Partnership Agreement Essentials for Tax Credit Projects - A Seasoned Asset Manager's Perspective

Partner Events
Birch Island Real Estate Consulting


1 hour




About the Training
What exactly is the purpose of a limited partnership agreement (LPA) in a partnership that uses Low-Income Housing Tax Credit (LIHTC) equity to develop affordable rental housing? More importantly, what are the essential LPA terms, conditions, obligations, covenants and responsibilities that you REALLY must understand as a stakeholder in a tax credit partnership? If you work in an organization that develops, operates or invests in LIHTC multifamily housing and would benefit from a seasoned expert's perspective on the LPA or simply have limited experience navigating this essential document, this training is for you.
Join seasoned tax credit asset manager Vinnie Viola for a 90-minute training that covers the basics of LIHTC partnership agreements. He will review the frequently referenced terms and sections of a typical LPA, considering both the investor limited partner's and general partner's perspectives. Attendees may submit questions for discussion and participate in on-screen polls.​​ 

Training Agenda

  • ​​​Purpose of Limited Partnership Agreement
  • Partnership Formation & Structure​​
  • Ancillary Legal Agreements
  • What You REALLY Need To Understand in the LPA
  • Capital Contributions
  • Projected Tax Credit Amount & Equity Adjusters
  • Rights, Powers & Obligations of the GP
  • GP Limitation on Authority
  • ILP Rights
  • Cash Waterfall and Distributions
  • Lifecycle Reporting Obligations
  • LPA Exhibit - LIHTC Financial Model
  • Year-15 Dispositions
  • Tips for Successfully Managing a LIHTC Partnership​​​

Is This Training For Me?
This training is ideal for tax credit professionals that need to understand the bottom line when it comes to effective administration of LIHTC partnerships:

  • General partners, managing members, developers and guarantors
  • Asset Managers that interact with tax credit project stakeholders
  • Real Estate development project managers
  • Senior property management staff
  • Others interested in LIHTC partnership agreements

​Contact Vinnie with questions about the training at 617-905-6340 or