Course Details

This four-week online class is the second of a two-course series focusing on advanced financial analysis topics of interest to affordable housing asset managers. This class will focus on low-income housing tax credit (LIHTC) properties across the asset management life cycle. Building on profitability analysis skills introduced in the first half of the course, this class will explore the elements of financial return that investors are seeking in LIHTC properties. The class will deal with elements of troubleshooting during the compliance period (including such challenges as adjusters and the financial impact of noncompliance). Participants will explore the relationships between the different financing sources in the capital stack, and the implications for managing stakeholders during refinancing and other financial events. Finally, the class will dive into a range of Year 15 issues. This class requires a test, successful completion of which is a required for the CHAM® designation. The Advanced Financial Tools curriculum assumes that participants are proficient in the use of Excel. Successful completion of AM291 (Financial Tools for Asset Managers) as well as of the first half of the Advanced class (AM321vc) are prerequisites for this course. Core Competencies Participants will be able to: 1. Understand the elements of financial return to investors in a LIHTC project 2. Calculate the impact of tax credit adjusters and recapture penalties 3. Evaluate the stakeholder interests of funders, lenders and investors, and manage negotiations with these stakeholders through refinancings and other property life cycle events 4. Evaluate Year 15 options for LIHTC properties, and calculate exit tax liability for sponsors exercising purchase options or first refusal rights.

Course Length: 2 Days

Tuition: $770.0

Course counts toward a professional certificate (PCP): Yes