Tax Credit Projects

Our specialized knowledge and experience in this field enables us to structure transactions that maximize the benefits to our clients.

Overview

We advise our clients on the planning, structuring, and closing of tax credit transactions and in all other aspects of the ownership and operation of a project raised by the increasingly complex aspects of tax credit financing.

We have nearly three decades of experience with Low-Income Housing Tax Credit (LIHTC) projects, working with developers, public housing authorities, lenders, and investors of the LIHTCs. We help clients structure and close transactions throughout the country in urban, suburban, and rural locations, and to acquire and dispose of existing LIHTC portfolios. Because of our extensive work in this area, we can anticipate and address any challenges that clients may face in LIHTC transactions. Our Affordable Housing industry team is well-versed in all aspects of transactions involving LIHTCs.

Additional Specialties

  • Historic Rehabilitation Tax Credit (HRTC)
    In addition to LIHTC transactions, we represent both developers and investors in historic preservation projects that qualify for HRTCs. We have also closed a variety of transactions and structures that combine HRTCs and LIHTCs.
  • State Tax Credits
    We routinely handle other tax credit transactions that include a variety of state tax credits.

Experience

  • National representation of developers, owners, and lenders (conventional and mezzanine) in connection with the structuring, acquisition, development, financing, and disposition of multi-family projects consisting of over 75,000 units in the aggregate.
  • Representing First Horizon on numerous transactions involving LIHTCs and HRTCs across the Southeast, with multiple projects in Tennessee, Mississippi, South Carolina, North Carolina, and Alabama.
  • Representing First Tennessee Housing Corp. on numerous transactions involving LIHTCs and HRTCs across the Southeast, with multiple projects in Tennessee and North Carolina.
  • Representing the Paces Foundation and Walton Communities in connection with the closing of HUD/FHA refinancing.
  • Represented owner/developer, Prestwick Development Company, in transactions involving financing of the acquisition and rehabilitation of rural multifamily housing properties and the transfer and assumption of RD 515 loans from the U.S. Department of Agriculture.
  • Assisted with development and construction financing for an 80-unit senior community sponsored by The Housing Authority of the City of Decatur and financed using conventional debt, state and federal low-income housing tax credits, HUD funds, and renewable energy credits.
  • Representation of a tax-exempt university and an affiliated special purpose borrower/landlord entity in obtaining $20 million of debt subsidized by NMTCs to be used to construct an approximately 60,000 square foot facility consisting of museum galleries, art storage and museum infrastructure, theater, and classroom space.
  • Represented developer/owner of a mixed-use urban redevelopment project of over 80 acres in obtaining approximately $80 million of NMTC-subsidized financing for multiple phases of the development, including approximately 900,000 square feet of office space. The transactions involved 11 different CDE lenders and acquisitions of participations in existing leverage loans to 11 different NMTC investment funds.
  • Representation of a developer in acquiring general partner interests and deferred developer fee rights associated with a portfolio of more than 100 LIHTC projects, including due diligence review and structuring the acquisitions, negotiating with project lenders and LIHTC investors to obtain necessary consents and revisions to original LIHTC transaction documents.
  • Representation of a state low-income housing tax credit (Georgia) investor in structuring and selling interests in funds to investors that raised in excess of $80 million through more than 20 different funds. Representation included structuring a variety of multiple and single investor fund offerings and addressing issues associated with the federal income tax treatment of state credits in such transactions.
  • Represented the developer of a mixed-use condominium and retail project in downtown Atlanta, financed in part with Tax Allocation District bonds and New Markets Tax Credits.
  • Represented developer in acquisition, financing, development, and rehabilitation of multi-family and seniors affordable housing developments.
  • Representation of a developer in syndicating Georgia low-income housing tax credits available with respect to projects developed by affiliates. Representation included tax planning and structuring for the sale of interests in funds and securities law matters.
  • Representation of a LIHTC investor in acquiring interests in projects throughout the southeast, investing with both for-profit and not-for-profit developers. Representation of investor in all phases of the transaction from letter of intent to investment negotiation to investment problem resolutions (including removal and replacement of general partners) to exit from investments (both during and after expiration of the 15-year compliance period.
  • Representation in connection with a $20 million mixed-use development (including approximately 18,000 square feet of commercial space) located in Atlanta, Georgia, financed with both tax-exempt and taxable series of bonds, low-income housing tax credits, and CDBG funds.
  • Representation in connection with mixed-use historic rehabilitation development located in South Carolina, financed with I.R.C.§ 47 historic rehabilitation tax credits and conventional debt financing.
  • Representation in connection with a $130 million, multi-phase, mixed-use urban redevelopment project (including multi-family and single-family housing) located in Atlanta, Georgia, financed with HOPE VI funds, tax-exempt bonds, low-income housing tax credits, and Federal Home Loan Bank AHP funds.
  • Representation of multi-family housing development located in Atlanta, Georgia, financed with tax-exempt bonds, historic rehabilitation tax credits, and low-income housing tax credits.
  • Representation of nonprofit owner/developer in connection with ARRA Section 1602 tax credit exchange financing.
  • Representation in connection with 200-unit multifamily housing development in Ft. Worth, Texas, financed with low-income housing tax credits, conventional construction debt financing, and a TDHCA-administered Housing Trust Fund loan
  • Representing Integral Properties in connection with the redevelopment of several public housing projects in Atlanta, Georgia, using federal tax credits and tax-exempt bond financing.
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