Laws, Regulations & Annotations

W

880.0000 WELFARE EXEMPTION

(b) WELFARE EXEMPTION – CHARITABLE PURPOSES

Annotation 880.0408

880.0408 Housing. Lower income housing owned by a limited partnership and operated by another limited partnership may qualify for the welfare exemption under subdivision (g) of Revenue and Taxation Code section 214, but both limited partnerships must meet all the requirements for exemption. Section 214(g) requires the property to be both owned and operated by a qualifying entity.

A qualifying limited partnership for purposes of section 214(g) must have (1) an eligible nonprofit corporation as the managing general partner; (2) a limited partnership agreement that designates such nonprofit corporation as the managing general partner, and (3) an agreement that provides the nonprofit managing general partner with management authority over the partnership operations and specific management duties. In addition, the nonprofit managing general partner of each limited partnership must file claims for the exemption. C 3/4/2003.