NLIHC joined the National Housing Law Project, Florida Housing Coalition, National Housing Trust, and others in an amicus brief urging the Third District Court of Appeal for the State of Florida to uphold the Opa-Locka Community Development Corporation’s (OLCDC) Right of First Refusal of a purchase of a Low-Income Housing Tax Credit (LIHTC) property in the ruling in Aswan Village Associates, LLC. vs. Opa Locka Community Development Corporation, Inc.
Aswan Village is an affordable housing complex where residents’ incomes are between 30 and 60 percent of the county’s median income. The property was going to be sold to an equity firm in New York, which sparked concerns that the 216-unit complex will no longer be affordable. OLCDC sued HallKeen Management, a property management company, over the ownership stakes of the complex after the company did not comply with the non-profit organization’s right of first refusal under Section 42 of the Internal Revenue Code (IRC), the section that establishes the LIHTC program.
NLIHC writes in support of the OLCDC to preserve the affordability and viability of LIHTC projects through long-term nonprofit control.
Read the brief at: https://bit.ly/3f8IEyC