Banks & Developers Seeking Affordable Housing Tax Credits: Don’t Misstep on Tenancy

May 11, 2015

Securing low-income housing tax credits is easier than ensuring that tenants qualify.  Without careful tenant audits, credits may be at risk, says William H. Jennings, Partner-in-Charge, Real Estate Group at Marks Paneth.  There are many tenant-related issues – not all of them obvious or easy to anticipate – that can put eligibility at risk, says Edie Kitchens, president of Tax Credit Assurance, Inc., a firm that works with developers to help ensure compliance with eligibility. 

Both say that developers need to be careful – their projects can be ruled unqualified for Low-Income Housing Tax Credits (LIHTC) and costs made ineligible for credits if tenants don’t meet the program’s complex and stringent requirements.

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