Dedicated to Helping You With Your Tax Credit Transactions
A Trusted Legal Representative for Developers and Investors
Focused on NEW MARKETS, LOW-INCOME HOUSING AND HISTORIC TRANSACTIONS
Since its inception in 2000, we have been heavily involved in New Markets Tax Credits (NMTCs) closing more than 300 projects involving over $2 billion of QEIs, about half have already completed their seven-year compliance period and have been unwound from the NMTC requirements. These projects include both Federal and State NMTC (more than 5 states, some requiring a stacked structure) and some transactions also involve other government programs like Opportunity Zones, PACE, USDA, tax-exempt bonds and Historic Credits. Although we have represented seven different CDEs who have received about $1.5 Billion in NMTC allocation, we have also represented QALICBs in several states. The types of transactions (many are multi-CDE investments) include representing for profit and nonprofit parties in a broad range of facilities including manufacturing, multi-use facilities, equipment-only collateral, and unsecured operating business loans. As with LIHTCs and HTCs, clients receive advice for all phases of NMTC transactions including formation of entities, transaction structuring, and negotiation of documentation of the Investor’s and CDE’s investment and loans to Projects.
Since 1993, we have represented developers and twenty multi-investor funds in about 400 Low-Income Housing Tax Credit (“LIHTC”) transactions in states all over the country. We have guided clients through the entire LIHTC process from acquiring the land, organizing the owner and developer entities, applying for tax credits, negotiating with tax credit investors, structuring the transaction to comply with LIHTC requirements, negotiating construction and permanent loans to Projects, advising with real estate issues including negotiation of construction contracts, reviewing and resolving title and survey issues and resolving of any land issues affecting construction, and continuing guidance post construction including Project leasing and ongoing LIHTC reporting and statutory compliance.
Historic Tax Credits (HTCs) transactions are typically in combination with LIHTC and NMTC transactions in order to maximize a Project’s return on equity. We have been involved in several HTC only transactions in Texas and in other states, some involving both Federal and State HTC. Our representation includes representing the investors and developers with the entire HTC process including preparation of all legal documents required by the National Park Service, discussion and negotiation of the structuring with either lease pass through or single entity, assisting developers with local historic authorities, negotiation of loan documentation and investments to the project, guidance with reviewing real estate issues, including negotiation of construction contracts, reviewing and resolving title and survey issues and resolving any land issues affecting construction of the historic building.