Tax credit programs, such as the Low-Income Housing Tax Credit (“LIHTC”), New Markets Tax Credit (“NMTC”), Historic Rehabilitation Tax Credit (“HRTC”), and Renewable Energy Tax Credit (“RETC”), provide critical gap financing for developing underserved communities, historic rehabilitation, low-income housing, and clean energy. These transactions often involve multiple layers of debt and equity that present challenging business, tax, and real estate issues.
Blank Rome’s tax credit finance attorneys have deep experience in this industry. By participating in national conferences, industry coalitions, and advocacy groups, our tax credit finance team provides legal advice informed by understanding the larger context of our clients’ businesses and anticipating the steps needed to achieve their business goals. This proactive legal approach allows us to guide investors, community development entities (“CDEs”), syndicators, lenders, and for-profit and nonprofit sponsors in efficiently utilizing the appropriate suite of tax credit incentives to meet their needs.
Our tax credit finance attorneys monitor and impact the latest innovations in tax structuring, modeling, and documentation, including the evolving use of the master lease structure for investment tax credit projects, and the combination of HRTC with NMTC, LIHTC, RETC, and other federal and state incentives. Our tax credit finance team drafts, reviews, and negotiates partnership and operating agreements for ownership entities; tax and general real estate opinions; loan documents; development agreements; and option and guaranty agreements.
In particular, our tax credit finance team provides specialized tax credit services, including:
Experienced Attorneys, Recognized in Their Fields
Members of Blank Rome’s tax credit finance team are frequently invited to write and speak on tax and real estate issues at conferences, such as the Novogradac Annual New Markets Tax Credit Conferences and CohnReznick’s Annual New Markets Tax Credit Summit and Conferences. Several attorneys serve as adjunct professors or lecturers at the Graduate Tax Program (LL.M.) of Georgetown University Law Center, George Washington University Law School, and the Real Estate Institute at Temple University. Further, members of Blank Rome’s tax credit finance team have published several books and articles on tax credits, including Tax Credits: Historic Boardwalk Guidance, Recommended Practices discussing recommended practices post-issuance of Revenue Procedure 2014-12, 2014-3 I.R.B. 415, and “Joint Ventures Involving Tax-Exempt Organizations.”