New York’s Non-Profit Revitalization Act of 2013 means changes for non-profits participating in low-income housing tax credit transactions (“LIHTC”) in New York State. One significant change is a non-profit selling all or substantially all of its assets can now choose between obtaining approval of the Supreme Court and petitioning the Attorney General for approval of the transaction.  Obtaining approval from the Supreme Court can be a lengthy process, so this change should streamline the process for non-profits selling existing affordable housing projects to LIHTC partnerships.

Please read about all the changes as a result of the Non-Profit Revitalization Act of 2013 here.