Since Congress's creation of the low-income housing tax credit with the 1986 Tax Reform Act, Carlile Patchen & Murphy has been actively involved in the affordable housing area. The purpose of this tax credit is to promote the development of affordable housing for low and moderate income individuals through attracting private equity investors.
We have assisted private and non-profit developers in all aspects of development and financing of affordable housing projects, from assistance in obtaining tax credits to financing the development and operation of the completed projects through private and public lenders and institutional investors. We regularly represent management companies and owners before state housing finance agencies in connection with ongoing operational requirements and audits imposed by the IRS.
The low income housing tax credit area is complex, with many opportunities to go astray. The attorneys in our Tax Practice Group are experienced at guiding our clients through this difficult area to achieve the desired results.