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  • 46 Slides

Sell, Hold or Resyndicate: What to do at the End of the Housing Tax Credit Project


Understand the steps you can or should be taking as the LIHTC project enters Year 15.

This panel is intended for owners (for-profit and non-profit) and property managers who are involved in Low-Income Housing Tax Credits (LIHTC) projects to understand the steps they can or should be taking as their LIHTC project enters Year 15. Year 15 is the end of the IRS 15-year LIHTC compliance period and can be an opportunity for the LIHTC owners to restructure their project ownership and explore possible redevelopment and refinancing opportunities including a possible sale, refinance, investor exit, new LIHTC financing and homeownership conversion. The presentation will explain the typical ownership structure in LIHTC projects, what the options are for owners in year 15, what the LIHTC project documents usually provide as to Year 15, as well as discussion topics with the LIHTC equity investor for year 15. This panel will cover the Rights of First Refusals and Purchase Options, which are often negotiated in LIHTC projects, especially with non-profit sponsors of LIHTC projects. Finally, the presentation will describe the considerations a LIHTC owner should review about their project as well as what notices and approvals may be required in connection with Year 15.



Stuart D. Poppel

Stuart D. Poppel

Poppel Law LLC

  • Poppel Law LLC
  • Concentrates practice on representing both for-profit and non-profit developers of affordable rental housing
  • Over 25 years, has closed over 200 Low Income Housing Tax Credit projects for developers
  • As well as investors across the country
  • Projects have also utilized state tax credits, the historic rehabilitation tax credit and solar and energy tax credits as well as various forms of federal financing such as HUD’s HOME, CDBG and Rental Assistance Demonstration Program (and previously HUD Hope VI and HUD Mixed Finance Programs)
  • J.D., Emory University School of Law, 1994; B.A., Political Science, Johns Hopkins University, 1991
Martin Walsh

Martin Walsh

Reno & Cavanaugh, PLLC

  • Member at Reno & Cavanaugh PLLC
  • Specializes in providing legal assistance structuring, financing and closing multifamily affordable housing developments for range of clients across the country including nonprofit and for-profit developers, public housing authorities, other public agencies, and lenders
  • Provide legal assistance structuring, financing and closing multifamily affordable housing developments for range of clients across the country including public housing authorities, nonprofit and for-profit developers, public agencies, and lenders.
  • Represent major national bank as lender’s counsel on affordable housing transactions involving federal low income housing tax credits, tax-exempt bonds, HUD assistance and other state and local funding sources.
  • Possess expertise with all major affordable housing funding programs including Rental Assistance Demonstration program, Faircloth-to-RAD, FHA mortgage insurance, Section 8 project based rental assistance, HUD 202/811, HOPE VI, Choice Neighborhoods, Public Housing Capital and Operating funds, Moving-to-Work funding, federal low income housing tax credits, tax exempt bonds, HOME funds, CDBG funds, Federal Home Loan Bank Affordable Housing Program funds, Neighborhood Stabilization Program funds, ARRA funding and other public and private sources.
  • Wharton School of Business, M.B.A., Real Estate; University of Pennsylvania Law School, J.D.; Pennsylvania State University, B.A. in Philosophy
Jake Greenberg

Jake Greenberg

Reno & Cavanaugh, PLLC

  • Associate Attorney at Reno & Cavanaugh, PLLC
  • Member of ABA Forum on Affordable Housing and Community Development Law, Virginia Bar and D.C. Bar
  • University of Virginia School of Law, J.D.; Brandeis University, Bachelor of Arts in Business and Environmental Studies

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