Year 15 training: Strategizing for a Year-15 Transition
Year-15 is the last year of the credit period in the lifecycle of Low-Income Housing Tax Credit (LIHTC) properties. At this point, LIHTC investors generally seek to transfer their ownership interest. However, in cases where the NYC Department of Housing Preservation and Development (HPD) provides tax credits, land, financing, or other subsidies such as real estate tax exemptions, a project may require HPD consent to exit its investor depending on the selected Year 15 strategy. As such, Year 15 is an opportunity for sponsors to recapitalize their projects, sell, and/or extend affordability.
To start planning for Year-15, Enterprise has put together a two-part training focused on developing a strategy to lead a successful Year-15 transition. Enterprise strongly encourages owners of NYC LIHTC projects in Years 10-15 of their compliance periods to attend the two-course training session.
Enterprise Community Asset Management and Goldstein Hall will provide an overview of Year-15 and the steps and procedures teams should put in place to plan for a successful Year-15.
Sean Barnes, Sr. Disposition Manager, Enterprise Community Asset Management Inc.
Corey Parson, Sr. Manager, Asset Resolution, Enterprise Community Asset Management Inc.
Darryl Austin, Senior Counsel, Goldstein Hall