Tax Credit Property Disposition:
A New Generation of Rights, Obligations and Opportunities Through
Year 15 and Beyond
October 11 - 12, 2007
In 1986, the Low-Income Housing Tax Credit (LIHTC) program was born through the
federal Tax Reform Act as a way to provide an alternative financing method for low-incoming
housing and encourage the investment of private capital in the development of affordable
rental properties. To receive LIHTC benefits, owners of qualifying rental properties
had to comply with low-income occupancy requirements for a minimum of 15 years.
In 1989, the LIHTC program changed its compliance requirements to a minimum of 30
years for any property receiving tax credit allocation in 1990 or thereafter.
While on the surface these requirements might seem straightforward, the complex
challenges that are inherent to low-income housing properties require a comprehensive
understanding of applicable business, legal and accounting issues.
This conference will examine the obstacles and opportunities associated with the
disposition of LIHTC properties and interests in such properties, and discuss solutions
to the most serious problems facing owners and potential purchasers of tax credit
properties. Relevant topics to be discussed will include Year 15; qualified contracts;
options and rights of first refusal; portfolio assessment; the market for property
disposition at Year 15 and before; and the market for general partner transfers
during the compliance period.
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