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LeadingAge NY to File Amicus Brief in LIHTC Case

LeadingAge NY will be filing an amicus brief in Riseboro Community Partnership, Inc. v. SunAmerica Housing Fund No. 682, et al. We recognize that the issue in this case – a Low-Income Housing Tax Credit (LIHTC) non-profit partner’s ability to purchase the investor’s interest in the property at the end of the 15-year tax credit compliance period – is hugely important to our affordable housing members. If affordable housing providers are prevented from obtaining the ownership interest in their LIHTC properties at the end of this 15-year period, the chilling effect on the development of affordable housing throughout the state will be profound.

LeadingAge NY wants to be at the forefront of the effort to prevent investors like SunAmerica from circumventing the true intent of the LIHTC program to develop affordable housing. The LIHTC is the largest funding source of affordable housing – creating over 3.23 million units of affordable housing between 1987 and 2018 – and as such needs our protection. We are excited to support Riseboro Community Partnership, Inc. in the effort to protect this most valuable of resources.

Contact: Sara Neitzel, sneitzel@leadingageny.org, 518-867-8835