Units Must Be Occupied by Low-Income Tenants on January 1 to Qualify for Property Tax Exemption

摘要

An apartment owner is not entitled to an affordable housing property tax exemption for 2000 for units that were vacant on January 1, but were occupied by low- or very-low-income tenants in 1999, the Florida District Court of Appeal, Fourth District, held, reversing the lower court ruling. (Parrish v. Pier Club Apartments, LLC, No. 4D03-2458, 2005 WL 902115 (FlaApp. 4 Dist.), April 20, 2005) Pier Club Apartments, LLC, whose sole shareholder was a nonprofit corporation, purchased a 480-unit, bond-financed project in Broward County in 1999. Under a land use restriction agreement (LURA) with the Housing Finance Authority of Broward County, 75 percent of the units were to be occupied by low- or very-low-income tenants by June 1, 2000.