2013 North Carolina Affordable Housing Conference Raleigh Convention Center Raleigh, NC. September 10 11, 2013

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3 x 10 years Section 42 Tax Liability Investor Low Income Housing Tax Credit DEBT DEBT Partnership LLC S-Corp Equity Bonds Tax Liability Developer/ Owner Total Project Costs Total Project Costs Equity Participation in the LIHTC program enables developers to access capital from investors in exchange for delivery of tax credits. Income limits Rent limits Suitability for occupancy

4 Section 42 North Carolina pop: 2013 Approx x Approx 9.75 mil $2.25 $22 mil State Allocating Agency

5 Section 42 $22 mil x 10 = LIHTCs State Allocating Agency

6 Section 42 $22 mil LIHTCs QAP 10% of credits set aside for non-profits Take into account energy efficiency and historic nature of projects Priority to projects targeting lowest income tenants and longest period of low-income use Consider financial feasibility/viability Limit credits to amount necessary State Allocating Agency

7 North Carolina LIHTC QAP for 2013 Section 42 $22 mil LIHTCs QAP State Allocating Agency

8 North Carolina LIHTC QAP for 2013 A. SITE EVALUATION AND MARKET ANALYSIS Section 42 (i) (ii) Neighborhood Characteristics Amenities $22 mil LIHTCs QAP (iii) Site Suitability B. RENT AFFORDABILITY C. PROJECT DEVELOPMENT COSTS AND RPP LIMITATIONS D. CAPABILITY OF THE PROJECT TEAM E. UNIT MIX AND PROJECT SIZE ETC... State Allocating Agency

9 North Carolina LIHTC QAP for 2013 Section 42 $22 mil LIHTCs $22 mil State Allocating Agency

10 North Carolina LIHTC QAP for 2013 Section 42 Central 10% Rehab $22 mil East LIHTCs Metro West State Allocating Agency

11 (for buildings placed in service after 12/31/07) Offset AMT Tax Return Section 42 x 10 = Tax Liability Investor Fund $43.5mil LIHTCs Form Form Certificate of Occupancy Certificate of Occupancy Placed In Service Package State Allocating Agency Regulatory Agreement Developer/ Owner Property Manager Loan documents Architectural agreements Permits Final Cost Certification Low-Income Households

12 Tax Return Section 42 Tax Liability Investor(s) $22 mil LIHTCs Developer/ Owner Property Manager State Allocating Agency

13 Calculating Credits Total Project costs Eligible Basis Sewer

14 Calculating Credits Eligible basis x DDA/QCT EB adj for DDA/QCT x Applicable fraction Qualified basis x Tax credit percentage Annual LIHTCs x Ten years Total LIHTCs x Limited partner % Total limited partner credits x Price per credit Equity contributions 1,000,000 x 130% 1,300,000 x 95% 1,235,000 x 9% 111,150 x 10 1,111,500 x 99.99% 1,111,389 x ,680

15 Calculating Credits New Constr. Financing Method Non-volumecap-bond debt Federally Subsidized Bonds 9% 3.24% Aug 2013

16 Calculating Credits Eligible basis x DDA/QCT EB adj for DDA/QCT x Applicable fraction Qualified basis x Tax credit percentage Annual LIHTCs x Ten years Total LIHTCs x Limited partner % Total limited partner credits x Price per credit Equity contributions 1,000,000 x 130% 1,300,000 x 95% 1,235,000 x 9% 111,150 x 10 1,111,500 x 99.99% 1,111,389 x ,680 Financed in part w/ tax-exempt bonds x 3.24% 40,014 x ,140 x 99.99% 400,100 x ,085

17 Calculating Credits Construction Method New Constr. Acq/Rehab Financing Method Non-volumecap-bond debt Federally Subsidized Bonds 3.19% 9% 9% 3.24% 3.19% 3.16% Acquisition PIS (January 2012)

18 Calculating Credits Construction Method New Constr. Acq/Rehab Financing Method Non-volumecap-bond debt Federally Subsidized Bonds 3.19% 9% 9% 3.24% 3.19% 3.16% Rehab PIS (November 2012)

19 Calculating Credits Construction Method New Constr. Acq/Rehab Financing Method Non-volumecap-bond debt Federally Subsidized Bonds 3.19% 9% 9% 3.24% 3.19% 3.16%

20 Calculating Credits Eligible basis x DDA/QCT EB adj for DDA/QCT x Applicable fraction Qualified basis x Tax credit percentage Annual LIHTCs x Ten years Total LIHTCs x Limited partner % Total limited partner credits x Price per credit Equity contributions Acquisition 500,000 x 100% 500,000 x 95% 475,000 x 3.19% 15,153 x ,525 x 99.99% Rehab 500,000 x 130% 650,000 x 95% 617,500 x 9% 55,575 x ,750 x 99.99% 151, , ,204 x 0.85 $ 601,123

21 Calculating Credits Construction Method New Constr. Acq/Rehab Financing Method Non-volumecap-bond debt Federally Subsidized Bonds 3.19% 9% 9% 3.24% 3.19% 3.16%

22 Calculating Credits Eligible basis x DDA/QCT EB adj for DDA/QCT x Applicable fraction Qualified basis x Tax credit percentage Annual LIHTCs x Ten years Total LIHTCs x Limited partner % Total limited partner credits x Price per credit Equity contributions Acquisition 500,000 x 100% 500,000 x 95% 475,000 x 3.19% 15,153 x ,525 x 99.99% Rehab 500,000 x % 650,000 x 95% 617,500 x 3.16 % 19,513 x ,130 x 99.99% 151, , ,620 x 0.85 $ 294, ,160

23 Tax Return Section 42 Noncompliance! Tax Liability Investor(s) $22 mil LIHTCs Developer/ Owner Property Manager State Allocating Agency

24 Tax Return Section 42 Form 8823 Noncompliance! Tax Liability Investor(s) $22 mil LIHTCs Developer/ Owner Property Manager State Allocating Agency

25 Important Time Frames Compliance Period Tax Credit Period Extended Use Period PIS

26 Credit Recapture Compliance Period Tax Credit Period Year

27 Credit Recapture Accelerated Credits Year

28 Credit Recapture Year

29 Credit Recapture Year

30 novogradac itunes Brad Elphick, CPA

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