Buchanan Advisory on Low-Income Housing Tax Credits in Property Valuation Published in Law360

Buchanan Ingersoll & Rooney's client advisory on In re Creekside Senior Apartments – an appellate court's decision regarding the value of low-income housing tax credits (LIHTC) in bankruptcy proceedings – was published in the Expert Analysis section of Law360.

As Bankruptcy & Insolvency attorneys William H. Schorling, Timothy P. Palmer and Kelly M. Ariosto explain, the court's decision "held that a low-income housing tax credit borrower cannot use the bankruptcy process as a tool to strip the value of the LIHTCs from the lender's secured claim."

Read the full advisory here.

"The Creekside opinion is consistent with the expectations of [low-income housing tax credit] lenders that the value of the tax credits can be captured by and realized upon by the lender in the event of a foreclosure or bankruptcy," the advisory concluded.