Rollingwood Details

Following up on a post by Lander (via News10), here are some details about the Rollingwood condo conversion in Fair Oaks:

- Rollingwood was bought by a "Pismo Beach developer" and "Condominium conversion maven" by the name of Al Nevis for $39.4M, or $144K per unit.

- The Nehemiah Sacramento Valley Fund (a non-profit run by Pacific Coast Capital Partners) sunk $5.5M into the project also.

- One of Nehemiahs subsidiaries runs a downpayment assistant program for low-income buyers.

- In May 2006, the IRS ruled that seller-funded down payment assistance programs do not qualify as tax-exempt.

- According to the article, sales at Rollingwood almost completely dried up after that ruling. Coincidence?

Can anyone confirm that these buyers received "assistance" from Nehemiah? Also, does anyone have any insight into how profits from this deal were split between Nehemiah and Nevis? How much of the profit escaped being taxed?