The Credential - March 2023

Housing Credit Certified Professional (HCCP)
Contact: Dean Schwanke
VP, Multifamily Housing
(202) 266-8392

Welcome to the March 2023 edition of The Credential.

I am writing this on what is my first day as chair of the HCCP Board of Governors (BOG).

First, thank you to Wes Daniel for choosing me as his vice chair last year, and for working with me and sharing his wisdom in hopes of getting me ready for the upcoming year. Wes, I appreciate you!

Second, I am very excited to be working with Marie Peace as vice chair, and my friends and colleagues on the HCCP BOG. It is a privilege to serve on this board.

For those who don’t know me, I am vice president of compliance at Raymond James Affordable Housing Investments (RJAHI). I have been with Raymond James for just over 17 years. Prior to that, I worked in HUD housing with a small community mental health agency. The work we do to provide safe and affordable housing is so important and impactful.

Congratulations to Ronnette Smith — the 2023 HCCP of the year! This is a distinguished honor, and I am so very happy for you. Learn more about Ronnette in this edition’s HCCP Designee Spotlight.

This edition of The Credential also features a great article from Kelly Wakefield on documenting income. As compliance professionals, we spend a lot of time on this process, and it is critical to securing our tax credits and avoiding non-compliance. Should you find yourself working to resolve non-compliance, Wendy Quackenbush’s article will provide great insight into the state agencies perspective and best practices.

Mark English contributed “Are You Playing Chess or Checkers?” No, we haven’t expanded our expertise to board games. This is, in fact, a very insightful article on accessibility compliance — a topic that is becoming all too familiar for so many of us.

The final Credential article was written by Scott Michael Dunn and focuses on casualty loss, as does this month’s webinar.

This time of year, as we are working on tax returns, we are focused on how a casualty loss or a down unit may impact our tax credits. Tune in March 29 at 2 p.m. ET for “Casualty Loss, Credits & LIHTC Best Practices...Oh My!” — a discussion with Stephanie Naquin and Wendy Quackenbush to learn more about how IRS relief may prevent disallowance of tax credits for units’ offline as of Dec. 31, 2022.

I look forward to the next 12 months serving as your chair.

Enjoy your day,

Missy Covington
VP, Compliance
Raymond James Affordable Housing Investments

Stories in This Edition

Back to Basics: Assessing LIHTC Casualty Loss - Part 1
Are You Playing Chess or Checkers in 2023?
Identifying and Correcting Noncompliance From a State Housing Finance Agency’s Perspective
Tax Credit 101: Documenting Income
HCCP Designee Spotlight: Ronnette Smith
HCCP Board of Governors Spotlight: Lori Erbst
HCCP Distributor Spotlight: Karen Graham

Missy Covington