State Supreme Court Rules in Favor of Nonprofit in LIHTC Right of First Refusal

The Massachusetts Supreme Judicial Court recently upheld a lower court’s ruling supporting a nonprofit developer’s right of first refusal to purchase an LIHTC site once a third party makes an enforceable offer to purchase the site. In Homeowner’s Rehab Inc. v. Related Corporate V SLP LP the court ruled that the right of first refusal doesn’t require a bona fide offer to be made and accepted with the consent of the special limited partner.