by admin | May 10, 2023 | Tax
The dispute between certain owners of interests in low income housing projects and not for profit sponsors has taken an ugly turn. AMTAX Holdings 227, LLC has filed suit in the United States District Court for the Southern District of New York against accounting firm...
by admin | Aug 25, 2022 | Tax
In May of 2021 I wrote about, New York Attorney General Letitia James, who is best known for being a thorn in the side of Donald Trump, weighing in on a dispute about affordable housing in Brooklyn. It is part of a larger issue that I have been covering since early...
by admin | May 16, 2022 | Uncategorized
For the last several years, there has been an ongoing dispute between not for profit (NFP) sponsors of affordable housing projects and investors. Often the investors are not the original investors in the projects. The dispute is about what happens in Year 15, the...
by admin | Feb 26, 2021 | Tax
Rule 97 of the Ferengi Rules of Acquisition – Enough is never enough – seems to be theme of the Year 15 struggle between aggregators and the not-for-profit(NFPs) sponsors of low income housing projects. “Year 15” is a reference to the...
by admin | Jul 31, 2023 | Tax
On June 30, 2023 Judge Peter B. Krupp if the Suffolk County Superior Court in Massachusetts issued a decision that may have far reaching consequences for affordable housing throughout the country. The case was Tenants’ Development Corporation v Amtax Holdings...
by admin | Jun 19, 2022 | Uncategorized
There may be a major turning point in the Year 15 Low Income Housing Tax Credit (LIHTC) controversy with the Sixth Circuit’s opinion in SunAmerica Housing Fund 1050 v Pathway of Pontiac Inc. The Sixth Circuit is taking the Sesame Street approach advanced by not...
by admin | May 29, 2022 | Uncategorized
There have been two important opinions in the Low Income Housing Tax Credit (LIHTC) Year 15 struggle so far this month. Both favor not-for-profit (NFP) sponsors. They each deserve their own post, so we will start with JER Hudson GP XXI LLC which came down May 2 from...
by admin | Feb 11, 2022 | Tax
Judge James Selna of the United States District Court for the Central District of California has given another win to low income housing credit aggregator Alden Torch in Centerline Housing Partnership V Palm Communities. As I read the filings I may need to...
by admin | Oct 1, 2021 | Tax
The proposed tax legislation coming out of House Ways and Means addresses a long running dispute between sponsors of low income housing tax credit deals and investors. The legislation favors the sponsors. To understand the issue I need to briefly explain how the...
by admin | Jun 3, 2021 | Tax
Ted Eytan – Creative Commons According to the National Law Center on Homelessness & Poverty, there is no clear rule to the effect that living in the land of the free and the home of the brave gives one a right to housing. Nonetheless, the Federal...
by admin | May 1, 2021 | Tax
New York Attorney General Letitia James has weighed in on the low-income housing tax credit Year 15 struggle. In cooperation with James E. Johnson New York City’s Corporation Counsel, she has filed an amicus brief supporting RiseBoro Community Partnership...
by admin | Mar 25, 2021 | Tax
Another decision in the struggle between not-for-profit sponsors and limited partners in “Year 15” of affordable housing deals came out last month. This one was SunAmerica Housing Fund 1050 v Pathway of Pontiac Inc, by Judge Arthur Tarnow of the US...
by admin | Aug 9, 2011 | Tax
Originally Published on forbes.com on August 9th, 2011 ______________________________________ There have been a few cases in the last year about people getting hosed by taxes when they close down life insurance policies. The most recent was that of James Ledger but...
