Tax Credit Finance & Community Development

Our practice provides comprehensive legal services to guide public and private entities through the full range of US tax credit, community development and affordable housing transactions. We offer comprehensive expertise on all aspects of a community development project, including tax credit and non-credit subsidies, as well as real estate, tax, public finance, regulatory, environmental, construction and other areas of the law. 

We represent both public sector and private sector participants as they work to maintain and rebuild communities across the US to provide affordable housing and economic opportunities for lower-income families. Whether the project involves the redevelopment of affordable multifamily housing, the construction of a new urban shopping center or the creation of an entirely new urban neighborhood, our lawyers have been at the forefront.

Our group has decades of experience in the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), Historic Rehabilitation Tax Credit (HTC) and Production Tax Credit and Energy Tax Credit (ETC) programs, and equal experience with (i) HUD programs, including FHA financing, RAD, mark-to-market and HUD regulatory issues, (ii) affordable housing bonds, (iii) representing local housing authorities, and (iv) state and local credit and grant programs. As a result, all parties involved in tax credit, affordable housing and other community development transactions – investors, lenders, for-profit, nonprofit, faith-based and other developers, community development entities, and state and local governments – can rely on our team for creative and experienced legal counsel to help structure financially sound investment opportunities.

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Low-Income Housing Tax Credits

We have been extensively involved in all aspects of the program since its 1986 inception and have participated in more than 1,500 low-income housing projects. We represent clients with varied interests in these projects, including for-profit or nonprofit developers, lenders and investors (either in tax credit projects themselves or in funds formed solely to invest in such projects). We advise these clients in all phases of development, operations, disposition, bankruptcies and workouts.

New Market Tax Credits

We have been at the forefront of advising participants in the New Markets Tax Credit (NMTC) program since its enactment in 2000 and first roll-out in 2003. We are one of the leaders in this area of the law, having handled more than 100 transactions over the last 10 years and literally having “written the book” on NMTCs – one of the members of our team is the author of the Bloomberg-BNA Tax Management Portfolio on this topic.

We assist national and regional banks, insurance companies and other investors in NMTC transactions, as well as community development entities (CDEs), lenders, developers, community organizations and a range of other businesses as borrowers (QALICBs) under the program. We help resolve the tax and structuring issues present in NMTC transactions and document and manage all aspects of the NMTC transaction to a successful closing.

Historic Tax Credits

We have advised participants in transactions using the Historic Rehabilitation Tax Credit (HTC) program since the mid-1980s. We have helped facilitate the restoration of dozens of historic buildings through use of the HTC and are one of the nation’s leading law firms in this area.

We assist national banks, insurance companies and other investors in HTC transactions, and also represent national and local commercial and multifamily developers. We help resolve the complex tax and structuring issues present in HTC transactions, and document and manage all aspects of the transaction to a successful closing, including providing advice on real estate, environmental, construction and other issues that may arise.

Energy Tax Credits

We have advised participants in wind, solar and other renewable energy transactions eligible for the production tax credit or energy tax credit (together, ETC). We have helped facilitate the construction of multiple renewable energy projects through use of the ETC and are one of the nation’s leading law firms in this area. We assist insurance companies and banks as investors in ETC transactions, and also represent solar and wind developers and major insurance companies providing tax insurance on ETC transactions. We help resolve the tax and structuring issues present in ETC transactions, and document and manage all aspects of the transaction to a successful closing.

Multifamily Housing Financing Transactions

More than 50 bond and tax lawyers in our offices across the US devote their practice to tax-exempt financings of state and local governments. For more than 15 years, we have ranked among the top 10 bond counsel practices in the US, based on dollar volume, and a significant amount of those transactions have been multifamily housing bond issues. Our experience includes transactions backed by Fannie Mae, Freddie Mac, FHA insurance and Ginnie Mae securities, and HUD risk-sharing transactions; Section 8 assisted projects; letter of credit transactions; mark-to market restructurings; financing public housing, through traditional means as well through mixed-finance transactions, including leveraging HOPE VI, Replacement Housing Factor Fund and 202 grant funds; participating in CFFP bond transactions; and RAD transactions and other mixed-finance transactions that have leveraged HUD funds with tax-exempt bonds and low-income housing tax credits.

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