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When Disaster Strikes - Understanding the impact of LIHTC Casualty Loss

With fires and storms raging across the country, many low-income housing tax credit (LIHTC)  projects have been horribly damaged and, in some cases, completely destroyed.
Casualty loss represents the type of devastating event we tend to think will never occur at our properties. Such a devastating loss or damage to our investments is troubling enough to think about, but we mustn’t forget our residents’ impact and the project’s ability to claim credits.

When Disaster Strikes

When disaster strikes, immediate action must be taken to restore the building to habitable condition promptly. The need for immediate action is not just to ensure the owner’s ability to claim credits, but more importantly, to get the project back to serving its purpose of providing affordable housing.

In this 60-minute webinar, Amanda Lee Gross will discuss the impact of casualty loss on LIHTC properties. In this session, Amanda Lee will answer questions such as:

How does the IRS define “Casualty Loss”?

  • When can credits be recaptured due to Casualty Loss?
  • Can an owner claim credits when the project is undergoing restoration?
  • What are the deadlines for getting the project restored in a reasonable amount of time?

Learn to Conquer Compliance

By fully understanding the implication of casualty loss on the owner’s annual credit, housing professionals are better equipped to minimize credits loss when such circumstances arise.

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View On-Demand - $49 Per Person

At all of our compliance webinars, attendees will receive more than just world-class training. You will also receive the best training materials in the industry and a lively and interactive training environment.

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