Steps for a successful removal of a LURA off LIHTC
Anybody ever been successful on removing a LURA from a LIHTC apartment complex? Steps? Timeframe? Any insights would be helpful? 

My guess is “the juice is not worth the squeeze”, but just thought I would try to get some feedback.

Thanks
[{"id": "hzpwpbx", "text": "Wait until it expires. Those things usually run with the land and the tax credits are predicated on keeping them for the unexpired term of the agreement.", "replies": [], "depth": 1}, {"id": "hzq0uya", "text": "LIHTC developer here: it will be extremely hard if not impossible before the time has expired. These agreements are recorded and run with the land. As well, they are tied to all sorts of other funding requirements from many different agencies. \n\nLIHTC affordability is usually 15yrs but often other subsidy sources require longer timeframe or to be competitive you have to be willing to commit to 30, 45, 50 yrs. Do you have the agreement? I assume it's public record", "replies": [{"id": "hzq15mn", "text": "Thanks. This one is out of the compliance period (15 years), but has the occupancy and rental restrictions in place for 30 years.", "replies": [{"id": "hzq5ipu", "text": "Yeah...I mean the language is usually pretty straightforward. There are instances where they are amended after the compliance period expires to allow for less strict monitoring and maybe even modifying the income thresholds. \n\nAdditionally, depending where you are, there will most likely be political implications of converting an affordable housing development to market rate.", "replies": [], "depth": 3}, {"id": "hzqb0fg", "text": "There is typically a 3 yr min QC period where you can\u2019t just go in and adjust rents to market until the existing rent restricted tenants leave. The min is 3 yrs, but I\u2019ve seen properties that are well beyond that with considerable legacy restricted rents they haven\u2019t been able to roll to market or turn the unit to market.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hzqc7hq", "text": "Yes. We have done it for a client down in Houston TX. I think he spent about $20k on legal fees. It was a 400+ unit property. \n\nThe juice was at least several million. This was back in 2018\u2026", "replies": [], "depth": 1}, {"id": "hzrruwu", "text": "Also LIHTC developer. Stop tryna make it happen, Gretchen, it\u2019s not gonna happen.\n\nYou\u2019ll have to wait till the compliance term runs it\u2019s course.", "replies": [], "depth": 1}]