A U.S. Tax Court decision entered on Feb. 20, 2024, in 23rd Chelsea Associates LLC v. Commissioner of Internal Revenue held that bond issuance and related financing costs incurred in connection with the development of a...more
3/25/2024
/ Affordable Housing ,
Audits ,
Bond Financing ,
Construction Project ,
General Contractors ,
Housing Developers ,
Internal Revenue Code (IRC) ,
LIHTC ,
Low Income Housing ,
Real Estate Development ,
Tax Court ,
Tax-Exempt Bonds ,
Transaction Fees ,
Union Dues ,
Unions
The federal low income housing tax credit (LIHTC) program, 26 U.S.C. ยงย 42, is the largest driver of affordable housing in the country. In an effort to keep LIHTC projects affordable as long as possible, Congress created a...more