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Fordham Urban Law Journal

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Disputes around the country are proliferating as limited partner investors attempt to thwart the ability of nonprofits to exercise statutorily defined rights of first refusal to acquire low-income housing tax credit developments upon the expiration of rent restrictions. Such efforts, increasingly being made by "aggregator" investors, frustrate congressional intent, violate long-held norms and expectations in the industry, are costly for nonprofits to litigate, jeopardize the ongoing affordability of an already scarce federally assisted housing stock, and threaten to displace low-income tenants. This Essay describes the problem, explores the collision of housing policy and tax policy that gives rise to it, considers various conceptual approaches to resolution, and provides specific policy recommendations using the Affordable Housing Credit Improvement Act of 2019 as a point of departure. The Essay argues that working with Congress to address this problem should be a higher policy priority for the Biden Administration than attempting to salvage former President Trump's flawed Opportunity Zone initiative.



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