The Washington State Housing Finance Commission (WSHFC) has released a report on transfer disputes, titled “Nonprofit Transfer Disputes in the Low Income Housing Tax Credit Program: An Emerging Threat to Affordable Housing.” The report discusses the recent increase in the number of challenges that private firms have made on nonprofit partners’ project transfer rights in the affordable housing community, which the WSHFC asserts is detrimental to the public interest.
The report outlines the challenges this trend presents to the availability of low-income housing in Washington and other states, and provides guidelines that it suggests courts follow in resolving disputes. This will be a closely watched issue in the affordable housing community, as the case law surrounding the issues of the LIHTC statute and right of first refusal continues to develop.
To read the full report, visit http://www.wshfc.org/admin/publications.htm.
Our team has been involved in a number of the matters referenced in the report; if you have questions or would like to discuss the report further, please feel free to contact your affordable housing attorney.
September 16, 2019
Mentioned Attorneys and Professionals