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General Partnership Interests - LIHTC Portfolio, CA

Reliant structured the purchase of the General Partnership interests in four California tax credit partnerships from the original developer.  The transaction allowed the seller to realize cash from illiquid, long term partnership structures, but retain property management.  Totaling 586 units, each of the properties had undergone extensive renovation as part of their low income housing tax credit syndication, and each has a long-term Section 8 housing assistance contract with HUD.  Reliant was able to successfully negotiate and achieve governmental, lender, and limited partner approvals for the new ownership structure. In addition, Reliant admitted a non profit, co-general partner, Rainbow Housing Assistance Corporation, to each of these partnerships. The tax credit partnerships now have a stable long term, committed general partner, with significant tax credit expertise, as well as a non profit co-general partner, which will provide, in addition to resident services, ad valorem tax exemption. The tax savings can be re-invested in the communities to help stabilize their resident population by offering services that enhance the lives of the low income residents.