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As property values have increased, there’s been more litigation about what a below-market right of first refusal means.
On Sept. 15, the Third District Court of Appeals for the State of Florida affirmed a Florida nonprofit’s ownership of an LIHTC site. Specifically, the court affirmed the Opa-Locka Community Development Corporation’s (OLCDC’s) right of first refusal under Section 42 of the Internal Revenue Code to acquire and preserve the site for affordable housing [Opa-Locka Community Development Corp. v. HK Aswan LLC, September 2021].
