Since Congress's creation of the low-income housing tax credit as a part of the 1986 Tax Reform Act, Carlile Patchen & Murphy has been actively involved in the affordable housing area. The stated purpose of Congress in creating this tax credit was to promote the development of affordable housing for low and moderate income individuals through attracting private equity investors.

Carlile Patchen & Murphy has assisted private and non-profit developers in all aspects of development and financing of affordable housing projects, from assistance in applying for and obtaining tax credits from applicable governmental authorities, to financing the development and operation of the completed projects through private and public lenders and institutional investors. We also regularly represent management companies and owners before state housing finance agencies in connection with ongoing operational requirements and audits imposed by the IRS.

The low income housing tax credit area is complex, and it provides the practitioner with a number of opportunities to go astray. The attorneys in our Tax Practice Group are experienced at guiding our clients through this difficult area to achieve the desired results.