AH History
True or False: Affordable Housing units are always in an apartment building.
False - the units may be an apartment building, may be in townhomes, etc.
What does LIHTC stand for?
What is Low Income Housing Tax Credits
True or False - CR can not complete both the audit and tax return for an affordable housing deal.
What is False - we typically do both for many of our clients
True or False - General Partners always have 1% interest in AH deals.
What is False - they can be anything; however, they are small usually around .01% to 1%
True or False: Affordable Housing is the industry group that sends the most work to Chennai.
True - we are the largest user with thousands of audits and tax returns being sent to our Chennai Team
False - AH units are built throughout the country - Metro Cities, Rural areas, etc.
Which type of tax credits is more competitive - 4% or 9%
What is 9%
What type of engagement does CR generally provide when a building is placed in service?
What is Cost Certification
Provide two types of investors to AH deals
What is CRA and yield driven
Name Two Offices that send work to Chennai in the Affordable Housing Industry Group
What is Atlanta, Austin, Baltimore, Bethesda, Boston, Braintree, Charlotte, Chicago, Hartford, New York, Sacramento, Woodland Hills/LA
What does HUD stand for?
What is the Department Housing and Urban Development
True or False - Tax credits are a deduction on your tax return that is a percentage of income
False - it's a dollar for dollar reduction
Name two of the common HUD compliance testing procedures we perform for our clients
What is .... Cash Disbursements, Cash Receipts, TNT Lease Testing
Name one reason a developer is involved in AH deals
What is - earn fees such as developer (possibly mgmt fee as well), provide housing in their communities,
Name the tool that our Advisory group developed to share trends and historical data about our AH clients, from information obtained from locked AuditPro Cloud Workbooks
What is the Benchmarking Tool
True or False: The Affordable Housing Industry is a Tax Incentivized Practice.
What is True
How many years are tax credits claimed over?
What is 10 years (unless partial year in Year 1 then 11 years)
Name two types of Cost Certifications
What is LIHTC 8609, Mortgagor, Contractor
Name two types of investments in AH deals
What is direct investment and fund investment
Who is the Affordable Housing Leader for the Firm that hosts the Bi-Weekly Industry Calls?
Who is Beth Mullen
What year was LIHTC established?
What is 1986
What was the name of one of our founders that was involved in the formation of the LIHTC program?
Who was David Reznick
What team within CohnReznick most often complete projections for an Affordable Housing deal?
Who is Advisory/Value 360 Project Finance & Consulting
Name three types of Guarantees typcially seen in AH deals.
What is operating deficit, tax credit guarantee, development deficit, construction completion
What is the name of the Firm's AH newsletter?
What is the Affordable Housing News and Views, Capital Connection