All posts by Corenia Burlingame

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Breaking Down an Important Qualified Contracts Case

Late this summer, the U.S. District Court for the District of Hawai’i granted a motion for summary judgment in Michael Tuttle, et al. vs. Front Street Affordable Housing Partners, et al., No. 18-00218 JAO-KJM, 2020 BL 305979, 2020 U.S. Dist Lexis 145071 (D. Haw. Aug. 12, 2020), a case brought by prospective low-income tenants seeking to reinstate an extended use agreement, which was released by the state agency at the end of the Low Income Housing Tax Credit compliance period following an owner’s request for a qualified contract. While a federal district court decision has limited precedential value, the decision is instructive for state allocating agencies, practitioners and LIHTC transaction participants, given the scarcity of cases involving qualified contracts since the enactment of Section 42(h)(6)(E)(i)(II).

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The Land of OZ

The second set of proposed regulations (the “Proposed Regulations”) released by the IRS with respect to the Opportunity Zone (OZones) program on April 16, 2019 is extremely helpful, generally taxpayer friendly and provides investors with sufficient guidance to close transactions without waiting for a third round of regulations.

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