Good afternoon, thank you for joining us today on our first of three tax credit pilot program training sessions. I wanted to introduce our speakers today. I'm Dan Sullivan, deputy director of multifamily development here at FHA in HUD headquarters. Joining me today on our panel is Lynn Worley to my right. Lynn coordinates the tax credit pilot and really leads our effort day-to-day. She is kind of our go-to person for any questions or concerns. To Lynn's right is Margaret Salazar. Margaret was the lead in developing the program initially and serves as a senior advisor to the deputy assistant secretary. She is also leading our efforts on the RAD program. To Margaret's right is John Bell from our Technical Support Division. John is the leader of our information technology and data transfer for what we call the wheelbarrow system. We will be wrapping up our session at the end of the next two hours. So, we want to welcome all of those in the HUD offices. Our training is directed towards the HUD staff both in the pilots and generally through our pipeline platform. But we also wanted to welcome those lender partners who are participating. I hope many of you have been able to join in with HUD staff and watch this session remotely. The first slide we want to talk about is the point of the pilot and the plan. Then we'll discuss program eligibility and a little bit about the people and challenges in the capital markets that have limited the availability of financing for both market rate and affordable housing multifamily transactions. Consistent with our long-term mission of providing liquidity in a counter cyclical market, FHA has dramatically increased production over the last several years for both market rate projects and affordable housing transactions....
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8609 line 8a Form: What You Should Know
Note. What do we look for? If the election is made on or after 1 April 2015, the allocation of the property will be determined by the lowest of the following: · The portion of the building's eligible basis attributable to the first building (as the building was constructed on) that is not reduced by the construction of other buildings in the development that are also eligible for the credit. For purposes of the credit calculation, the value of the first building (the building described on line 7 of Form 8609) is determined by taking the least of the following amounts each year. If the amount by which the eligible basis in the first building is changed in any year is greater than or equal to the amount described below under section 8609a(b)(1), the amount will be disregarded in determining the amount of the credit in that year. The determination of whether the portion of the eligible basis attributable to the first building is a non-reducing reduction will be made on a year-by-year basis beginning with allocation date in calendar year 2015. · The portion of the eligible, building's eligible basis attributable to the remaining parts of the building that were built in calendar year 2024 and have qualifying use (for a partial building's portion of the building's eligible base, see section 8609b). This includes (but is not limited to) the remainder of a building that was added or increased in a previous year. This determination will be made on a year-by-year basis beginning with allocation date in calendar year 2015. · The portion of the building's eligible basis attributable to the building's remaining parts that began in calendar year 2024 (for a partial building's portion of the building's eligible base, see section 8609b). This includes (but is not limited to) the remainder of a building that was added or increased in a previous year. This determination will be made on a year-by-year basis beginning with allocation date in calendar year 2015. · The portion of the building's eligible basis attributable to the building's remainder beginning with the first year that the building in the building was constructed without qualifying use. This will be determined on a year-by-year basis beginning with allocation date in calendar year 2015.
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Video instructions and help with filling out and completing Form 8609 line 8a
