Low income housing tax credit properties : non-profit disposition strategies in the Commonwealth

This thesis examines how non-profit owners in Massachusetts have maintained affordability and ownership of Low-Income Housing Tax Credit (LIHTC) properties after the initial fifteen-year compliance period, at the lowest possible cost. The intent is two-fold: to inform non-profit project sponsors about strategies leading to low-cost outcomes, and to advocate for policies that promote such low-cost outcomes. The impacts of the players in LIHTC deals, Massachusetts state policy, the original capital structure, and legal partnership arrangements on the strategies that non-profit owners can pursue to maintain control of tax credit properties are considered. Specific outcomes described include bargain sale and charitable contribution, debt-plus-taxes or right of first refusal, and transfer of the limited partnership interest. Themes include the tension between for- and non-profit partners, public and private interests, and federal and state policies. Because the LIHTC is administered on a state-by-state basis, the Massachusetts regulatory environment and state housing resources play a central role in shaping disposition outcomes in the Commonwealth.

Department dc:contributor.department

Massachusetts Institute of Technology. Dept. of Urban Studies and Planning.

Grantor dc:publisher

Massachusetts Institute of Technology

Year dc:date.issued

2007

Author dc:creator

• Lew-Hailer, Lillian

Advisor dc:contributor.advisor

• Lynn Fisher.

• Urban Studies and Planning.

Statement dc:rights

• M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.

Licence dc:rights.uri

• http://dspace.mit.edu/handle/1721.1/7582

Language dc:language.iso

eng

Handle dc:identifier.uri

http://hdl.handle.net/1721.1/40126

OAI identifier oai:identifier

oai:dspace.mit.edu:1721.1/40126