Venable represents tax credit investors, syndicators, community development entities, lenders, and developers in all aspects of tax credit financing transactions. We assist clients with:
- Structuring and closing transactions utilizing one or more forms of tax credits
- Forming funds for tax credit syndication
- Compliance and asset management issues
- Secondary market purchases and sales of credits
- Unwinding ventures at the end of the credit period
- All matters relating to Community Reinvestment Act (CRA) reporting and compliance
Additionally, we have significant experience structuring tax credit transactions to permit the realization of tax benefits in the context of projects involving government and nonprofit entities.
Our experience relates to all forms of development-subsidy federal and state tax credits, including:
- New markets tax credits
- Historic tax credits
- Low income housing tax credits
- State and local tax incentives
- Opportunity zones
New Markets Tax Credits
Venable has extensive experience with New Market Tax Credit (NMTC) financing transactions. Drawing upon the combined experience of an interdisciplinary team of attorneys from our corporate, finance, tax, and real estate practice groups, we provide comprehensive legal counsel to our clients participating in the NMTC program or in NMTC transactions. Our attorneys deliver practical, creative, and efficient legal solutions for our clients while ensuring compliance with the complex federal and state NMTC requirements.
We regularly counsel lenders, community development entities (CDEs), and developers on (1) structuring, negotiating, and closing on transactions; (2) tax analysis and opinions; (3) compliance and due diligence; and (4) applications to and allocation agreements with the CDFI fund.
Historic Rehabilitation Tax Credits
We handle various aspects of structuring, documenting, and assisting with the syndication of federal and state rehabilitation tax credits in various tiered structures to enable the utilization of discrete tax credits by different investors.
Low-Income Housing Tax Credits and Finance
The Venable team covers all aspects of business and tax law requirements for taking a housing finance project from start to finish. Our services include structuring, negotiating, and drafting entity and transactional documents, providing guidance on regulatory and securities law issues, and furnishing required legal opinions.
Our public finance attorneys join in to assist with transactions that involve tax-exempt financing for housing projects in conjunction with or independent from funding provided by housing tax credits.
State and Local Tax Incentives
Venable attorneys provide years of experience in advising clients regarding the diverse range of state and local tax incentives that are available to stimulate and subsidize particular targeted projects.
Created by the Tax Cut and Jobs Act of 2017, Opportunity Zones are one of the newest tax subsidized financing structures. Since its adoption, Venable attorneys have been advising clients on the parameters of this developing program and published "Opportunity Zones: A New Tax Incentive for Investment in LICs."
- Acquisition finance
- Corporate finance and securities
- Junior capital/mezzanine finance
- Loan workouts and restructurings
- Public finance
- Public-private partnerships finance
- Real estate finance
- Structured finance
- Financial services
- Real estate
- Community development entities
- Banks and other financial institutions
- Nonprofit entities
- Government agencies
- Public companies
- Real estate developers
- Start-up companies