. bad costs
- 50 percent financing requirement
- Low-Income Housing Tax Credits
- Equity Investment Structures
- Requirements for qualification
- Income and rent restrictions
- Four percent credit for the acquisition
- Nine percent credit for new construction or substantial rehabilitation
- Twinning 9/4
- Other structural issues
Benefits
The panel will review these and other issues:
- Tax benefits of investing in LIHTC projects
- LIHTC eligibility requirements: state and federal
- Common investment structures for LIHTC projects
- Eligible bonds that can be paired with the LIHTC
- Tax-exempt bond structures
Faculty
Ryan J. Bowen
Partner
Chapman and Cutler
Mr. Bowen has experience serving as bond and underwriter’s counsel in connection with a variety of bond... | Read More
Mr. Bowen has experience serving as bond and underwriter’s counsel in connection with a variety of bond financings and as investor’s counsel with respect to the purchase of various state and local government obligations. He has served as bond counsel and underwriter’s counsel on private activity bond financings, including single family and multifamily housing bond transactions. Mr. Bowen’s housing finance experience includes serving as partnership counsel in connection with multifamily financings involving the use of tax credits.
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Brent L. Feller
Partner
Chapman and Cutler
Mr. Feller is primarily involved in the tax aspects of financings throughout the country, including new money and... | Read More
Mr. Feller is primarily involved in the tax aspects of financings throughout the country, including new money and refunding financings for the benefit of governmental issuers and 501(c)(3) organizations, including colleges and universities. He represents issuers, underwriters, and outside bond counsel in all matters relating to tax exempt and tax-advantaged bonds. He is also a frequent author and speaker on tax-related issues.
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Sean B. Leonard
Partner
Holland & Knight
Mr. Leonard is a member of the firm's Tax Credit Transactions Practice. He focuses his practice on the... | Read More
Mr. Leonard is a member of the firm's Tax Credit Transactions Practice. He focuses his practice on the representation of major institutional investors and various other participants in tax-advantaged investing, community development and affordable housing. Mr. Leonard has extensive experience as lead transaction counsel on a wide range of new markets tax credit and low income housing tax credit transactions. Previously, Mr. Leonard served as an executive at a leading tax credit syndicator, where he focused on the preservation of the value of investor equity, including the oversight of a portfolio of underperforming assets, as well as the development and implementation of workout strategies for troubled properties.
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M. Chrysa Long
Partner
Klein Hornig
Ms. Long represents investors and developers of complex and multi-tiered projects eligible for federal and state... | Read More
Ms. Long represents investors and developers of complex and multi-tiered projects eligible for federal and state low-income housing tax credits and historic rehabilitation tax credits. Her practice encompasses property acquisitions, development, asset management, exit strategies and resyndications of affordable housing properties. Ms. Long counsels clients on all aspects of development and financing, including tax credit structuring, public and private debt, equity investments, refinancing, disposition, and workout of troubled properties. She also represents clients investing in projects eligible for film and production tax credits in several states.
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