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ATTORNEYS FOR PETITIONERS: SANDRA K. BICKEL JOSEPH D. CALDERON ICE MILLER Indianapolis, IN

ATTORNEYS FOR RESPONDENT: STEVE CARTER ATTORNEY GENERAL OF INDIANA LINDA I. VILLEGAS DEPUTY ATTORNEY GENERAL Indianapolis, IN _____________________________________________________________________

IN THE INDIANA TAX COURT
_____________________________________________________________________ LAFAYETTE HOUSING ASSOCIATES, L.P., ) An Indiana Limited Partnership, ) and ) LAFAYETTE HOUSING ASSOCIATES II, L.P., ) An Indiana Limited Partnership, ) ) Petitioners, ) ) v. ) Cause No. 49T10-0206-TA-69 ) NANCY MOORE, WEA TOWNSHIP ) ASSESSOR, TIPPECANOE COUNTY, ) ) Respondent. ) _____________________________________________________________________ ON APPEAL FROM A FINAL DETERMINATION OF THE INDIANA BOARD OF TAX REVIEW _____________________________________________________________________ NOT FOR PUBLICATION November 6, 2006 FISHER, J. Lafayette Housing Associates, L.P. and Lafayette Housing Associates II, L.P. (collectively, LHA) appeal from a final determination of the Indiana Board of Tax Review (Indiana Board) valuing their real property for the 2000 assessment year (the year at issue). The sole issue for the Court to decide is whether the Indiana Board erred in

denying an obsolescence depreciation adjustment to LHA's apartment complex for the year at issue. FACTS AND PROCEDURAL HISTORY LHA owns Bradford Place Apartments (hereinafter, the Complex), a low-income housing development in Lafayette, Indiana. The development consists of 120 rental units, each with one, two, or three bedrooms. The Complex, constructed in two phases in the early 1990s, was designed as low-income housing in order to qualify for tax credits pursuant to section 42 of the Internal Revenue Code (the LIHTC Program). 1 Under this program, LHA received

approximately $4.0 million in tax credits to award to investors who provided financing for the project. In exchange for these tax credits, LHA agreed to rent all 120 units to individuals whose income was 60% or less of the area's median gross income (adjusted

Federal law provides numerous tax incentives to encourage the production of affordable housing for low-income individuals, including the Low Income Housing Tax Credit (LIHTC) Program at issue here. See, generally, 26 U.S.C.

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