Tax Credit Finance and Syndication

New Markets Tax Credits

• Advised a Washington, DC-based CDE in connection with its providing
  • $6,000,000 in NMTC financing for the development of a campus of a charter school in the District of Columbia, in which another CDE provided $3,000,000 in NMTC financing
  • $11,316,000 in NMTC financing related to the development of the commercial component of a project in the District of Columbia, in which another CDE also provided $10,000,000 in NMTC financing and other parts of the overall project received HUD and LIHTC financing
• Advised a national CDE on approximately 25 NMTC transactions over the last five years (involving more than $150,000,000 in federal NMTCs and $25,000,000 in state NMTCs), including
  • $13,500,000 in federal NMTC financing and $6,417,094 in Florida NMTC financing (in a stacked structure) to a qualified low-income community business to acquire and develop a social service facility located in Miami, Florida, in a transaction with two investors and another CDE providing an additional $5,000,000 in federal NMTCs
  • $13,000,000 in federal NMTC financing and $2,777,783 in Mississippi NMTC financing to a qualified low-income community business to finance the demolition and new construction of a hospital in Louisville, Mississippi, which was destroyed by an EF-4 tornado in April 2014, in a transaction with a federal investor, two state investors, and four other CDEs providing an additional $30,870,000 in federal and state NMTCs
  • $5,000,000 in Kentucky New Markets Tax Credits financing, in a stacked financing structure, to qualified low-income community business located in Lexington, Kentucky, in which another CDE also provided $5,000,000 in Kentucky NMTC financing and a third CDE provided $9,000,000 in federal NMTC financing
  • $8,000,000 in federal NMTC financing to an affiliate of a hospital for the development and construction of a health center located in Williamsport, Pennsylvania, in a transaction with two other CDEs for a total of $18,000,000 in NMTC financing
  • $10,000,000 in federal NMTC financing and $4,807,692 in Florida New Markets Tax Credits financing to a qualified low-income community business located in Riviera Beach, Florida, in which another CDE (also represented by Venable) provided an additional $4,807,692 in Florida NMTC financing
  • $9,000,000 in NMTC financing to an affiliate of a nonprofit entity for the acquisition, construction, and operation of a hospital located in Jackson, Mississippi, in a transaction with two other CDEs for a total of $26,000,000 in NMTC financing
• Represented a bank that provided a bridge loan in a twinned NMTC and federal and state historic tax credit financing transaction
• Counseled an equity and debt holder of a company that was engaging in a NMTC transaction and also provided NMTC structuring recommendations in other potential NMTC transactions
• Advised other CDEs in connection with multiple federal and state NMTC transactions
• Assisted the national CDE noted above in its successful initial, second, third, and fourth applications to, and eventual NMTC allocation agreements with, the CDFI Fund, which manages the NMTC program for the U.S. Treasury Department
• Represented a sponsor in connection with its negotiation of a NMTC advisory agreement
• Represented a Washington, DC-based Qualified Active Low-Income Community Business in connection with a new markets tax credits financing transaction to finance the approximately $33,000,000 construction and equipment of a new outpatient medical center and a new office and research space, to expand healthcare services to the residents of Ward 8 in Washington DC. The transaction involved five community development entities allocating $32,250,000 in NMTCs, an investor investing $10,062,000 in tax credit equity, and a third-party lender providing $14,400,000 in source loan funding.

Historic Rehabilitation Tax Credits

• Represented CRA reporting institutions in structuring, documenting, negotiating, and closing over 35 investments in multi- and single-investor equity funds driven by the federal and state rehabilitation tax credit and low-income housing tax credit (LIHTC).
• Served as counsel to a major university in connection with its refinancing of the conversion of a former public high school into administrative office space using a master lease–sub-lease structure of tiered entities, the allocation of federal and state credits to different investors, and, upon completion of the vesting period for the tax credits, the unwinding of the tax credit structure, using tax-exempt financing to enable the university to acquire ownership of the facilities.
• Represented a for-profit developer in regard to financing for the rehabilitation of a former warehouse facility into office space for lease to, among others, state government agencies, with enhancement provided by federal and state historic rehabilitation tax credits.

Low-Income Housing Tax Credits and Finance

• Advised CRA reporting institutions in numerous multi- and single-investor equity funds driven by the federal and state rehabilitation tax credit and LIHC. 
• Represented a community-based, private, nonprofit housing sponsor in connection with the financing of the acquisition and rehabilitation of a 22-building multifamily housing project. The financing included the issuance of tax-exempt debt by the local industrial development authority, combined with the syndication of partnership interests benefitting from both low-income housing tax credits and historic tax credits. 
• Served as bond counsel to an authority issuing privately placed, tax-exempt construction financing for the historic rehabilitation of a multifamily housing project in conjunction with syndication of low-income housing tax credits and state and federal historic tax credits. Subsequently, we served as bond counsel in connection with the offering of credit-enhanced bonds for the refinancing of the construction financing.

State and Local Tax Incentives

• Assisted a clean energy project with an evaluation of all available state and local tax incentives.
• Guided a solar project developer regarding the best means to mitigate state and local transaction and property taxes during project development and following project placement in service.

• U.S. News – Best Lawyers
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  • Best Law Firms, Real Estate Law (Tier 1), Washington, DC, 2011 – 2020, 2022 - 2023
  • Best Law Firms, Tax Law (Tier 1), National, 2017 – 2020, 2022
  • Best Law Firms, Tax Law (Tier 1), Baltimore, 2017 – 2020, 2022 - 2023
  • Best Law Firms, Tax Law (Tier 1), Washington, DC, 2017 – 2020
  • Best Law Firms, Tax Law (Tier 1), Los Angeles, 2017 – 2020
  • Best Law Firms, Securitization and Structured Finance Law (Tier 1), Baltimore, 2017 – 2020, 2022 - 2023
• Chambers USA
  • Real Estate Law (Band 1), Washington, DC, 2012 – 2015
  • Real Estate Law (Band 2), Washington, DC, 2016 – 2023
  • Real Estate Law (Band 1), Maryland, 2012 – 2016
  • Real Estate Law (Band 2), Maryland, 2017 – 2023
  • Corporate/M&A (Band 1), Maryland) 2011 – 2023
• Legal 500, Real Estate, 2012 – 2018, 2021
• The Best Lawyers in America, 2006 – 2022 (Venable attorneys selected for inclusion)
• Baltimore SmartCEO, 2005 – 2006, 2010 – 2011 (Venable attorneys selected for inclusion)
• Washington SmartCEO, 2010 – 2011 (Venable attorneys selected for inclusion)