Yahoo! Finance
Banks and developers seeking Low-Income Housing Tax Credits (LIHTC) for New York City projects need to be careful -- their projects can be ruled unqualified for the program and their costs can be made ineligible for credits if tenants don't meet the program's complex and stringent requirements. "As challenging as it is to identify a site, secure funding and develop the property, it can be much more difficult to ensure that tenants meet the qualification requirements -- and continue to meet them over the life of the credit and beyond," says William H. Jennings, Partner-in-Charge of the Real Estate Group at New York accounting firm Marks Paneth LLP.