Navigating Difficult Partnerships in LIHTC Agreements at Year 15 Case Study

Opa-Locka CDC recently won a landmark decision in the fight to preserve affordable, locally-owned housing for nonprofits participating in the Low Income Housing Tax Credit (LIHTC) program. The decision challenges a new breed of economic investors, “aggregators”, who have been purchasing limited partner interests with a goal of ‘cashing out’ at Year 15. Come hear our panel to learn how to take this victory and build a strategy state-wide and nation-wide.

 Willie F. Logan, B.A., M.B.A., Ph.D. is a founder of the Opa-locka Community Development Corporation (OLCDC) and has served as its CEO and president since 1980. Logan also served in the Florida House of Representatives from 1982 to 2000 and was elected Democrat Speaker-Designate from 1998 to 2000. He also served as Mayor of the City of Opa-locka from 1980 to 1982.  Logan earned his Ph.D. in Community Economic Development from Southern New Hampshire University and his M.B.A. and Bachelor’s in Accounting from the University of Miami where he is an adjunct faculty member in the School of Architecture. Dr. Logan is a sought-after speaker at many different housing and community development conferences. He is also a published author and his writing includes a chapter entitled “Revitalization & Transforming the Community” in the Future of Places book Shifting from Objects to Places published by Axson Johnson Foundation, Stockholm 2014.

 Shahrzad Emami, Esq. is Founder and Director of the Florida Community Development Legal Project. She is also the Director of the Affordable Housing and Community Development practice group at Legal Services of Greater Miami, Inc. Shahrzad’s practice focuses on the representation of non-profit developers and other organizations that are developing or preserving affordable housing and community-based facilities. Her representation includes providing counsel on non-profit corporate governance and business development, drafting and negotiating business agreements including joint ventures, the formation and structuring of business entities, and transactional legal drafting and document review pertaining to the affordable housing real estate development process from site acquisition through closing. Shahrzad was born in Wheeling, West Virginia and raised in Steubenville Ohio. She is a graduate of Vanderbilt University, magna cum laude, B.A. and University of Miami School of Law, J.D./LL.M. Real Property Development.

David Davenport, Esq. is a trial lawyer at Winthrop & Weinstine, representing Low Income Housing Tax Credit (“LIHTC”) real estate developers, including non-profit sponsors and developers, with an emphasis on working through year-15 issues with their investor limited partners.  Since 2013, he has been on the forefront in litigating complex year-15 disputes across the country. His cases involve issues such as non-profit rights of first refusal, purchase option disputes, option price disputes, partner removal efforts, refinance challenges, and many other year-15 issues facing the developer community, and he frequently litigates against what have become known throughout the industry as “Aggregators.” Mr. Davenport has represented clients, in litigation, consulting and advising roles, in more than 25 states affecting more than 100 LIHTC properties.  He is a regular speaker and author on year-15 topics, and often advises clients on “best practices” for new LIHTC transactions. .

 Iris Clark Jones, B.A., M.B.A. is Vice President – Community Development at Seacoast Bank. Iris has enjoyed a 30+ year career in community development and financial services management. Iris has worked collaboratively to deploy funding that supports responsible mortgage lending for affordable housing, structured financial capacity building programs and helped sustain investments in economically challenged communities. She is actively engaged in the Florida community and has served in leadership board positions with key statewide organizations. Iris is a graduate of University of Wisconsin with a degree in Economics and Industrial Relations and earned her MBA from University of Phoenix. Although a native of Mississippi, Iris and her family now claim Florida as their forever home. Iris and her husband, James share a blended family of three adult children and are also proud grandparents.

session sponsored by seacoast bank

We give back, so we can all move forward.