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SB: LIHTC Eligible Basis Issues I
Deep Dive: LIHTC Eligible Basis Issues Part I
Eric Barnett
Partner
Novogradac & Company LLP
Eric Barnett is a partner in the Walnut Creek, Calif., office of Novogradac & Company LLP, where he specializes in auditing financial statements and preparation of tax returns for numerous entities, including affordable housing organizations, commercial real estate developers, for-profit homebuilders, nonprofit organizations and investment companies. Mr. Barnett joined Novogradac & Company in 2000 and obtained a wide range of experience with low-income housing entities in the nonprofit sector. He received his bachelor’s degree in business economics with an accounting emphasis from the University of California, Santa Barbara, and is licensed in California as a certified public accountant.
Eric Novak
President
Praxis Consulting Group LLC
Eric Novak is president of Praxis Consulting Group, which was formed in 2004 to help nonprofit, for-profit and government organizations develop and finance affordable housing. Praxis also provides technical assistance to public housing authorities in the West in the areas of strategic planning, portfolio assessment, mixed-finance and the Department of Housing and Urban Development’s (HUD’s) Rental Assistance Demonstration (RAD) and Choice Neighborhoods Initiative applications and implementation. Mr. Novak has more than 30 years of experience in affordable housing policy, development and finance. Since 2005, Praxis has secured the financing for more than 40 affordable housing developments, primarily in Nevada, totaling more than 3,000 units and $450 million in financing. In 2013, Praxis closed the first FHA-insured RAD public housing transaction in the country, Landsman Gardens, for the Southern Nevada Regional Housing Authority. Praxis is finance consultant to the Housing Authority of the City of El Paso on its RAD Tranche 1 transaction, the largest RAD portfolio closing in the country, comprising almost 1,600 units across 14 properties. Mr. Novak has a master’s degree in city planning from the Massachusetts Institute of Technology, with a concentration in real estate finance and housing and human service policy.
Tuan Pham
Founding Partner
Downs Pham & Kuei LLP
Tuan “Tune" Pham is a transactional real estate attorney and a founding partner of Downs Pham & Kuei LLP. Mr. Pham is an industry-recognized professional specializing in tax-exempt bond and tax credit financing for multifamily housing and public infrastructure. Mr. Pham represents both public and private real estate developers to obtain tax-advantaged financing for developments ranging from mixed-income, mixed-use apartment complexes to master-planned communities. Mr. Pham routinely counsels his clients on the myriad issues involved in the acquisition and disposition of tax-exempt bond and tax credit financed properties.
Martin Bershtein
Vice President, Director of Tax Credits
CAPREIT Inc.
Martin Bershtein serves as the vice president, director of tax credits for CAPREIT Inc., a national multifamily real estate investment company based in Rockville, Md. Mr. Bershtein directs the acquisition of both existing and expiring tax credit communities for the company. Mr. Bershtein also maintains a private legal and tax consulting practice in New Jersey and Pennsylvania. In this capacity, Mr. Bershtein advises and provides technical assistance to developers with regard to local, state and federal assistance programs. Since 2006, Mr. Bershtein has successfully obtained 35 low-income housing tax credit (LIHTC) allocations, yielding more than $320 million in tax credit equity. Other accomplishments include securing state soft funding, Sandy Disaster CDBG, HOME, TCAP, TCX and AHP funds in the amount of $143 million. Previously, Mr. Bershtein served as a senior relationship manager for Wachovia and held executive and senior staff positions at New Jersey Housing and Mortgage Finance Agency (NJHMFA). During his 13-year tenure at NJHMFA, Mr. Bershtein directed state tax credit policies and the federal LIHTC program for New Jersey. He is a nationally recognized expert on the federal LIHTC program, having been invited to speak at many affordable housing conferences across the country. Mr. Bershtein has been a contributor to several national housing and tax periodicals, including Affordable Housing Finance, Tax Credit Advisor, Housing Bond Report, LIHC Monthly Report and the NMTC Report. Mr. Bershtein is a certified public accountant and a member of the bar in New Jersey and Pennsylvania. He holds a bachelor’s degree in economics and finance from the Wharton School of the University of Pennsylvania and a juris doctor from Temple University School of Law.