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Developers, nonprofit and assessor dispute tax-exemption eligibility for two low-income housing projects
Summary
Counsel for two affordable housing developments argued the projects qualify for charitable-property tax exemptions under the Oklahoma Constitution and state statute; the assessor—s office questioned the ownership and leaseback structure and whether net income inures to private parties. The board took testimony and will decide next Friday.
Attorneys for two low-income rental developments told the Oklahoma County Board of Equalization on May 6 that the projects meet the statutory and constitutional standards for a charitable-property tax exemption, while assessor staff said the ownership and leaseback structure raises questions about whether the properties are owned and used exclusively by an Oklahoma-chartered nonprofit.
Lisa Harden, counsel for the owner of Hillcrest 2 Apartments, told the board the properties are affordable-housing projects for seniors and low-income tenants, that 100% of units are income-restricted under the federal Low Income Housing Tax Credit (LIHTC) program, and that recorded land-use restrictions preserve…
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