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Nonprofits Residential Real Estate

Read need-to-know updates, commentary, and analysis on Nonprofits issues written by leading professionals.

[Event] Community Association Seminar Fall 2017 - November 9th and November 11th, Minneapolis, MN

by Hellmuth & Johnson PLLC on

Join us for our Fall 2017 Community Association Seminar! - What to do if your Association is the victim of embezzlement? - Understanding Changes to MCIOA for Construction Defect Claims ...more

Court Holds That Board Of Trustees Of A Nonprofit Do Not Owe The Same Duties As A Trustee Of A Trust

by Winstead PC on

In Young v. Heins, Young brought third-party claims against the board of trustees of a nonprofit home owner association for breach of fiduciary duty, breach of the duty of good faith and fair dealing, breach of contract,...more

Massachusetts Issues Industry Letter On Applicability of MLO Licensing to Individuals Employed by Nonprofit Entities

by Ballard Spahr LLP on

On June 15, 2017, the Massachusetts Division of Banks (Division) issued an industry letter to clarify when an employee of a nonprofit agency is required to obtain a mortgage loan originator (MLO) license. The Division...more

Condominium Issue with Long-Term Tax-Exempt Bond Financing

by Ruder Ware on

We recently helped a client complete long-term tax-exempt bond financing of a portion of a mixed-use condominium. These projects raise interesting issues. Long story short, if you find yourself in a similar situation, you...more

Iris House Provides Valuable Reminder to Landlords About Non-Profit Renters

Recently, the Supreme Court, Appellate Term, First Department, handed down a decision affirming the lower court in 2363 ACP Pineapple, LLC v. Iris House, Inc, 2017 NY Slip op 27047. As the attorney on this case, Michael D....more

Property Tax Exemption Application Deadline Approaches

March 1st is the deadline for filing all property tax exemption applications in the state of Florida. No matter in which of the 67 Florida counties you own property, please be certain that any property tax exemptions you may...more

What is a Community Association? Unwrapping the Riddle

by Ward and Smith, P.A. on

There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association...more

Court Affirmed Dismissal Of Breach Of Fiduciary Duty Claims Against Condo Board Members

by Winstead PC on

In Brown v. Hensley, a condominium complex was damaged by a hurricane, and the board of the complex allowed the complex to be demolished. No. 14-14-00981-CV, 2017 Tex. App. LEXIS 727 (Tex. App.—Houston [14th Dist.] January...more

Property Tax & Valuation Topics - Winter 2017

by Pullman & Comley, LLC on

On September 30, 2016, the Connecticut Supreme Court heard oral argument in Nutmeg Housing Development Corp. v. Colchester. On the face of it, the ad valorem valuation of a garden variety property in the suburbanizing Town...more

New York City Ramps Up Efforts to Enforce the Prevailing Wage Requirement of Its 421-a Affordable Housing Tax Exemption

by FordHarrison on

Owners of 421-a tax exempt buildings and developments should practice extreme caution when considering responding (or failing to respond) to the recent notices (Notices) sent by the City of New York Department of Housing...more

The Attorney Client Privilege in Community Associations

by Ward and Smith, P.A. on

Few legal concepts rival the complexities surrounding the attorney-client privilege in community association matters. The confusion about these complexities, and the resulting misunderstandings, do not discriminate, roping...more

The Tide Rises Waterfront Development in Pennsylvania

by Reed Smith on

Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania’s waterfronts may soon benefit from the new “Waterfront Development Tax Credit” enacted as part of Act 84, and signed...more

Religious Institutions Update: May 2016

by Holland & Knight LLP on

Timely Topics - Has your nonprofit received a donation for a restricted purpose that has become impractical, impossible to achieve, wasteful or even unlawful? A donor may restrict a contribution to a charity for a...more

IRS Releases April 2016 Interest Rates

by Bryan Cave on

Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property - (Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846, 1288, 7520, 7872.) Rev. Rul. 2016-09...more

No Joke: Indiana Real and Personal Property Tax Exemption Applications Due April 1

by Faegre Baker Daniels on

This is no April Fools’ Day joke. Indiana property tax exemption applications for 2016 are due on or by April 1 — six weeks earlier than in previous years. If an exemption application is not properly and timely filed, the...more

Profits vs. Prophets – WItA Examines the RPTL 420-a Exemption

New York’s innovative group, known as Women In (tax) Assessment (WItA) held its 6th Annual Symposium in August which focused on the RPTL 420-a exemption. The group was extremely fortunate to have panelists that represented...more

Major Changes to District of Columbia Zoning Regulations

by Goulston & Storrs PC on

Effective in early 2016, the District of Columbia Zoning Commission will adopt a major overhaul of the zoning regulations. Although the overhaul is intended to simplify and update the 1958 zoning regulations, the new...more

Group Homes Were Not Charitable

by Cozen O'Connor on

A panel of the Commonwealth Court of Pennsylvania held that group homes maintained by a nonprofit for persons with intellectual disabilities were not entitled to real estate tax exemptions as charities. ARC Human Services,...more

New Tennessee Business Related Laws Go Into Effect

by Burr & Forman on

Hundreds of new Tennessee laws went into effect on July 1, 2015. The following is a summary and link to several new laws which can affect Tennessee businesses. SB 1058 – Wrongful discharge for firearms and...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

by Ballard Spahr LLP on

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

Florida’s Immune System: No First-Party Bad Faith Claims Against The State-Created Property Insurer

by Carlton Fields on

Earlier this month, in Citizens Property Insurance Corp. v. Perdido Sun Condominium Association, Inc., No. SC14-185 (Fla. May 14, 2015), the Supreme Court of Florida held that the immunity from suit granted to Citizens under...more

Rating Agency Developments

On June 1, DBRS released its RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology. On June 1, Fitch released its U.S. RMBS Surveillance and Re-REMIC Criteria. On June 1, Moody’s issued...more

Texas Supreme Court Upholds Property Tax Exemption For Student Housing Authority’s Dormitory Used By Summer Campers

by Faegre Baker Daniels on

On April 24, 2015, the Texas Supreme Court in Texas Student Housing Authority v. Brazos County Appraisal District and Appraisal Review Board for Brazos County Appraisal District rejected a county appraisal district’s argument...more

Plan Confirmation Feasibility: “I Know It When I See It”?

by Pepper Hamilton LLP on

In re Brandywine Towhouses, Inc., 524 B.R. 889 (Bankr. N.D. Ga. 2014) – The debtor was a nonprofit that owned a low and moderate income housing cooperative. It proposed a plan of reorganization that contemplated...more

LIFT Orlando Bolsters Downtown Along With Community Partners

The last few years have brought much synergy and excitement to downtown Orlando. The Dr. Phillips Center for the Performing Arts, the Amway Center, the reconstructed Orlando Citrus Bowl, The Plaza, Creative Village, the UCF...more

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