Understand the tax credit options both when initially structuring a project and when evaluating what to do in year 15.
Owners of tax credit projects are faced with numerous options at the end of the tax credit compliance period. They can sell the project subject to the use restrictions, attempt to have the use restrictions removed by offering the project for sale pursuant to qualified contract, continue to own the project or attempt to get new low-income housing tax credits. These decisions can also impact lenders, investors and governmental entities involved with the project. An owner's options may be limited by decisions made when the project is developed. Consequently, the parties involved in a low-income housing tax credit project and their counsel need to understand the options both when initially structuring a project and when evaluating what to do in year 15. This information will cover the impact of recent tax law changes, including changes in depreciation, interest deductions, and unique opportunities for projects in Qualified Opportunity Zones. Failure to properly structure the project initially and failure to structure the deal at the end of the compliance period can have disatrous tax consequences. We will address the options, the potential tax consequences and how to evaluate what is the best option for a project.
Angela M. Christy
Faegre Baker Daniels
- Partner at Faegre Baker Daniels LLP
- Practice emphasizes real estate development, particularly housing and community development and low-income housing tax credits
- Former chair of the ABA Forum on Housing and Community Development Law
- Member of the American College of Real Estate Lawyers (ACREL)
- Chambers USA: Leading Lawyer for Business, real estate, 2008-2017
- Top 100 Super Lawyers in Minnesota
- Co-chair of the Minnesota Real Estate Institute for more than 20 years
- Who’s Who Legal: Real Estate, 2018, one of two Minnesota attorneys listed
- Can be contacted at (612) 766-6833 or [email protected]
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