A nonprofit housing group in Michigan has won a long legal battle over control of its property, in a settlement that’s being closely watched in Boston and across the affordable housing industry.
Under the deal, Presbyterian Villages of Michigan, a Detroit-area provider of low-income housing for seniors, came to an agreement with April Housing, part of the New York private equity giant Blackstone. Presbyterian Villages will be the sole owner of its 250 units of housing, and April Housing will give up any claims of ownership. April Housing also agreed to donate $350,000 to help the nonprofit fund future development.
AIG was one of a handful of investors taking an aggressive stance in exits from investments in a federally backed housing program, as previouslyHistorically, investors received tax credits in exchange for financing low-income housing for a span of 15 years; the nonprofits running the housing would then acquire the properties at a low price at the end of that period.
It’s hard to predict how Blackstone and its April Housing will deal with future tax-credit investments. But, Myers said, “We believe they acted in good faith to get a resolution.”, April Housing chief executive Alice Carr said, “We are pleased to reach an agreement with PVM that supports our shared mission of preserving affordable housing and settles this dispute.” She also said the firm hopes to work with Presbyterian Villages in the future.
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