Description

The topic for this webinar is: Meeting IRS Requirements for the Low-Income Housing Tax Credit Program.

One of the key requirements for the protection of the credits in a Low-Income Housing Tax Credit (LIHTC) property is a full understanding of how the IRS defines “noncompliance.” These requirements are outlined in the Guide for Completing Form 8823 (the “8823 Guide”) – a guide published by the IRS to assist Housing Finance Agencies in understanding the compliance monitoring requirements of the LIHTC program. This training describes in detail each of the elements of noncompliance reportable on the IRS Form 8823. A description of each type of noncompliance is discussed and includes a detailed discussion of the requirements relative to each area, as well as a description of when noncompliance occurs and acceptable methods of correction. The session features a detailed review of the program requirements in the areas most likely to result in a loss of credits – habitability, affordability, and eligibility. Also, a detailed review of all the issues relating to the establishment of eligible basis is included. Unlike most LIHTC training, this session is presented from the point of view of the IRS, which will provide owners and managers of LIHTC properties with a unique perspective regarding how to protect the credits for these important properties.