Message from the Chair
Greetings, HCCP® Professionals – and welcome to the March edition of The Credential.
I am honored to begin my term as chairman of the HCCP Board of Governors. The Board of Governors, its affiliated Technical Advisory Group and HCCP exam distributors make up a diverse, talented volunteer group of professionals dedicated to maintaining the integrity and high standards of the HCCP designation.
The Tax Cuts and Jobs Act (TCJA) signed into law by President Trump on Dec. 22, 2017 preserved the low income housing tax credit (LIHTC) program. However, one significant change to the program is the reduction in the corporate income tax rate from 35% to 21% for taxable years beginning after Dec. 31, 2017. This change will affect the yield on existing LIHTC deals by reducing the pricing from equity investors, which will require project developers to take on more permanent financing and/or defer larger amounts of developer fees.
To provide more information about the impact of the TCJA, you will find an article in this month’s edition of the Credential by Cindy Fang, CPA and Partner with CohnReznick – The Tax Cuts and Jobs Act: State of the Investor Market.
This edition also contains an article from A.J. Johnson, President of A.J. Johnson Consulting Services, Williamsburg, Va., and a longstanding member of the HCCP Board of Governors Technical Advisory Group. A.J. Johnson’s article on After School Programs at LIHTC Properties will provide important information on this topic. While such programs are beneficial to your property, you must ensure that the LIHTC program requirements are not violated.
Continuing with our Back to Basics compliance series, Scott Michael Dunn, CEO of Costello Compliance and Director of Policy for the Costello Companies, Sioux Falls, S.D., and member of the Technical Advisory Group to the Board, has provided an article on Household Transfers. As continued household eligibility for units is one of the fundamental requirements of tax credit housing, this is a crucial topic to understand.
You will also find an article about the HCCP of the Year, Missy Covington, who received her award at the recent International Builders' Show annual awards ceremony in Orlando. Please join us in congratulating her and her commitment to high standards of professional practice.
Finally, in our regular spotlight articles, you will get the chance to learn more about HCCP Board of Governors member Paula Hall, Vice President of Asset Management for Dominium, and HCCP exam distributor Samantha Sowards, Manager of Curriculum Development with Nan Mckay & Associates.
I would also like to provide a reminder that the 2018 HCCP webinars are free of charge to designees, and provide a great way to meet your continuing education requirements while learning new things about our industry. Our first webinar of the year will focus on a critical compliance topic: Understanding Verification Requirements for the Low Income Housing Tax Credit Program, presented by Amanda Gross, Housing Compliance Trainer with E & A Team. Please note: you must login to nahb.org with the username and password that is tied to your designation in order for the webinar to be free. The webinar will be held on Thursday, March 29. Click here to register; we hope you will be able to join us.
As always, the Board of Governors is here to serve you and the HCCP credential. Let us know how we can support you in your professional endeavors, and please tell us if there are topics you would like to see covered in The Credential or as a webinar. Keep up your good work!
Donna Mills, HCCP
Chair, HCCP Board of Governors
Stories in this edition:
The Tax Cuts and Jobs Act: State of the Investor Market
After School Programs at LIHTC Properties
Back to Basics: Household Transfers
HCCP of the Year
HCCP Board of Governors Spotlight
HCCP Distributor Spotlight