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New Initiatives to Deter Year 15 Right of First Refusal Disputes

  • May 12, 2021
  • 1:00 PM
  • Webinar
  • 27

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New Initiatives to Deter Year 15 Right of First Refusal Disputes

Wednesday, May 12, 2021

As LIHTC asset values have increased across the country, some investors are challenging the rights of nonprofit developers to wholly own their projects at the end of Year 15. These disputes over the Right of First Refusal (ROFR) language of Section 42(i)(7) of the tax code are creating real-life consequences for nonprofit organizations and residents fighting to preserve long-term affordability in these communities.

Listen to the recording to educate yourself about this potential threat to your LIHTC properties:

  • Ellen Lurie Hoffman and Bobby Rozen explained the issues and warning signs, and provided an update on the latest ROFR disputes and litigation. 
  • Emily Kurtz’s talked about RiseBoro Community Partnership’s litigation concerning its 34-unit building called Stockholm Manor, in Bushwick NY, that is being considered by the U.S. Court of Appeals for the Second Circuit.
  • Information was shared about National Housing Trust’s emerging multifaceted strategy to deter YR15 ROFR disputes -- proposed federal legislation; a new state HFA policy and practices toolkit; and ongoing stakeholder education.
Presentation Slides

(Corrected on 5-13-21)

Recording

Resources:

Right of First Refusal in the Housing Credit Program – NHT

Investors Mine For Profits In Affordable Housing, Leaving Thousands Of Tenants At Risk  WBUR

Local Officials And Congressional Leaders Decry Investors Who Put Affordable Housing At Risk - WBUR

Year 15 Dispositions: Navigating the Challenges with Purchase Options and Rights of First Refusal CHAM Webinar, Sept 2020

10 Red Flags in LIHTC Deals -- David Davenport  


Presenters:


Ellen Lurie Hoffman
Senior Director of Federal Policy, National Housing Trust


Emily Kurtz
Vice President, Housing, RiseBoro Community Partnership 



Robert Rozen
Consultant to LISC/NEF, NASLEF and Enterprise

Moderator:


Lisa Deller
Vice President, Asset Management
National Equity Fund


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