Share Print Page
 

TAX CREDIT FINANCE & SYNDICATION

We partner with our clients to structure their present and future tax credit transactions. From housing and new markets to historic preservation and renewable energy, no firm has a deeper bench of well-connected industry experts.

Our approach

The U.S. government has supported qualifying projects with billions of dollars in tax credits and grants since the programs’ inception. Tax credits make many community development ventures financially feasible—yet more complex. With experience in thousands of these deals, we know what will work and can help you shape unique projects that will work financially and offer the added benefit of positive social impact.

The key programs we use to help our clients:

Low-Income Housing Tax Credit (LIHTC)

Created more than 2.4 million units of affordable housing since 1986 and generates about 120,000 more each year.

We helped shape the legislation that created the LIHTC and have contributed to every major federal housing program since 1970, making our team LIHTC’s unparalleled problem solvers.

New Markets Tax Credit (NMTC)

Supports projects that often revitalize underserved urban and rural neighborhoods. We help clients close hundreds of NMTC transactions to build charter schools, hotels, commercial and mixed-use developments.

Federal Historic Tax Credit (HTC)

Critical driver of downtown real estate investment and community revitalization. Old buildings have a singular role in “placemaking” our neighborhoods as vibrant and desirable places to live. We help our clients bring new life to theaters, former factories and old gems like armories and department stores.

Energy Tax Credits

Traditionally utilized primarily for solar and fuel cell transactions, have recently been instrumental in the financing of wind and biomass facilities too. We assist our clients in all aspects of the development and financing of energy installations of all sizes, including from residential rooftop solar facilities to utility-scale, ground-mounted solar facilities for the military; from single wind turbines to large wind farms.

Production Tax Credit (PTC)

Less frequently used over the past few years, PTC helps clients benefit from certain high-performing wind, biofuels, biomass and other cutting-edge energy technologies.

Who we work with

  • Institutional investor clients including banks and other financial institutions, as well as insurance companies, direct investors and others seeking social investment opportunities. These clients depend on us not only to structure and give tax advice on a deal, but also to provide asset management, compliance and legislative assistance.
  • Lenders, including nonprofit and for-profit CDEs and CDFIs.
  • Fortune 100 corporations participating in direct and secondary investments generating tax credits rely on us to partner with their tax, legal and financial departments to negotiate and structure tax credit projects.
  • Nonprofit organizations, cities and states seeking to amplify community revitalization initiatives through tax credits. We assist these clients in every phase of the process.
  • For-profit developers and energy companies hoping to leverage their investments with tax credits.
  • Underwriters and secondary market participants needing technical and structuring advice.

IPED Conferences and Seminars

Please also visit the Institute for Professional and Executive Development (IPED) for more conference and seminar offerings.

Representative Experience

  • Represented the investor in a series of NMTC eligible transactions financing facilities for health care, homeless services, start-up food businesses and mixed use development in several states
    Represented the investor in a series of NMTC eligible transactions financing facilities for health care, homeless services, start-up food businesses and mixed use development in several states

Media Clips

  • High LIHTC Pricing, Low Yields Lead to Investor Pushback
    Journal of Tax Credits | July 7, 2016
    Washington, DC, Affordable Housing partner Richard Price is quoted in this feature article that discusses results of a survey of investors and syndicators on the state of low-income housing tax credit (LIHTC) housing.
  • City Securities' lesser-known sibling sells
    Indianapolis Business Journal | July 2, 2016
    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is quoted in this article discussing the sale of client, CREA, and how industry supply and demand is driving interest.
  • Texas Housing Bias Row May Affect Developer Building Plans
    Law360 | June 15, 2016
    Washington, DC, affordable housing partner Harry Kelly is quoted in this feature story that looks at Texas’s housing agency to derail a suit accusing it of discrimination in allocating tax credits for affordable housing developments. The coverage notes that this is a test of the U.S. Supreme Court’s recognition of unintentional discrimination claims under the Fair Housing Act.
  • . . . View all . . .
  • Why More Regional Banks Want to Syndicate Tax Credits
    American Banker | June 9, 2016
    Boston tax credit finance and syndication partner Tom Giblin provides commentary in this article discussing increasing interest among regional banks in expanding into syndication of low-income housing credits.
  • Officials, Experts Weigh in on Stalled State Housing Measures
    City & State | May 1, 2016
    New York City office managing partner and affordable housing attorney Joe Lynch is featured in this article discussing the 421-a program, which incentivizes developers for building a multi-unit residential projects.
  • Spend Your Vacation in an Old Model T Factory
    Bloomberg Pursuits | April 22, 2016
    Washington, DC, Tax Credit Finance & Syndication partner David Schon is included in this story about how former industrial sites such as a tractor depot, a Pabst bottling works, and a former Ford automobile plant are turning into luxury hotels.
  • Affordable Housing Deals Are Getting More Plentiful, But More Complex
    Bisnow (DC) | March 28, 2016
    This feature story recaps the Affordable Housing Forum which focused on creating and improving affordable housing communities. Washington, DC, office managing partner Jeff Lesk, Affordable Housing partner Monica Sussman and Tax Credit Finance & Syndication partner David Schon are featured.
  • Renewable Energy Industries Receive Extensions to Tax Credit Equity Deadlines
    Journal of Tax Credits | February 1, 2016
    Boston Tax Credit Finance & Syndication partner Forrest Milder contributed this article regarding the new Consolidated Appropriations Act and Protecting Americans from Tax Hikes Act and their effects on renewable energies industry.
  • The Current: New Audit Rules Could Have Broad Impact
    Journal of Tax Credits | January 1, 2016
    Boston Tax Credit Finance & Syndication partner Forrest Milder explains the potential ways the Bipartisan Budget Act of 2015 could impact the rules that apply to federal income tax audits of partnerships.
  • Congress Looks to Make Rents More Affordable
    Washington Post | December 21, 2015
    This article discusses the recent tax bill cleared by Congress, which makes the Low-Income Housing Tax Credit more generous and easier to finance the construction of affordable rental housing. Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein, one of the leading advocates, is quoted in the piece. The article notes that Nixon Peabody “has one of the nation’s leading legal practices that specializes in tax credits and real estate development.”
  • Can Multifamily Developers Fix the Affordable Housing Crisis?
    Real Estate Bisnow | December 4, 2015
    This feature story discusses Washington, DC’s efforts to improve the state of the city’s affordable housing. The topic was the main focus at Bisnow’s Multifamily Annual Conference. Washington, DC, office managing partner Jeff Lesk and Affordable Housing practice group leader Steve Wallace are featured within the story.
  • Tax credit programs help provide incentive for preserving historic downtown buildings
    Crain's Detroit Business | November 14, 2015
    Partner and co-leader of the firm’s Historic Rehabilitation Tax Credit team David Schon provides commentary throughout this feature article on how tax credit programs are driving the preservation of historic buildings.
  • Tax Credits Bring Updated Housing to Boston Veterans
    Journal of Tax Credits | October 1, 2015
    This feature story highlights the New England Center for Homeless Veterans’ (NECHV) efforts to rehabilitate an existing apartment community serving formerly homeless and at-risk veterans in Boston. Affordable Housing partner Jeff Sacks is quoted in the piece and noted as development counsel and key player in structuring the financing.
  • Nixon Peabody's Ultra-modern Office
    Bisnow | August 21, 2015
    The firm’s new Washington, DC, office is featured in this coverage. Office managing partner Jeff Lesk is quoted and pictured throughout the piece, as is the space itself.
  • Does it Pay to Follow Guidance that Doesn't Apply?
    Novogradac Journal of Tax Credits | August 1, 2015
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing Internal Revenue Code (IRC) Section 48, which provides an investment tax credit (ITC) for many kinds of energy property.
  • Experts discuss how green buildings are changing DC
    Elevation DC | July 7, 2015
    This feature story discusses how Washington, DC, has become a leader in the green building movement. Washington, DC, office managing partner Jeff Lesk and partner and chief innovation officer Herb Stevens are quoted and pictured in the piece.
  • Supreme Court Affirms Disparate Impact in Fair Housing
    Affordable Housing Finance | June 25, 2015
    As the Supreme Court winds down its current term, Washington, DC, Affordable Housing partner Harry Kelly discusses the much-awaited decision comes in the Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project (ICP) case involving low-income housing tax credits (LIHTCs).
  • Justices Set Tougher Standard For FHA Bias Claims
    Law360 | June 25, 2015
    Washington, DC, Affordable Housing partner Harry Kelly provides commentary on the Supreme Court’s Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project (ICP) case decision involving low-income housing tax credits (LIHTCs).
  • Lawyer's long history with Center for Homeless Veterans hits new high
    Massachusetts Lawyers Weekly | June 21, 2015
    Nixon Peabody’s efforts in a recapitalization project for the New England Center for Homeless Veterans are featured in this article. Boston Affordable Housing partner Jeff Sacks led this complex real estate transaction, which includes Historic Tax Credits as well as affordable housing components.
  • Private Developers Must Step up to Preserve Affordable Housing
    Real Estate Bisnow (DC) | June 18, 2015
    Washington, DC, office managing partner and Tax Credit Finance & Syndication attorney Jeff Lesk moderated a panel on Washington's affordable housing program. Washington, DC, Affordable Housing partner Michael Reardon was a panelist.
  • Nixon Peabody's Tenney Advises on Private Investment in Texas Affordable Housing
    Inside Counsel | May 12, 2015
    New York City Tax Credit Finance & Syndication partner Katie Tenney is highlighted in this column on women partners achieving major legal accomplishments. Katie is investor counsel for a conversion of public housing to privately owned affordable housing under the U.S. Department of Housing Urban Development Rental Assistance Demonstration program.
  • El Paso Closes Largest RAD Deal
    Affordable Housing Finance | April 15, 2015
    This coverage notes Nixon Peabody as counsel to Hunt Capital Partners, a developer involved in the largest Rental Assistance Demonstration (RAD) project in the nation. New York City Tax Credit Finance & Syndication partner Katie Tenney led the legal team. Click here for the firm’s press release on the deal.
  • Let the Sun Shine In 
    Chicago Daily Law Bulletin | March 25, 2015
    Chicago Madison Tax Credit Finance & Syndication partners Jeff Rambach and Andrew Tripp authored this column discussing the use of federal tax credits to finance solar energy facilities.
  • The Current: Does Small Wind Guidance Have Implications for Other Renewables?
    Journal of Tax Credits | February 1, 2015
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this article discussing how the Section 48 of the Internal Revenue Code provisions for wind properties could impact other renewables.
  • The Current: Systems Using Solar–What Qualifies for the Credit?
    Journal of Tax Credits | January 7, 2015
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this article discussing  ambiguity in the definition of Section 48 of the Internal Revenue Code.



  • Shining Lights: Five Illustrious Industry Leaders Are the 2014 Inductees to the Affordable Housing Hall of Fame
    Affordable Housing Finance | October 1, 2014
    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is prominently featured among this year’s Affordable Housing Hall of Fame honorees.
  • IRS Responds to President's Call for More REIT Investment in Energy
    Novogradac Journal of Tax Credits | June 1, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing the IRS’ response to President Obama’s call for increased real estate investment trusts (REITs) in energy.
  • Revamped Historic Building Credit a Boon to Savvy Hoteliers
    Law360 | April 11, 2014
    Washington, DC, Tax Credit Finance & Syndication partner David Schon discusses the use of the historic rehabilitation tax credit in the hotel industry.
  • Industry Welcomes Guidance, Expects Renewed Equity Flow
    Tax Credit Advisor | February 1, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder discusses the impact of the IRS’ recent “safe harbor” guidance on the historic tax credit industry.
  • LIHTC 2014 Outlook
    Tax Credit Advisor | February 1, 2014
    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses the outlook for low income housing tax credits in the coming year.
  • IRS Issues Historic Tax Credit Guidance
    Affordable Housing Finance | January 28, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column on the much-anticipated release of IRS Guidance on Historic Boardwalk Hall.
  • Little Work at Theater
    Detroit News | November 18, 2013
    Washington, DC, Tax Credit Finance & Syndication partner David Schon discusses the historic National Theatre in Detroit and potential rehabilitation efforts to restore the property.

Ideas

What's trending in Affordable Housing
September 6, 2016

What's trending in Affordable Housing
August 1, 2016

. . . View all . . .

At long last, the IRS Publishes 50(d) Regulations. What does it mean to the historic and renewables industries?
Tax Credit Finance & Syndication Alert | July 26, 2016

Webinar Recording: What Borrowers Need to Know about FHA's Revised MAP Guide
Originally recorded June 15, 2016 | June 16, 2016

Renewable energy tax credits: IRS provides new guidance for "begun construction" test following 2015 tax legislation
Tax Credit Finance & Syndication Alert | May 6, 2016

What's trending in Affordable Housing
March 28, 2016

The latest on proposed legislation that would extend the production and investment tax credits for renewables
Tax Credit Finance & Syndication Alert | December 18, 2015

What's Trending in Affordable Housing
November 9, 2015

Budget bill includes partnership audit reform rules
Tax Credit Finance & Syndication Alert | November 2, 2015

What's Trending in Affordable Housing
October 26, 2015

What's Trending in Affordable Housing
September 28, 2015

What's Trending in Affordable Housing
September 1, 2015

What's Trending in Affordable Housing
August 4, 2015

What's Trending in Affordable Housing
May 18, 2015

What's Trending in Affordable Housing
May 4, 2015

What's Trending in Affordable Housing
March 23, 2015

What's Trending in Affordable Housing
March 9, 2015

What's Trending in Affordable Housing
March 2, 2015

What's Trending in Affordable Housing
February 17, 2015

For the beverage alcohol industry, good news and bad news in President Obama's proposed 2016 budget
Beverage Alcohol Alert | February 5, 2015

IRS notice provides additional rules on begun construction test for certain renewables
Tax Credit Finance & Syndication Alert | August 19, 2014

The president calls for more REIT investment in renewable energy and the IRS responds
REIT Client Alert | May 19, 2014

Webinar Recording: Envisioning a Privatized Mixed-Use College Campus Project
Originally recorded February 27, 2014 | March 3, 2014

The Atlas Performing Arts Center: A Model for Community Redevelopment
October 16, 2013

. . . Hide Thought Leadership. . .

Press

Events

IPED Conference: Tax Credit Property Dispositions
September 15, 2016

Detroit Deserves Better: Real Talk about New Detroit Development
September 8, 2016

IPED Forum: Guidance on 50(d) Income
August 10, 2016 | Washington, DC

. . . View all . . .

IPED Conference: Transforming Communities with Affordable Housing: Buffalo and New York
July 28, 2016

IPED Conference: Transforming Communities with Affordable Housing: Ohio and beyond
June 30, 2016

Webinar: What Borrowers Need to Know about FHA's Revised MAP Guide
June 15, 2016

IPED Conference: Historic Tax Credit Summit
June 9, 2016 | Washington, DC

New York Affordable Housing and Community Development Update
April 6, 2016 | Rochester, NY

IPED Conference: Learn the Basics: Housing Tax Credits 101
March 17, 2016 | Boston, MA

Beyond Tax Credits: Alternative Financing for Affordable Housing
March 2, 2016 | New York, NY

IPED Conference: Tax Credit Property Dispositions
October 15, 2015

IPED Conference: Transforming Communities with Tax Credits: Oakland and the Bay Area
August 4, 2015

IRHP+IPED's Affordable Housing Preservation Conference
April 28, 2015

IPED Conference: Housing Tax Credits 101 + Affordable Housing in New York
March 25, 2015

IPED Conference: Tax Credit Property Dispositions plus an Affordable Housing Update
November 5, 2014

Housing Issues in Focus: Negotiating Equity Documents—What You Need to Know
July 24, 2014 | New York, NY

IPED Conference: Historic Tax Credits: The New Frontier
June 5, 2014 | Chicago, IL

IPED Conference: Affordable Housing Preservation: A Look Ahead
May 6, 2014 | Chicago, IL

IPED Conference: Learn the Basics: Housing Tax Credits 101
April 9, 2014

IPED Conference: What's New + What's Next in Tax Credits and Community Finance
March 20, 2014

Webinar: Envisioning a Privatized Mixed-Use College Campus Project
February 27, 2014

New from the IRS: Guidance on Historic Tax Credit Transactions
January 14, 2014 | Washington, DC

Affordable Housing Summit at Greenbuild
November 19, 2013

IPED Conference: OUTLOOK 2014: What's Next for the Historic Tax Credit
October 17, 2013

. . . Hide Events . . .
Tax Credit Finance & Syndication