As of 7/30/2020 Northern New England Housing Investment Fund and Housing Vermont merged to form Evernorth. Visit our new website:

Investors, please note:   The Evernorth portal will be active on 11/15/2020 for the 9/30/2020 third quarter, reports.  The NNEHIF portal will remain active until 3/31/2021 for you to access previous reports while we migrate historical data to the new portal.

Please Contact NNEHIF to discuss the best Year 15 disposition strategy

Significance of Year 15

At the end of the 15-year LIHTC compliance period NNEHIF's role is to facilitate the disposition of the investment. While representing the investor's interest we educate partners on the impact and significance of Year 15 and the strategies to address next steps in the investment life cycle.

The most common method of exit involves the investor's interest in the partnership transferred to the non-profit sponsor at the end of the compliance period.

NNEHIF Disposition Goals:

  • Facilitate 100% of the control to our General Partner
  • Timely exit
  • Work with GP to develop its Year 15 transition plan
  • Deliver expected investor benefits
  • Minimize taxes and transaction costs
  • Sustain affordability & viable operations

Tax credit compliance ends on the last day of the 15th year credits were first taken


  • Tax credits allocated in 2000
  • Building Placed in Service (PIS) in 2001
  • Elected to start taking credits in 2002
  • Tax Credit Compliance Period expires 12/31/2016
  • Year 15 is 2016

Non Compliance = recapture of tax credits

Years 11-14: what do you want to do with the property?

• Contact NNEHIF for the following:

  • Develop strategic plan through Year 15, after Year 15
  • Determine when compliance period ends
  • Review capital needs
  • Capital account and exit tax analysis
  • Qualified Contract Option - typically waived in Maine and NH

Years 14-15: Prepare for Disposition

• Contact NNEHIF for the following:

  • NNEHIF closing checklist
  • Analysis of partnership debt
  • Determine buyout mechanism
  • Negotiate purchase price

• Consult with Accountant and Attorney

  • Benefits Analysis
  • Transaction costs
  • Review NNEHIF template legal agreements
  • Start dialogue with stakeholders

Year 16: Finalize Disposition

• Contact NNEHIF for the following:

  • Execute final sale documents
  • Provide subsequent partnership reports
  • Tax return deadlines

NNEHIF is available to consult with developers or investors on disposition of properties not in the NNEHIF portfolio. To learn more please contact Paul Ottoson or Jan McCormick.