Agenda subject to change.

Tuesday Jun 11

Sessions open to NCSHA HFA and associate members only

Registration and Information
Continental Breakfast
Washington Report

NCSHA’s legislative and policy team report on Housing Credit legislation and the outlook for its advancement. Get the latest on affordable housing program funding, housing finance reform efforts, and other legislative and regulatory issues impacting the Credit.

Networking Break
CONCURRENT SESSIONS

Development Community Meet-Up

Allocating agency development officials share their experiences in Housing Credit allocation and underwriting and discuss emerging issues in program administration.

Compliance Community Meet-Up

Allocating agency compliance officials share their experiences in Housing Credit monitoring and discuss emerging issues in program compliance.

Lunch
CONCURRENT SESSIONS

Development Community Meet-Up (continued)

Compliance Community Meet-Up (continued)

Networking Break
IRS Policy and Compliance Briefing

Senior Internal Revenue Service officials meet with allocating agency representatives to discuss recently published and forthcoming guidance, IRS compliance reporting, and current issues in program administration.

Networking Break
Housing Credit Allocator and Investor Forum

Joint with Affordable Housing Investors Council

Housing Credit investors and allocating agency representatives share perspectives on Credit pricing trends, financial structuring, underwriting criteria, portfolio performance, preservation challenges, income averaging, and other program hot topics.

Allocators' Happy Hour

Wednesday Jun 12

Morning Sessions open to NCSHA HFA and associate members only

Registration and Information
Continental Breakfast
NCSHA Board of Directors Meeting

Open to NCSHA member HFA executive directors only
Breakfast available at 8:00 a.m.

HUD Policy Forum

Senior HUD officials meet with allocating agency representatives to discuss income limits, the impact of fair market rents on Housing Credit rents, qualified census tract and difficult development area designations, new Housing Trust Fund and Section 3 rules, Housing Credit tenant data collection, and the physical inspection alignment initiative.

Networking Break
Ask the Legal and Accounting Experts

Veteran tax advisors answer legal and accounting questions from allocating agency representatives and offer perspectives on program hot topics, including deal structuring and compliance aspects of income averaging, qualified contract activity, and state enforcement of extended use agreements.

NCSHA Executive Directors Forum

Open to NCSHA member HFA executive directors only
Lunch available at 11:30 a.m.

Lunch

Open to NCSHA HFA and associate members only

Afternoon sessions open to all attendees

Marketplace Grand Opening
Opening Plenary
Networking Break in the Marketplace
CONCURRENT SESSIONS

Housing Credit Equity Market Roundtable

Housing Credit investors and syndicators explore current equity market activity and offer perspectives on Credit pricing trends, tax-exempt bond deals, the impact of tax reform on investor demand, the new income averaging minimum set-aside, Housing Credits developments in Opportunity Zones, and potential changes to Community Reinvestment Act (CRA) requirements.

Compliance Hot Topics

Federal officials and industry compliance experts explore significant changes in Housing Credit compliance, including implementation of the income averaging minimum set-aside, new IRS requirements for state agency monitoring reviews and utility allowances, updates to income limit methodology, and other issues.

Leadership Circle Reception

Open by invitation only to NCSHA member HFA executive directors and board members, top affiliate supporters, and top-tier conference sponsors. To become a Leadership Circle member, contact Phaedra Stoger at membership@ncsha.org.

Thursday Jun 13

Registration and Information
Marketplace Open
Continental Breakfast in the Marketplace
NCSHA Opportunity Zones Focus Group Meeting

Open to NCSHA member HFA executive directors and one designated staff member only
Breakfast available at 8:00 a.m.

CONCURRENT SESSIONS

Development

Deal Structuring with Income Averaging

Explore new opportunities for Housing Credit development using the income averaging minimum set-aside election. Understand the impact of the set-aside on income limits, project rents, and Credit delivery. Discuss financial structuring benefits of mixed-income developments, structuring challenges in multiple subsidy deals, and best practices for unit designation and market studies.

Compliance

Focus on Fair Housing

Understand application of fair housing rules in the management of Housing Credit developments. Explore essential tenant qualification procedures, affirmative fair housing marketing plans, the general public use rule, Section 8 nondiscrimination provisions, senior housing definitions, Violence Against Women Act requirements, reasonable accommodation, and federal fair housing enforcement actions.

Special Focus

The RAD Revolution

Assess achievements and the future direction of HUD’s Rental Assistance Demonstration (RAD) program. Explore lessons learned from RAD closings and deal structuring strategies involving Housing Credits, tax-exempt bonds, and HUD financing. Understand tenant relocation rules, appraisal and tax issues, and use of RAD to preserve the Section 202 portfolio.

Housing Credit 101

Housing Credit Program Basics

Veteran industry trainers discuss basic Housing Credit program rules, including income and rent restrictions, qualified allocation plans, federal preferences and criteria, and financial feasibility analysis.

Networking Break in the Marketplace
Rural Housing Focus Group Meeting

Open to NCSHA member HFA executive directors and their designated staff members only

CONCURRENT SESSIONS

Development

Overcoming Development and Construction Challenges

Multifamily developers offer solutions to current Housing Credit development challenges, including increased demand for the Credit and tax-exempt bond resources, scarcity of gap financing, higher interest rates, development siting issues, volatile construction material pricing, construction labor shortages, and NIMBY concerns.

Compliance

Ensuring Compliance in the Extended Use Period

Consider state agency and industry best practices for maintaining compliance in the Housing Credit extended use period. Understand complexities related to acquisition/rehabilitation, qualification of existing tenants, amendment of extended use agreements, and compliance issues in resyndications.

Special Focus

Incorporating Resident Services in Affordable Housing

Examine financial structuring issues, underwriting criteria, and strategies for providing resident services in family, elderly, and permanent supportive housing. Assess federal, state, and local subsidies to support service provision and tools for measuring service provider capability. Understand the link between housing and health care as well as specific services for the homeless, veterans, and domestic violence survivors.

Housing Credit 101

Eligible Basis and Credit Calculations

Understand the three types of Credit, applicable percentages, IRS Form 8609 elections, accounting treatment of construction costs and soft costs, eligible basis calculations, and determining maximum Credit amounts.

Networking Lunch in the Marketplace
CONCURRENT SESSIONS

Development

Leveraging the Housing Credit in Opportunity Zones

Financial structuring experts analyze the combination of the Housing Credit and Opportunity Zone incentives, including tactics for structuring funds, allocating tax benefits, optimizing equity contributions, and maximizing eligible basis. Explore the impact of IRS guidance on Housing Credit development, the use of bond financing in Opportunity Zone deals, and the status of funds targeting affordable housing.

Compliance

Understanding Section 8: The Basics of PBV, PBRA, HCV, and RAD

Understand Section 8 rental assistance programs including project-based vouchers (PBV), project-based rental assistance (PBRA), and Housing Choice Vouchers (HCV). Analyze the impact of rental assistance on Housing Credit development and compliance requirements. Discuss Section 8 rules for income determination and rents and specific issues related to Rental Assistance Demonstration (RAD) deals.

Special Focus

Financing Development in Rural and Native American Areas

Study Housing Credit financing opportunities and preservation strategies for rural markets and Native American lands. Discuss trends in area median income growth and potential benefits and challenges to using the new income averaging minimum set-aside in rural areas. Understand the impact of Fannie Mae and Freddie Mac initiatives in these and other underserved markets.

Housing Credit 101

The Development Process

Explore the Housing Credit development process, including review of a typical development timeline, carryover allocation requirements, satisfying the 10 percent test, placed-in-service requirements, key deadlines, and supporting documentation.

Networking Break in the Marketplace
CONCURRENT SESSIONS

Development

Multifamily Bond Financing Seminar, Part 1

This two-part session explores strategies to enhance and expand the use of tax-exempt bonds. Learn how states are deploying multifamily bonds in nontraditional and rural markets, for new production, and as a strategy to preserve the aging Housing Credit inventory. Focus on underwriting tactics for 4 percent deals, the critical role of the Credit agency even when another entity issues the bonds, and ensuring these developments meet the same high standards as any other Credit property.

Compliance

Income Averaging Compliance Considerations

Examine compliance in Housing Credit developments electing the income averaging minimum set-aside. Understand state monitoring policies, investor considerations, and property management perspectives. Consider compliance challenges and best practices related to unit designation, income limit application, the next available unit rule, multiple subsidy developments, and noncompliance correction.

Special Focus

Achieving Affordability and Healthy Housing Through Project Design

Explore architectural principles that promote cost-effective construction and enhance resident health. Discuss strategies for controlling Housing Credit development costs with smart design and construction material choices and incorporating affordability into energy efficiency and sustainability goals. Analyze the nexus between project design and resident health outcomes.

Housing Credit 101

Deal Structuring and Syndication Essentials

Learn fundamental aspects of structuring Housing Credit deals, including common investment structures, equity pricing considerations, financial structuring and underwriting criteria, the syndication process, partnership agreements, and Credit recapture basics.

Networking Break in the Marketplace
CONCURRENT SESSIONS

Development

Multifamily Bond Financing Seminar, Part II

Continue examining innovative tax-exempt bond executions, including bond authority recycling, “twinning” with 9 percent Credits, and other strategies to maximize and stretch this resource. Learn how bond cap-constrained states are instituting competitive 4 percent programs.

Compliance

Strengthening Compliance Through Asset Management

Consider the latest reports on portfolio performance and how asset management data is impacting deal structuring and property compliance. Discuss site visit and monitoring strategies designed to enhance financial performance, mitigate risk, and strengthen compliance from lease-up through the extended use period. Explore risk-based monitoring and other approaches to target resources as the portfolio grows.

Special Focus

Housing Credit Advocacy Outlook

Federal housing policy advocates share perspectives on the legislative landscape for Housing Credit priorities with special focus on the Affordable Housing Credit Improvement Act and efforts to reduce qualified contract-related portfolio losses. Hear how divided government could help or hinder these efforts and the outlook for HUD funding, housing finance reform, changes to CRA, and more.

Housing Credit 101

Program Monitoring and Compliance

Understand essential aspects of Housing Credit compliance, including satisfying the minimum set-aside, applicability of income limits, tenant eligibility requirements, income calculation and verification rules, the next available unit rule, state agency compliance monitoring, property inspection requirements, and the impact of noncompliance on Credit delivery.

Networking Break in the Marketplace
CONCURRENT SESSIONS

Development

Understanding the Housing Credit Preservation Challenge

Discuss preservation strategies for Year 15 Housing Credit deals and other at-risk properties. Explore recapitalization financing using tax-exempt bonds, resyndication, and other resources. Study the policy implications of qualified contract activity and obstacles to the right of first refusal. Understand the magnitude of the preservation challenge as a wave of Housing Credit properties approach Year 30.

Compliance

Applying Income Limit and Utility Allowance Updates

Analyze recent updates to income limits and utility allowances and the impact on maximum allowable Housing Credit rents. Understand state agency, developer, and management company perspectives on rent increases. Consider the impact of minimum wage increases on income limits and special issues related to preservation transactions, resyndications, and multiple subsidy developments.

Special Focus

The Impact of Tax Reform on Deal Structuring

Tax advisors analyze various provisions of the Tax Cuts and Jobs Act of 2017 and the impact on Housing Credit deal structuring. Understand how the reduced corporate tax rate, changes in depreciation rules, interest deduction limitations, the base erosion and anti-abuse tax (BEAT), and other tax provisions have affected investor interest, Credit pricing, financial underwriting, and the existing portfolio.

Networking Reception in the Marketplace

Friday Jun 14

Registration and Information
Continental Breakfast
Closing Plenary: Current Program Challenges and Opportunities

Industry leaders forecast the future of the Housing Credit by examining current development and compliance challenges and identifying potential program opportunities. Panelists will explore the pressing demand for affordable housing, policy considerations in selecting development sites, the financial and compliance status of the existing portfolio, solutions to preservation challenges, innovative cost control and construction methods, and new strategies for leveraging existing affordable housing resources.