March 9, 2017
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Tags: Housing: Foreclosure, Tax-exempt Bonds
Organizations mentioned/involved: Legal Aid of Western Michigan
Eenhoorn LLC has arranged foreclosures for least seven of its low-income housing developments in Michigan and other Midwest states, said John Smith, a lawyer with Legal Aid of West Michigan.
Those foreclosures allow Eenhoorn to get out of 30-year commitments to offer reduced rents to low-income tenants at their properties. The commitments were made by the original developers when they used government-issued tax credits to build the housing projects.
The Michigan Housing Development Authority has asked the Internal Revenue Service to rule on whether Eenhoorn should be denied the ability to convert their subsidized apartments into market rate units.