Numerous reports have documented the growing need for rental housing affordable to those with low and moderate incomes. To date, however, the supply is not keeping up with demand, and there is a critical need for community development organizations and professionals with the skills needed to help fill this gap.

In recent years, many community development organizations have experienced challenges managing aging properties and increasingly complex portfolios. Senior managers of these organizations need highly specialized skills to keep these properties economically viable over the long term.

AM322vc: Advanced Financial Tools for Asset Managers - Part 2 - July 1, 2025

INVITATION ONLY. Registrants for this course MUST have passed AM321vc. This four-week online class is the second of two required courses for earning the Certified Housing Asset Manager designation. This course will focus on low-income housing tax credit (LIHTC) properties across the asset management life cycle. Building on profitability analysis skills introduced in the first half of the course, this participants will explore the elements of financial return that investors are seeking in LIHTC properties.

This class will also deal with elements of troubleshooting during the compliance period (including such challenges as adjusters and the financial impact of noncompliance). Participants will explore the relationships between the different financing sources in the capital stack, and the implications for managing stakeholders during refinancing and other financial events. Finally, the class will dive into a range of Year 15 issues.

Participants who successfully complete the course will be able to: 

1. Understand the elements of financial return to investors in a LIHTC project

2. Calculate the impact of tax credit adjusters and recapture penalties

3. Evaluate the stakeholder interests of funders, lenders and investors, and manage negotiations with these stakeholders through refinancing and other property life cycle events

4. Evaluate Year 15 options for LIHTC properties, and calculate exit tax liability for sponsors exercising purchase options or first refusal rights.

This class requires a test, successful completion of which is a required for the Certified Housing Asset Manager designation. The Advanced Financial Tools curriculum assumes that participants are proficient in the use of Excel.  Successful completion of AM291 (Financial Tools for Asset Managers) as well as of the first half of the Advanced class (AM321vc) are prerequisites for this course.

AM321vc Advanced Financial Tools for Asset Managers (CHAM) - VTI May 20, 2025

This course teaches advanced financial analysis topics of interest to affordable housing asset managers. By the end of this course, participants will master a range of techniques to measure the profitability of multi-family real estate. In addition, you will learn to evaluate options for refinancing a property’s debt, calculate debt service payments based on a given set of terms, and calculate the maximum debt a property can support. 

Upon completion of this Part 1, participants will be able to:

1. Perform analysis of multifamily property using a range of techniques, including ROI, ROE, NPV and IRR

2. Calculate the financial impact of debt refinancing on a multifamily property

3. Analyze options for debt restructure, and understand the process for implementing the refinance of a property

4. Identify and understand a property's capital stack

This class is the first of the two-part Advanced Financial Tools course that is required for the Certified Housing Asset Manager designation. This course requires a test, successful completion of which is a requirement to achieve the designation. 

Previous successful completion of Financial Fundamentals for Asset Managers (AM291), and its test, is a prerequisite for enrolling in Advanced Financial Tools for Asset Managers - Part 1. In addition, the Advanced Financial Tools curriculum assumes that participants are proficient in the use of Excel.