Partnership Agreements in Tax Credit Projects
Stephanie M.M.Smith
The federal Low Income Housing Tax Credits Program (LIHTC) was enacted in 1986 to encourage private investment in affordable housinng Under this program, nonprofit entitiie that desire to build low-income housing typically enter into partnershhip with for-profit entities that are eligiibl for the tax credits. This article discussse some of the hotly debated issues that arise when negotiating the terms of the partnership agreement. Overview of the Program The Internal Revenue Code of 1986 proviide...