LIHTC (Section 42) Apartment complexes

[Carl Cisler]

I have interest in a 40 unit LIHTC apartment complexes. It was built in 1999 and is past the initial 15 year period. The agreement they have in place is Low Income- all 40 units must rent to tenants with income 60 percent or low of median income. Because of this rents are low $400 for 3 bedroom and $350 for 2 bedroom. The cap rate is 8.2. What is the plus and minus on buying section 42 properties. Thanks in advance for your help.