Seminar Looks at Investing in Affordable Housing
A live Web and telephone seminar on opportunities for banks that invest in projects funded through Low-Income Housing Tax Credits (LIHTC) will be held by the Office of the Comptroller of the Currency's (OCC) Community Affairs Department this Wednesday, Sept. 10, from 2:00-3:30 p.m. (EDT).
The OCC charters, regulates and supervises all national banks, and it monitors their compliance with consumer banking laws, including the Community Reinvestment Act (CRA).
The OCC’s Community Affairs Department helps banks develop innovative ways to meet their community development responsibilities. Builders can use department resources to help educate their lenders on the variety of activities that are CRA-eligible, including the development of affordable housing.
Barry Wides, the deputy comptroller of the currency for community affairs, recently met with NAHB to discuss what the OCC does and to encourage NAHB members to talk to their lenders about CRA activities. The OCC is particularly interested in encouraging banks to invest in Low Income Housing Tax Credit projects.
This week’s seminar will help bankers understand how the LIHTC program works and the current market conditions affecting pricing.
The seminar also will focus on underwriting LIHTC funds; financial, tax and accounting benefits; and what to look for in a good fund manager. Examples of successful fund investments will be provided. Participants will have an opportunity to ask panelists questions during the seminar, either online or by telephone.
Panelists include: Wides; Dana Boole, president and CEO, Community Affordable Housing Equity Corporation; and Richard Floreani, senior manager, Tax Credit Investment Advisory Services, Ernst & Young. The seminar will include a welcome from Comptroller of the Currency John C. Dugan.
The seminar is part of the OCC’s educational outreach efforts to enable members from the banking community across the country to listen to agency experts and industry professionals.
The seminar costs $115 for national banks and $150 for others.
For more information and to register, visit www.occ.gov/up_event.htm, or call 800-775-7654.