Asset managers and property managers trained in LIHTC / Section 42 tax credit compliance can help investors and developers to avoid the high cost of affordable housing program violations.
Asset managers and property managers play critical yet distinctly different roles in the compliance process. Property managers serve as a project’s first line of defense, yet also have to maintain positive relationships with applicants and current residents who don’t always appreciate those requirements. Asset managers bring a valuable big picture perspective to the process, but often have only limited time and resources to devote to compliance monitoring.
Penalties for Internal Revenue Code Section 42 compliance violations can be substantial. In the most extreme instances, LIHTC violations may result in the forfeiture and recapture of tax credits. A well-trained proactive staff allows developers and investors to keep compliance issues to a minimum.
Westmont Advisors is proud to partner with LIHTC compliance experts TheoPRO to offer development compliance services and Section 42 training programs for LIHTC professionals, including property managers, developers, asset managers, syndicators and government agencies.
Because property managers and asset managers have different roles, their training should reflect those differences:
- TheoPRO1 for Asset Managers approaches compliance from a portfolio management perspective, providing a broad overview of LIHTC compliance issues coupled with tools to identify the most common compliance errors.
- TheoPRO1 for Property Managers focuses on the property manager’s role in day-to-day Section 42 operations, leasing and recertification, with an eye to maintaining best practices that keep errors to a minimum.
Both TheoPRO1 courses also provide the foundation for additional training that equips affordable housing professionals to earn two important tax credit professional accreditations: HCCP (Housing Credit Certified Professional) and SHCM (Specialist in Housing Credit Management).
TheoPRO is led by founder Vivian Probst, one of the nation’s leading experts in Section 42 LIHTC compliance. Let TheoPRO and Westmont customize a program for you.
We offer training and other services throughout the United States. Contact us to learn more.
Westmont Advisors is proud to partner with LIHTC compliance experts TheoPRO to offer development compliance services and Section 42 training programs for LIHTC professionals, including property managers, developers, asset managers, syndicators and government agencies. Training and other services are available throughout the United States. Click here to learn more.
To obtain a complete listing of LIHTC income limits, Section 8 income limits, Fair Market Rents and other affordable housing data for every MSA and county in the United States, please click here to access Westmont’s LIHTC Affordable Housing Data Center.
Affordable housing becomes easier to understand once you have learned its lexicon. For a guide to common industry terminology, click here for our Affordable Housing – LIHTC glossary.
Westmont and our partners at TheoPRO can serve your needs throughout the United States. Please do not hesitate to contact us for more information about our consulting and advisory services for real estate acquisition, asset management and tax credits, including the Low Income Housing Tax Credit (LIHTC) and Historic Tax Credit (HTC), as well as other real estate matters. Click here to learn more about our team.
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