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Course Details

AM322vc Advanced Financial Tools for Asset Managers - Part 2

INVITATION ONLY. Registrants for this course MUST have passed AM321vc.

This four-week online class is the second of two required courses for earning the Certified Housing Asset Manager designation. This course will focus on low-income housing tax credit (LIHTC) properties across the asset management life cycle. Building on profitability analysis skills introduced in the first half of the course, this participants will explore the elements of financial return that investors are seeking in LIHTC properties.

This class will also deal with elements of troubleshooting during the compliance period (including such challenges as adjusters and the financial impact of noncompliance). Participants will explore the relationships between the different financing sources in the capital stack, and the implications for managing stakeholders during refinancing and other financial events. Finally, the class will dive into a range of Year 15 issues.

Participants who successfully complete the course will be able to:

1. Understand the elements of financial return to investors in a LIHTC project
2. Calculate the impact of tax credit adjusters and recapture penalties
3. Evaluate the stakeholder interests of funders, lenders and investors, and manage negotiations with these stakeholders through refinancing and other property life cycle events
4. Evaluate Year 15 options for LIHTC properties, and calculate exit tax liability for sponsors exercising purchase options or first refusal rights.

This class requires a test, successful completion of which is a required for the Certified Housing Asset Manager designation. The Advanced Financial Tools curriculum assumes that participants are proficient in the use of Excel. Successful completion of AM291 (Financial Tools for Asset Managers) as well as of the first half of the Advanced class (AM321vc) are prerequisites for this course.

Course Length: 2 Days

Tuition: $545

Course counts toward a professional certificate (PCP): Yes