LOW-INCOME HOUSING TAX CREDIT PROGRAM SAMPLE OPINION AS TO PROJECT QUALIFICATION FOR ACQUISITION CREDIT To be issued by Tax Counsel Please be advised that the sample letter is for informational purposes only. The opinion should be project specific to justify the project’s eligibility for Acquisition Credits. Tax Counsel should include relevant support documentation as attachment to the legal opinion, as appropriate. Date State of Georgia Department of Community Affairs 60 Executive Park South, N.E. Atlanta, Georgia 30329 ATTN: Low-Income Housing Credit Program DEVELOPMENT NAME: BUILDING/DEVELOPMENT LOCATION: BUILDING/DEVELOPMENT OWNER: This opinion is given in compliance with the requirements of the Low-Income Housing Tax Credit Program and the applicable Qualified Allocation Plan. This firm represents the development owner in a legal capacity. This opinion is based on factual representations made by the development owner or proposed owner and reasonable and prudent verification of such representations. This opinion is rendered to induce the Georgia Department of Community Affairs to grant an acquisition credit under Section 42 of the Internal Revenue Code (Code) of 1986, as amended, on the subject building/development. After reasonable investigation, we are of the opinion that the building for which the acquisition tax credit is requested meets or will meet the following statutory requirements at the time of allocation (PLEASE DELETE PARAGRAPHS WHICH ARE NOT APPLICABLE): (1) the building will be acquired by purchase as defined in the Internal Revenue Code Section 179(d)(2); and (2) the building was not previously placed in service by the new or by any person who was a related person with respect to the new owner as of the time previously placed in service; and (3) Except for federally or state assisted buildings as defined in Code Section 42(d)(6)(C) that are exempted from the 10 year placed in service rule by the Housing and Economic Recovery Act of 2008, the building was last placed in service at least 10 years prior to the date of acquisition by the new development owner; for an existing tax credit property, the project will have met the 15-year compliance period prior to the earlier of the date of acquisition by the new development owner or the end of the year of the carryover allocation; or
LOW-INCOME HOUSING TAX CREDIT PROGRAM SAMPLE OPINION AS TO PROJECT QUALIFICATION FOR ACQUISITION CREDIT To be issued by Tax Counsel Please be advised that the sample letter is for informational purposes only. The opinion should be project specific to justify the project’s eligibility for Acquisition Credits. Tax Counsel should include relevant support documentation as attachment to the legal opinion, as appropriate. Date State of Georgia Department of Community Affairs 60 Executive Park South, N.E. Atlanta, Georgia 30329 ATTN: Low-Income Housing Credit Program DEVELOPMENT NAME: BUILDING/DEVELOPMENT LOCATION: BUILDING/DEVELOPMENT OWNER: This opinion is given in compliance with the requirements of the Low-Income Housing Tax Credit Program and the applicable Qualified Allocation Plan. This firm represents the development owner in a legal capacity. This opinion is based on factual representations made by the development owner or proposed owner and reasonable and prudent verification of such representations. This opinion is rendered to induce the Georgia Department of Community Affairs to grant an acquisition credit under Section 42 of the Internal Revenue Code (Code) of 1986, as amended, on the subject building/development. After reasonable investigation, we are of the opinion that the building for which the acquisition tax credit is requested meets or will meet the following statutory requirements at the time of allocation (PLEASE DELETE PARAGRAPHS WHICH ARE NOT APPLICABLE): (1) the building will be acquired by purchase as defined in the Internal Revenue Code Section 179(d)(2); and (2) the building was not previously placed in service by the new or by any person who was a related person with respect to the new owner as of the time previously placed in service; and (3) Except for federally or state assisted buildings as defined in Code Section 42(d)(6)(C) that are exempted from the 10 year placed in service rule by the Housing and Economic Recovery Act of 2008, the building was last placed in service at least 10 years prior to the date of acquisition by the new development owner; for an existing tax credit property, the project will have met the 15-year compliance period prior to the earlier of the date of acquisition by the new development owner or the end of the year of the carryover allocation; or
2016_sample_acquisition_credit_opinion.docx