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Low-Income Housing Tax Credits

Industries | Practices

Low-Income Housing Tax Credits

The Low-Income Housing Tax Credit (LIHTC) program was created by the federal government in 1986 as part of the Tax Reform Act of 1986 and is administered by each state.

The tax credits are an incentive that provide real estate developers and investors with tax deductions or credits for properties that they develop to be utilized as affordable housing. We assist lendors, investors and developers in navigating the LIHTC requirements and the qualification process.

  • Represented the developer and, in some cases, acted as bond counsel in connection with over twenty tax-exempt bond issues to financing affordable housing projects developed by a national real estate developer in multiple locations throughout the United States, including Massachusetts, California, New York, Pennsylvania and the Washington, D.C. metropolitan area.
  • Counsel to borrower in connection with a Low-Income Housing Tax credit financing for a $12 million single family and multifamily project in Shiprock, New Mexico.
  • Counsel to borrower in connection with Low-Income Housing Tax Credit financing for a $7 multifamily project in Summerhill, Utah.
  • Counsel to borrower in connection with Low-Income Housing Tax Credit financing for a $5 million senior living facility in Overton, Nevada
  • Represented a lender in a $43.8 million construction bond financing for developing an affordable housing project supported with federal Low-Income Tax Credits.
  • Lender representation in a $6,000,000 construction loan financing for a 230-unit multifamily affordable housing project supported by Federal Low-Income Tax Credits and Historic Tax Credits.
  • Represented a lender in a $25,000,000 construction loan financing for a 240-unit multifamily affordable housing project supported by Federal Low-Income Tax Credits and State Low Income Tax Credits.
  • Represented a lender in a $11,000,000 construction loan financing for a multi-use project combining affordable housing with commercial space in New York supported by Federal Low-Income Tax Credits and State Low Income Tax Credits.
  • Involved in the structuring for syndication of Low Income Housing Tax Credits (LIHTC), investment tax credits (ITC), production tax credits (PTC) and New Market Tax Credits (NMTC), primarily representing borrowers in this space and creating synthetic equity for eligible transactions, thereby reducing risk and boosting yield for both the borrower and the cash investor.
  • Six deals as counsel to sponsor/developer of low-income housing for targeted at risk populations.