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Updated over 6 years ago,
Purchasing an apt building with LIHTC already in place
Hi everyone. I am getting ready to purchase an apt building that has LIHTC for another 8 years. The owner already received tax credits and I will of course be getting nothing from LIHTC. My question is whether I have to follow their rent cap restrictions being that it was not my contract with LIHTC. Can I go back to market rent going forward? The owner has already finished their original 15 years with LIHTC and this is their second term. Thanks!