Maui Tax Credit Development Must Stay Affordable For 31 Yrs.
Law360 (August 17, 2020, 7:46 PM EDT) -- A federal court in Hawaii ruled that a low-income housing tax credit project in Maui must remain affordable for the next 31 years, siding with tenants in a case they brought against a developer and the state housing agency.
Lahaina Front Street Apartments, a 142-unit development built in 2001 using federal housing tax credits, cannot be converted to market-rate housing or sold without the tax credit program's rental restrictions, U.S. District Judge Jill Otake ruled Wednesday.
Otake's opinion said the Hawaii Housing Finance & Development Corp.'s decision to release Front Street Affordable Housing Partners, the project developer, from requirements to keep...
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