The Credential - March 2022
Welcome to the March 2022 edition of The Credential.
Thank you for giving me the opportunity to address you about where we are and what’s happening in the world of LIHTC Housing. Also, I’d like to thank my peers on the HCCP Board of Governors for the vote of confidence in allowing me to serve the HCCP Board as chair for the 2022 year. I’m looking forward to the opportunity to give back to this credential that has meant so much to me over the course of my career.
I’m also excited to work with and learn from incoming vice chair Missy Covington — who is a wealth of knowledge and has an incredible passion for LIHTC housing and compliance — as well as the rest of the professionals on the HCCP Board of Governors.
At the end of 2020, I think we were all ready to breathe a sigh of relief that what was, without a doubt, the most tumultuous year any of us have lived through was over. And now, with 2021 in the rearview mirror, we can say with certainty that it carried just as many surprises and shocks as 2020 did! Let’s all hope for a calmer 2022 that will give us an opportunity to regroup and continue doing what we do best: providing homes for those who need them most.
I dare say that no industry was impacted as profoundly as multifamily housing through the COVID pandemic, and as I look around, I’m proud of the way our industry represented itself. Through crisis, uncertainty and, in many cases, an inability to collect revenues that were vital to keep our doors open, our professionals responded with dignity and kept America housed through unprecedented times. These past two years have made me prouder than ever to work in the housing industry and, specifically, in the affordable housing industry.
I think that, in this, the first quarter of the new year, it bears looking back at some of the bigger events of last year:
- ERAP: The federal government made nearly $50 billion available in order to provide rental subsidy to households behind on rent. Once states, localities and agencies set up their application and distribution protocols and methods, our on-site and corporate teams had to start processing the applications.
- Reinstituting physical inspections: The waiver period for physical inspections expired in the last quarter of 2021, and agencies once again started going into units and onto properties.
- Publication of IRS Notice 2022-05: More on this topic below.
As always, the team have prepared a tremendous issue of The Credential for our HCCP designees. Among the topics to be covered in this issue are:
- A continuation of the series on resyndications that is being provided by Stephanie Naquin of Novogradac and Jen Brewerton of Dominium
- The Back to Basics series written by Scott Michael Dunn of Costello Compliance
- Details on IRS Notice 2022-5 from AJ Johnson
- Continuing our AIT series, Scott Michael Dunn and Carol Howard focus on property mapping
Also, don’t forget to attend our upcoming webinar, “Building a Perfect Tenant File for LIHTC Properties Policies Forms and Practices,” on April 6 at 2 p.m. ET.
Finally, I would be remiss if I did not extend a hearty congratulations to Thomas Stagg for earning the HCCP of The Year honor. This prestigious award has been presented to some of the most recognizable names in the industry, and I can’t think of anybody more deserving for 2021 than Thomas. Congratulations, Thomas, on this very well-deserved recognition!
I hope that you find the information contained in this issue of The Credential valuable, and if there are any specific topics that you’d like to see covered in future issues or in future webinars, please let us know. We’d love to hear from you.
Senior Vice President, Affordable Housing
ConAM Management Corporation
Stories in This Edition
4 Compliance Considerations for LIHTC Resyndication
Back to Basics: Acquisition Rehab Tax Credits
IRS Extends COVID-19 Relief
AIT Monitoring Challenge
HCCP Board of Governors Spotlight: Jill Cromartie
HCCP Distributor Spotlight: Michael Kotin
HCCP Designee Spotlight: Thomas Stagg
2021 HCCP of the Year Tribute to Thomas Stagg - Scott Michael Dunn
2021 HCCP of the Year Tribute to Thomas Stagg - Missy Covington