Advanced Tax Credit Issues

Tuesday, November 7: 2:00pm – 3:30pm

Panelists discuss topics and issues regarding deal structuring in the affordable housing industry. Topics include limitations and concerns relating to party transactions, the incentive management fee, tax and legal opinion issues, historic credit tax deals and more. They will also review the 50d income, the 168h election and the 704b schedule. If you want specific information about tax credit issues, this session will provide the details you need.

Session Materials:

Advanced Tax Credit Issues Presentations (2.18 MB Adobe PDF File)


Judy Schneider, National Equity Fund, Inc.
Judy Schneider joined National Equity Fund, Inc. (NEF) in 2001. She currently serves as Senior Vice President and Chief Risk Officer, with responsibility for credit review of new LIHTC investments and approval of post closing changes. She has also managed NEF's Year 15 disposition program since joining the organization. Ms. Schneider has 30 years of experience in the field of affordable housing. Prior to joining NEF, Ms. Schneider held positions as vice president and Midwest manager at Banc One Community Development Corporation, VP of Underwriting and Development for Ohio Capital Corporation, and Housing Development Officer for the Colorado Housing and Finance Authority. She holds an MA in City and Regional Planning from University of California, Berkeley and a BA in Urban and Regional Planning from the University of Illinois, Urbana-Champaign.


Holly Heer, Barnes & Thornburg LLP
Holly H. Heer is a partner in the Real Estate Department of Barnes & Thornburg LLP's Columbus office. She represents developers, syndicators and financial institutions in partnership syndication and related transactions including entity formation, lending, asset management and workouts with a particular emphasis on transactions involving the low-income housing tax credit, historic tax credit and new markets tax credit. Since 2016, Ms. Heer has been selected for inclusion on The Best Lawyers in America list for real estate law. Ms. Heer is a frequent speaker on issues relating to tax credit syndication, which includes tax structuring for credit-oriented transactions; technical tax issues related to credit syndication and compliance; partnership negotiation issues; exit strategies for syndicated investment vehicles; and layering various subsidy and tax credit programs with each other (including HUD programs such as HOPE VI; Replacement Housing Factor Funds; Section 202, 231, 221(d)(4) and 223(a)(7) Loans; Mark to Market Financing; and Interest Reduction Payment Decouplings). She is a member of the Columbus Bar Association's Real Property Section, the Ohio State Bar Association and the Forum on Affordable Housing & Community Development Law of the American Bar Association. Ms. Heer is admitted to practice in front of the state courts of Ohio, U.S. Circuit Court of Appeals for the Sixth Circuit and U.S. District Court for the Southern District of Ohio. She earned her J.D. from the University of Virginia School of Law, where she was Order of the Coif and a member of the Virginia Law Review. She received her B.A. degree from Wellesley College, graduating magna cum laude and as a member of Phi Beta Kappa.

Renee Beaver, Novogradac & Company LLP
Renee Beaver is a partner in the Cleveland office of Novogradac & Company LLP. She has more than 20 years of experience in the real estate industry, with an emphasis in affordable housing, historic redevelopment and renewable energy. Ms. Beaver represents both for-profit and nonprofit developers and consults with numerous investors in affordable housing in addition to providing audit and tax services. Her experience includes accounting, auditing, forecasting and compliance of developments subject to the regulatory requirements of the Low-Income Housing Tax Credit (LIHTC) program and U.S. Department of Housing and Urban Development (HUD). She represents developers and investors in structuring a variety of real estate transactions and is a frequent speaker at real estate industry conferences. Ms. Beaver is the treasurer on the Ohio Housing Council's executive committee, on the board of the Cleveland Restoration Society, a member of the advisory committee of National Multi-Family Housing Council and active in the National Association of Home Builders. She graduated from Cleveland State University and is licensed in Ohio and Michigan as a certified public accountant.

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