Preserving Affordable Senior Housing in South Hackensack
With MS&B’s legal guidance, the Housing Development Corporation of Bergen County recently acquired 25 senior housing units at Grove Gardens in South Hackensack through a post-compliance acquisition.
When low-income housing tax credits reach the end of their 15-year compliance period, housing authorities or their affiliates can acquire the tax credit investor's interests to preserve affordable housing long-term.
MS&B’s Bakari G. Lee and Natercia Lopes represented HDC as they acquired the company member interests held by PNC Bank in the project owner-entity. For HDC, this acquisition holds special significance, as Grove Gardens was their first LIHTC transaction.
We're proud to support HDC's mission of maintaining housing opportunities for low-income families and older adults.