On Tuesday March 22nd, National Housing Trust (NHT) joined a coalition of over 20 local, state and national organizations in submitting an Amicus Brief in support of the Washington State Housing Finance Commission’s policy rule related to the preservation of Low Income Housing Tax Credit developments beyond Year 15. This coalition included BC Davenport, Stewards of Affordable Housing for the Future, National Low Income Housing Coalition and Oregon Housing and Community Services Department.
Investment company Alden Torch Financial previously disputed and filed litigation against the Washington State Housing Finance Commission (WSHFC) following policy changes made to address on-going industry concerns that are threatening the preservation of affordable housing nationwide related to the Right of First Refusal. NHT and our partners believe that the policy implemented by WSHFC and similar Housing Finance Agencies preserves the long-term affordability of affordable housing properties around the country, in addition to preventing harmful investors from systematically challenging general partner rights and disrupting the normal investor exit process in hopes of generating windfall returns.
Alden Torch is appealing the federal court decision to dismiss this case.
National Housing Trust continues to lead multiple approaches across the country to help mitigate threats to the long-term preservation of affordable housing in support of the Right of First Refusal.
You can read the Amicus Brief here: https://tinyurl.com/mwv2ac3s