CORE CAPABILITIES

Our core capabilities include advising clients on matters concerning:

Low-income housing tax credit development and syndication
Historic rehabilitation tax credit development and syndication
Hope VI and mixed-finance public housing developments
New Markets Tax Credit developments
Real estate joint ventures, contracts and acquisitions
Federal and state low income housing subsidy programs
Compliance with HUD and municipal housing authority regulations
Tax incentives, payment in lieu of taxes and abatements
Taxable and tax-exempt bond financings
Acquisition or development of market-rate multi-family and mixed-use housing

We represent borrowers in connection with financing provided through various HUD and FHA programs, including the negotiation, documentation and closing of transactions in which clients purchase multifamily housing projects that are subject to HUD affordable housing restrictions such as Section 8 Housing Assistance Payments (HAP) contracts or HUD Regulatory Agreements.

REPRESENTATIVE EXPERIENCE

AFFORDABLE HOUSING

Representation of the developer of a multiphase Mixed-Finance public housing replacement development in Memphis, Tennessee involving the use of both 4% low income housing tax credits and allocated 9% low income housing tax credits.
Representation of the developer of a Mixed-Finance public housing replacement development in Trenton, New Jersey involving the utilization of 4% low income housing tax credits through the issuance by the New Jersey Housing and Mortgage Finance Agency of conduit tax-exempt bonds and the utilization of New Jersey Urban Transit Hub Tax Credits, all of which were syndicated to a single tax credit investor.
Representation of the developer of an affordable rental housing project in Trenton, New Jersey that was acquired and rehabilitated after the expiration of its initial 15-year tax credit compliance period, structured in a manner that permitted the use of acquisition low income housing tax credits.
Representation of the developer of an affordable senior housing development in Philadelphia, Pennsylvania involving the provision of enhanced supportive services for frail elderly residents, while continuing to satisfy low income housing tax credit requirements.
Representation of the developer of low income housing tax credit properties in connection with the disposition of a portfolio of general partner interests to a non-profit organization.
Representation of the developer of low income housing tax credit properties in connection with the purchase of limited partner interests from tax credit investors after the expiration of the 15-year tax credit compliance, focusing specifically upon calculation of the potential value of the limited partner interests in light of the relative capital accounts of the partners.
Representation of a nonprofit developer in connection with the disposition of a portfolio of low income housing tax credit properties subject to various state and local mortgages and restrictions.
Representation of a private equity fund in the investigation of the acquisition of an equity stake in a large developer of affordable housing properties.
Representation of a non-profit organization in San Antonio, Texas in connection with the financing of multiple affordable housing projects utilizing 501(c)(3) tax-exempt bonds.
Representation of a developer of low-income housing tax credit properties in a litigation support function in connection with ongoing litigation with a tax credit investor in three projects located in Florida.
Representation of a developer of a Mixed-Finance public housing replacement development in Pennsylvania utilizing operating subsidy under the RAD Program.
Representation of tax credit syndicator in connection with the closing of lower tier transactions in multiple states, including New York, Connecticut, New Jersey, Massachusetts, Utah and Wisconsin.

NEW MARKETS TAX CREDITS

Representation of developer of a mixed use project in New Brunswick, New Jersey involving the use of NMTCs together with New Jersey Urban Transit Hub Tax Credits in a project that involves tax-exempt bond financing.
Representation of the purchaser of a project in Pennsylvania that generated NMTCs and was in the middle of its seven-year tax credit recapture period, addressing issues involving changes to the ownership structure in a way that would avoid a recapture of the NMTC already claimed by the NMTC investor.
Representation of developers in NMTC transactions in which the goal was to segregate the residential portion of a mixed-use development from nonresidential uses in a way that would satisfy the NMTC requirements.
Representation of the developer of a performing arts center receiving utilizing NMTC and historic tax credits.
Representation of a borrower of NMTC enhanced funds in connection with the adaptive reuse of a warehouse facility as corporate headquarters.
Representation of a non-profit developer of a mixed use development involving both NMTC and historic tax credits.
Representation of a non-profit developer of a skilled nursing facility in South Florida utilizing both Federal and Florida NMTC financing.
Representation of a community college in California in connection with obtaining NMTC financing for a multi-use sports complex and an agricultural center.
Representation of a hospital network in the development of a new Cancer Center subsidized by NMTC financing.
Representation of a non-profit developer of an historic property in Pittsburgh, Pennsylvania as an energy innovation center utilizing NMTC financing, Federal historic tax credits and the donation of a façade easement.
Representation of a real estate investment trust in connection with a merger and the acquisition of a portfolio of properties that utilized New Markets Tax Credits and Federal historic tax credits.

HISTORIC TAX CREDITS

Representation of the developer of an historic hotel property in New York City involving the rehabilitation of an existing historic structure and the construction of a new tower containing for-sale condominiums adjacent to the historic structure.
Representation of the developer of a luxury hotel property in New York City utilizing historic tax credits, including the structuring of private equity investments in the owner entity in a way that will avoid limitations on the use of historic tax credits with tax-exempt, REIT, or foreign investors.
Representation of a permanent lender to historic tax credit project in connection with the refinancing of existing indebtedness where the property is master leased as part of the historic tax credit structure of the project.
Representation of the developer of a market rate multifamily property in North Carolina utilizing both Federal historic tax credits and the North Carolina Mill Tax Credit.
Representation of the developer of an office building in North Carolina utilizing Federal historic tax credits, North Carolina Mill Tax Credits and New Markets Tax Credits.
Representation of a non-profit organization in Las Vegas, Nevada in connection with the syndication of historic tax credits to help finance the development of an historic property as a new museum.
Representation of the developer of an historic hotel property in New York City utilizing both Federal historic tax credits and equity invested under the EB-5 program.
Representation of a real estate investment company in connection with the acquisition of two historic tax credit properties during the historic tax credit recapture period.

STATE TAX CREDITS

Representation of the developer of a multifamily rental property in Winston-Salem, North Carolina in connection with the utilization of North Carolina Mill Tax Credits, involving structuring issues in light of the decisions in Historic Boardwalk Hall and the Virginia State Historic Tax Credit case.
Representation of the developer of an affordable rental housing development in Cleveland, Ohio utilizing low income housing tax credits, Federal historic tax credits allocated to the low income housing tax investor and Ohio State tax credits that were allocated to a separate tax credit investor.
Representation of the developer of a multi-phase project in New Brunswick, New Jersey utilizing the New Jersey Urban Transit Hub Tax Credit, which credits were certificated and sold to two different corporations with significant New Jersey tax liability.
Representation of the developer of an office building located in an historic mill property in Winston-Salem, North Carolina, including advice concerning the specific requirements of the North Carolina Mill Tax Credit.
Representation of a developer of a Mixed-Finance public housing redevelopment in New Jersey utilizing the Urban Transit Hub Tax Credit, where the UTHTC was not certificated and was allocated to the tax credit investor that also was allocated the low income housing tax credit.

REFERENCES

William J. Gatti, President TREK Development Group, Inc. Century Building 130 7th Street, Suite 300 Pittsburgh, PA 15222 Phone: (412) 688-7200 x201 E-mail: wgatti@trekdevelopment.com	Ann M. Soja, President First Sterling Financial, Inc. 1155 Northern Boulevard Manhasset, NY 11030 Phone: (516) 627-5223 E-mail: asoja@firststerling.com
David J. Starr, President David Starr & Associates, Inc. 7334 Blanco Road, Suite 200 San Antonio, TX 78216 Phone: (210) 341-8097 E-mail: dstarr@housingdev.com	Stephen J. Kaufman, Executive Director Community Ventures, LLC 1501 Cherry Street Philadelphia, PA 19102 Phone: (215) 564-6004 x12 E-mail: skaufman@communityventures.org
Richard K. Barnhart, Chairman and Chief Executive Officer Pennrose Properties, LLC One Brewery Park 1301 North 31st Street Philadelphia, PA 19121-4495 Phone: (267) 386-8686 E-mail: rbarnhart@pennrose.com	Kenneth Smith, Executive Director Community Basics, Inc. 941 Wheatland Avenue, Suite 204 Lancaster, PA 17603 Phone: (717) 509-5712 E-mail: ksmith@communitybasics.com
Lee W. Doty, Esquire, General Counsel Lutheran Social Ministries of New Jersey, Inc. 3 Manhattan Drive Burlington, NJ 08016 Phone: (609) 699-4105 E-mail: ldoty@lsmnj.org