 |
Text Search: |
Nixon Peabody clients awarded $700 million in New Markets Tax Credits; Capital will be used for more than a dozen community development entitiesWashington, DC. International law firm Nixon Peabody LLP’s New Markets Tax Credit (NMTC) Team successfully assisted 14 clients with their Round 7 New Markets Tax Credit (NMTC) applications. The 14 recipients were among the qualified community development entities that applied for and received $5 billion in NMTC awards, which were announced by the U.S. Treasury Department on October 30, 2009. The 14 client recipients were allocated more than $700 million of the total amount awarded. 11/9/2009 The NMTC program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help finance community development projects, stimulate economic growth, and create jobs. Nixon Peabody clients awarded NMTC include:
“This program provides the necessary capital for investing in certain communities and creating partnerships between private and public sectors that work to create jobs in economically distressed areas,” said Herb Stevens, Nixon Peabody partner and leader of the firm’s NMTC Team. “In this current recession, it’s encouraging that the federal government’s NMTC program is focused on funding economically viable, environmentally responsible, and socially important projects.” The latest client successes reflect a continuing trend of assisting clients with their applications and helping to achieve winning results. In the 2008/2009 Round 6 allocation, more than 16 Nixon Peabody clients received allocations totaling more than $700 million of the $5 billion in NMTC allocation authority awarded. About Nixon Peabody’s New Markets Tax Credit (NMTC) TeamNixon Peabody’s NMTC Team has been involved with the NMTC program since its inception in December 2000. The NMTC Team has represented clients in every aspect of the NMTC program, including forming and certifying qualified community development entities; advising clients in connection with allocation applications; finalizing allocation agreements; structuring transactions; issuing legal opinions; documenting, reviewing, and/or negotiating financing documents; and closings deals. We represent clients at all levels of a NMTC transaction, including tax credit investors, leverage lenders, qualified community development entities, and qualified active low-income community businesses. About Nixon PeabodyNixon Peabody LLP is recognized as a “Global 100” law firm—one of the largest in the world. With 800 attorneys collaborating across major practice areas in 17 cities, including Albany, Boston, Buffalo, Chicago, London, Los Angeles, New York, Paris, Rochester, San Francisco, Shanghai, Silicon Valley, and Washington, DC, the firm’s size, diversity, and advanced technological resources enable it to offer comprehensive legal services to individuals and organizations of all sizes in local, state, national, and international matters. Nixon Peabody LLP was recognized as one of FORTUNE magazine’s “100 Best Companies To Work For®” three years in a row. The firm has also been named to the Human Rights Campaign’s 2010 “Best Places To Work For LGBT Equality” list. |
For media inquiries, please contact:
AttorneysHerbert F. StevensServicesReal Estate & Community DevelopmentSyndication Tax OfficesWashington |
||
 |
Boston
•
Chicago
•
Los Angeles
•
London
•
New York
•
Paris
Rochester • San Francisco • Shanghai • Silicon Valley • Washington • Albany Buffalo • Long Island • Manchester • Palm Beach Gardens • Providence Disclaimer | Nixon Peabody International | © 2010 Nixon Peabody LLP |
