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

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 …