April 30, 2021
Investors Mine For Profits In Affordable Housing, Leaving Thousands Of Tenants At Risk

Our partner David Goldstein was quoted by NPR’s Boston affiliate, WBUR, in an article regarding the issues facing RiseBoro Community Partnership and many other non-profits in protecting their Low-Income Housing Tax Credit (“LIHTC”) projects. At issue, is the non-profit’s exercise of the Right of First Refusal, and protecting the LIHTC industry’s stock of affordable housing, and not permitting these units to fall into private investor’s hands, and to become deregulated units. “Honestly, I think it’s a national crisis. This is a really serious problem and affordable housing is going to be potentially threatened, especially for places like Boston, New York, and Los Angeles.” Goldstein Hall PLL has been in the forefront of this issue, recently submitting a brief to the US Court of Appeals for the Second Circuit, arguing that its client RiseBoro Community Partnership can exercise its contractual below market Right of First Refusal, pursuant to the IRS Code Section 42, without consent or interference from AIG’s affiliate SunAmerica, and without first having to market the project and solicit a third party offer.

Thank you to WBUR and senior investigative reporters Beth Healy and Christine Willmsen for bringing attention to this important issue.

To see the full article click here.