NLIHC joined the National Housing Trust, the National Housing Law Project, the Tacoma Housing Authority, and other organizations in an amicus brief in support of the Washington State Housing Finance Commission (WSHFC) and the “right of first refusal” for nonprofit partners of Low Income Housing Tax Credit (LIHTC) financed properties.
Alden Torch Financial filed suit against WSHFC to challenge the state agency’s regulations aimed at preventing harmful investors from purchasing ownership interests in tax credit housing developments – often in bulk – for the purpose of generating cash windfalls and extracting value from properties at the expense of residents and nonprofit organizations. These investors often use disruptive, “bad faith” tactics to deny nonprofit organizations the ability to purchase the properties at below-market prices at Year 15.
After a federal court dismissed the initial litigation against WSHFC, Alden Torch Financial appealed the ruling. NLIHC signed the amicus brief as a supporter of long-term nonprofit control of LIHTC projects nationwide.
Read the amicus brief at: https://tinyurl.com/mwv2ac3s