Tax Credit Specialist

An in-depth study of the occupancy and compliance requirements of the Low Income Housing Tax Credit program

Our Tax Credit Specialist® (TCS) certification course provides a thorough review of IRS regulations and guidance, including the IRS's Guide for Completing Form 8823. The program also covers HUD Handbook 4350.3 guidance that pertains to Low-Income Housing Tax Credit (LIHTC) properties.

TCS is intended for anyone with responsibility for housing credit properties including site managers and other management staff, asset managers, and regulators. It is also suitable for attorneys, syndicators, and others with an interest in the details of LIHTC occupancy requirements.

What you’ll learn:

An overview of the LIHTC program

Students will receive a thorough introduction to the Low Income Housing Tax Credit program from background and history to a comprehensive review of a housing credit property’s life cycle, including the option of resyndication. Learn about the most current regulatory updates, such as the Violence Against Women Act (VAWA) reauthorization, affecting the LIHTC program as well.

The goal of this section is expand participants’ foundational knowledge of the program basics in order to build upon it as the course progresses.

How to calculate assets and income

Compliance with occupancy requirements begins with the correct identification and calculation of income and assets. TCS reviews the guidelines set forth in HUD Handbook 4350.3 REV-1 and includes numerous exercises and quizzes to reinforce learning and test proficiency in this critical area of property management.

Technically this section of the course begins the eligibility discussion as income qualification is considered to be the primary component of program eligibility.

How to determine eligibility

TCS goes in-depth on the other significant Section 42 eligibility requirements including such topics as the minimum set-aside and applicable fraction measurements; LIHTC income and rent limits; utility allowances; student eligibility; and leases. Housing Choice Voucher holders, non-citizens, and occupancy standards are also reviewed to provide a complete picture of household eligibility.

In this section, students tackle numerous calculations that differ from those associated with the HUD guidance but are equally important in understanding LIHTC program eligibility.

How to stay in compliance

Learn how to maintain eligibility through proper annual recertifications and constant vigilance concerning ongoing tenant eligibility and Fair Housing compliance. TCS reviews the nuts-and-bolts of the federal regulations layered with areas where the state agencies may choose to be more restrictive. It also offers practical tips and strategies for properly organizing tenant files, inspecting units and successfully passing property audits without findings.

It should all come together for students in this section of the course, where their knowledge should grow into a thorough understanding of the LIHTC program and their role in properly managing housing credit properties.

Download TCS Course Description

COURSE PROFILE

Duration:  Three days
Exam: Includes half-day certification exam
Format:  Lecture, media presentation, group discussion
Prerequisites:  None, Exposure to Sec. 42 and HUD 4350.3 helpful
Audience:  LIHTC site managers, as well as others with an interest in LIHTC occupancy requirements. 
Provided:  TCS workbook and training notes;
Bring: Calculator (required); highlighter, sticky notes 
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