External Authors:
R. Darryl Austin, Senior Counsel, Goldstein Hall
Kerry McLaughlin LaBotz, Assistant Commissioner, Preservation Finance, NYC Department of Housing Preservation and Development.
Year-15 is the last year of the credit period in the lifecycle of Low-Income Housing Tax Credit (LIHTC) properties. At this point, LIHTC investors generally seek to transfer their ownership interest. However, in cases where the NYC Department of Housing Preservation and Development (HPD) provides tax credits, land, financing, or other subsidies such as real estate tax exemptions, a project may require HPD consent to exit its investor depending on the selected Year 15 strategy. As such, Year 15 is an opportunity for sponsors to recapitalize their projects, sell, and/or extend affordability.
To start planning for Year-15, Enterprise has put together a two-part training focused on developing a strategy to lead a successful Year-15 transition. Enterprise strongly encourages owners of NYC LIHTC projects in Years 10-15 of their compliance periods to attend the two-course training session.
The session was facilitated by Corey Parson, Sr. Manager, Asset Resolution at Enterprise Community Asset Management Inc., and Sean Barnes, Sr. Disposition Manager at Enterprise Community Asset Management Inc.
The Learning Center’s resources and all data and information provided therein (collectively, “Content”) are for general informational purposes only. All Content is provided “as is” and may no longer be current or up to date. Enterprise Community Partners, Inc., its subsidiaries and affiliated entities (collectively referred to as “Enterprise”) as well as any co-authors of any Content disclaim all liability for any errors or omissions and make no warranties or representations of any kind, either express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any Content presented. All Content should be independently verified by you before relying on it. The Content does not constitute professional advice or services (including but not limited to legal, financial, tax, or investment advice).
- Training
