Laws, Regulations & Annotations

W

880.0000 WELFARE EXEMPTION

(a) IN GENERAL

Annotation 880.0149

880.0149 Limited Partnership. A qualifying organization includes limited partnerships in which the managing general partner is an eligible nonprofit organization that has obtained an organizational clearance certificate from the Board of Equalization. The managing general partner must be organized and operated for a qualifying purpose under Revenue and Taxation Code section 214(a), and the property must be used by the limited partnership exclusively for low-income housing purposes. To evidence such use, a limited partnership must apply separately for a supplemental clearance certificate (SCC) for each low-income housing property on which it seeks exemption. Only the property owned by the limited partnership that is specifically used for low-income housing and for which the limited partnership holds an SCC is eligible for the exemption. Pursuant to Property Tax Rule 140(b)(1), such a limited partnership may qualify for the exemption provided: (A) the claimant receives low-income housing tax credits or government financing for the particular property, and (B) the property is subject to a recorded deed restriction or a regulatory agreement which is recorded in the county in which the property is located. C 12/11/2012.