NC Court of Appeals Examines the Meaning of “Ownership” for Property Tax Exemption in LIHTC Developments, and NC Supreme Court Refuses to Further Rule

Sherrod Banks Housing & Community Development, Sherrod Banks

By Sherrod Banks and Barbara Herrera In a case of first impression, the North Carolina Court of Appeals in In re Blue Ridge Housing of Bakersville LLC[i] upheld a North Carolina Tax Commission decision that Cane Creek Village, a low-income housing development created with low-income housing tax credits (LIHTC), was tax exempt under N.C. Gen. Stat. § 105-278.6(a)(8).  At issue was whether …

The Banks Law Firm Closes $42 Million Dollar Transaction

Sherrod Banks Announcements, Housing & Community Development

Durham, NC – Sherrod Banks, CEO of The Banks Law Firm, announced that his firm closed a $42 Million Dollar transaction for the Charlotte Housing Authority during the holidays.  According to Banks, “The funds will be used to modernize two exiting apartment communities for the elderly, Strawn Tower and Parktowne Terrace, located in Charlotte, N.C.” The proposed modernization of both properties …