Key Contacts

Jeffrey S. Lesk, Partner, LEED® AP
Office Managing Partner
Tax Credit Finance & Syndication Practice Group Leader
jlesk@nixonpeabody.com
202-585-8707

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Tax Credit Finance & Syndication

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TAX CREDIT FINANCE & SYNDICATION

Tax credits play an important role in the financing and development of affordable housing and historic preservation projects, as well as commercial and mixed-use real estate in low-income communities. The attorneys in Nixon Peabody’s Tax Credit Finance & Syndication practice are among the nation’s foremost legal authorities in transactions involving the low-income housing tax credit, the new markets tax credit, and the historic rehabilitation tax credit. We also handle transactions involving the production tax credit for renewable energy. Our depth of experience allows us to expeditiously handle projects requiring fast turnaround and provide outstanding client service. The firm’s Tax Credit Finance & Syndication practice is the largest of its kind in the world.

Creative solutions for complex challenges

In an increasing number of cases, we can help our clients combine tax credits in one project. So for example, an affordable housing project might be a candidate for a rooftop solar installation, thus stabilizing the development’s energy costs and lowering bills for the owner or residents. A project that involves energy production in a qualifying area, whether a solar facility or fuel cell, might garner both New Markets and energy tax credits. We have assisted with numerous projects that use state tax incentives in conjunction with federal tax credits, bringing still more value to investors and developers. We also take this comprehensive approach in working with clients on investment strategies—a combination of different credits can help address their specific investment objectives and concerns. Clients include:

Housing credit syndicators
Direct investors
For-profit and nonprofit developers
Public agencies
Trade associations
Affordable housing lenders
Banks
Energy companies (wind, solar, etc.)
States, cities, and municipalities

Our lawyers bring a multidisciplinary perspective to the practice, derived from training in business, finance, real estate, partnership, securities, and tax law. We publish and lecture extensively on up-to-date issues around tax credits and related matters. Deep experience and broad understanding of all tax credit programs enable us to offer clients creative solutions to complex problems.

Nixon Peabody offers a full range of tax credit transaction services, including:

Business and tax structuring
Securities laws
Real estate acquisitions
Public and private finance
Due diligence
Regulatory compliance
Asset management
Work-outs of troubled transactions
Government and regulatory relations
Litigation

IPED Conferences and Seminars

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

Thought Leadership/Alerts

IRS Notice 2013-29 on "Begun Construction" for certain renewable energy facilities
Tax Credit & Syndication Alert | April 16, 2013

Proposed accounting rules bring clarity to affordable housing tax credit investments
Tax Credit & Syndication Alert | April 2, 2013

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Thought Leadership on Affordable Housing and Community Development
March 1, 2013

HUD announces final anti-discrimination rules, wide impacts seen
Affordable Housing Alert | February 15, 2013

Game-changer in community lending—CDFI Bond Guarantee Program update
Tax Credit Alert | February 12, 2013

Renewable energy and the American Taxpayer Relief Act of 2012
Tax Credit Alert | January 15, 2013

American Taxpayer Relief Act of 2012 extends the New Markets Tax Credit two years and with $7 billion
Tax Credit & Syndication Alert | January 4, 2013

American Taxpayer Relief Act of 2012 extends key tax credit and deduction provisions
Tax Credit & Syndication Alert | January 3, 2013

Revocation of IRS PLR on valuing energy facilities
Tax Credit Alert | December 10, 2012

Establishing a Renewables Tax Credit Fund
December 1, 2012

IRS disaster relief adds additional affordable housing for Hurricane Sandy victims and assists LIHTC project owners
Tax Credit & Syndication Alert | November 7, 2012

Two Renewables Hot Topics
November 1, 2012

The Historic Boardwalk Hall decision
Tax Credit Alert | September 4, 2012

Master Limited Partnerships—How's the Fit with Renewable Tax Credits?
Novogradac Journal of Tax Credits | September 1, 2012

Grandfathering Projects for Section 1603 Grants – Facing the New Hurdles by September 30, 2012
Novogradac Journal of Tax Credits | August 1, 2012

Term Sheets and Closings—10 Things to Remember
Novogradac Journal of Tax Credits | July 1, 2012

Filing Treasury's Required Annual Report
Novogradac Journal of Tax Credits | June 1, 2012

IRS issues final qualified contract rules
Tax Credit Alert | May 8, 2012

Valuing Renewable Assets—How Much Is Eligible for a Grant or Credit?
Novogradac Journal of Tax Credits | May 1, 2012

Two Items of Interest to Those with (or Seeking) 1603 Grants
Novogradac Journal of Tax Credits | April 1, 2012

Q&A with Deborah VanAmerongen: Direct Purchase Bonds
One on One: Industry Insight | March 14, 2012

Structuring Renewable Projects Involving Government and Tax-Exempt Entities
Novogradac Journal of Tax Credits | March 1, 2012

Don't Worry About Capital—I've Got a Rich Friend Who'd Like to Invest in My Energy Project
Novogradac Journal of Tax Credits | February 1, 2012

Establishing that You're Grandfathered—What Do You Have to Do?
Novogradac Journal of Tax Credits | January 1, 2012

Section 1603 Grant program: Last Minute Guidance
Renewable Energy Alert | December 16, 2011

Recent IRS Guidance on the Tax Treatment of Excessive 1603 Grants
Novogradac Journal of Tax Credits | December 9, 2011

IRS publishes final NMTC targeted populations regulations
Tax Credit Alert | December 5, 2011

Grandfathering Your Project for Section 1603 Grants Beyond 2011
Novogradac Journal of Tax Credits | November 7, 2011

Combining New Markets Tax Credits with the ITC or Section 1603 Grant Programs
Novogradac Journal of Tax Credits | October 13, 2011

DOE issues new energy efficiency standards for new federal buildings
Affordable Housing Law Alert | August 25, 2011

Treasury Reveals Some of What's Behind the Curtain
Novogradac Journal of Tax Credits | August 1, 2011

Don't Miss Out on the New Energy Efficient Home Credit
Novogradac Journal of Tax Credits | July 1, 2011

A Few Things to Know About 1603 Grants in 2011
Novogradac Journal of Tax Credits | June 1, 2011

Bonus Depreciation—A Few More Things
Novogradac Journal of Tax Credits | May 1, 2011

The 10-Minute Guide to Tax Credits and Grants for Renewables
April 1, 2011

Bonus Depreciation—A Few Things You Need to Know
Novogradac Journal of Tax Credits | April 1, 2011

Does Treasury Have Discretion to Deny a 1603 Grant Application?
Novogradac Journal of Tax Credits | March 1, 2011

Historic Boardwalk Hall—What Does it Mean for Renewable Energy?
Novogradac Journal of Tax Credits | February 1, 2011

Comparing Credits and Grants
Novogradac Journal of Tax Credits | January 1, 2011

2010 Tax Act has credit, grant, and depreciation extensions and changes
Tax Credit Alert | December 20, 2010

Three Important Rules for Section 1603 Projects that Aren't Placed in Service in 2010
Novogradac Journal of Tax Credits | December 1, 2010

New Tax Rules Under the 2010 Small Business Jobs Act
November 1, 2010

Texas Court's decision raises wider scrutiny of tax credit allocation policies
Tax Credit Alert | October 14, 2010

The 10-Minute Guide to the Tax Side of Financing Renewables
October 1, 2010

Monetizing the Advanced Energy Manufacturing Tax Credit
Novogradac Journal of Tax Credits | September 1, 2010

Impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on Private Equity Funds and Other Private Pools of Capital
Private Equity Alert | August 19, 2010

Treasury Announces Transition Section 1603 Grant Rules for Projects Not Placed in Service Until After 2010
August 1, 2010

New IRS rulings clarify the application of the passive activity rules and use of recourse leverage loans in new markets tax credit transactions
Tax Credit Alert | June 17, 2010

Placed in Service After 2010—What Do I Do to Qualify for a Grant?
June 1, 2010

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Press

Nixon Peabody Attorneys Honored by Preservation Massachusetts
May 2, 2013

Nixon Peabody Clients Receive $1.3 Billion in Latest New Markets Tax Credits Awards 10th Round of Program Brings
April 26, 2013

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Nixon Peabody Advises on Tax Credit Project Helping to Revitalize City of Detroit
April 1, 2013

Affordable Housing and Historical Restoration Project Rejuvenates Massachusetts Community
April 23, 2012

Washington, DC's Historic Howard Theatre Completes $29M Renovation
April 16, 2012

Nixon Peabody Advises U.S. Bancorp in Solar Power Military Housing Project
March 20, 2012

Nixon Peabody Clients Receive More Than $1.4 Billion in Latest New Markets Tax Credits Awards
March 1, 2012

Nixon Peabody Advises in Award Winning Affordable Housing and Mixed-use Development
January 18, 2012

Nixon Peabody Partner Honored for Commitment to Affordable Housing Industry
December 8, 2011

Sungevity Announces $50M Solar Panels Project
October 20, 2011

Boston Development Receives $20.5M in First-Ever Choice Neighborhood Grants
September 13, 2011

Tax Credit Finance Team Joins Nixon Peabody's NYC Office
September 6, 2011

New Housing Project Set to Break Ground in Boston; Nixon Peabody Advises Rogerson Communities on 70+ Unit Development
August 1, 2011

Projects Developed by Nixon Peabody Client Selected Among “Real Estate Deals of the Year;” San Francisco Business Times Recognizes Two Martin Building Co. Projects Among Best in Financing
March 29, 2011

Boston Announces Plans for New Hostel; Nixon Peabody Advises on “Green” 400+ Bed Project
March 17, 2011

Nixon Peabody Expands Affordable Housing Practice on West Coast; New Partner Tuan Pham Joins Firm’s San Francisco Office
March 14, 2011

Nixon Peabody Clients Awarded $1.4 Billion in New Markets Tax Credits; Program Brings Private Capital to Low-Income Communities
February 28, 2011

Nixon Peabody Advises as Historic Detroit Landmark Tower Completes Financing
February 25, 2011

Nixon Peabody Advises Developer of Award-Winning Clean Energy Program in New Jersey
January 6, 2011

First Fuel Cell Financing Closed with New Markets Tax Credits; Nixon Peabody’s Tax Credit Finance & Syndication Team Advises on Transaction
December 8, 2010

Nixon Peabody Announces New Leadership for Government Relations Practice; Former Congressman Thomas Reynolds Named to Leadership Role
October 12, 2010

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Media Clips

People on the Move
Boston Business Journal | May 2, 2013
This coverage highlights Boston Tax Credit Finance & Syndication partners John Cornell and Forrest Milder as recipients of the 2013 Paul E. Tsongas Award presented by Preservation Massachusetts for their contributions to preserving the Commonwealth’s historic resources.
The Current: Anticipating Tax Issues in Renewable Energy Investment Tax Credit Transactions. Part 2
Novogradac Journal of Tax Credits | May 1, 2013
Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing investment tax credits and others issues that are most likely to arise in a renewable energy tax equity transaction.
Q&A: Nixon Peabody's Jeffrey Lesk
The Blog of Legal Times | April 30, 2013
This article profiles Washington, DC, office managing partner and Tax Credit Finance & Syndication practice group leader Jeff Lesk.

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What to Know About IRS' 'Begun Construction' Tests
Law360 | April 22, 2013
Boston tax credit finance & syndication partner Forrest Milder authored this column about the Internal Revenue Service notice requiring the passage of at least one test in order for projects that generate electricity from wind, geothermal, biomass, landfill gas, municipal solid waste, hydroelectric production and marine and hydrokinetic energy to qualify for a production tax credit or investment tax credit.
The Art of Development: How theaters can catalyze growth
Elevation DC | April 2, 2013
Washington, DC, Tax Credit Finance & Syndication partners David Schon and Scott Sergio discuss theaters redevelopments acting as catalysts for neighborhood improvement. Projects on which David and Scott were legal counsel, including the Atlas Performing Arts Center and Howard Theatre, were highlighted as examples.
Practitioners Urge Development of Historic Rehabilitation Credit Partnership Guidance
Tax Notes Today | March 4, 2013
Washington, D.C. tax credit finance & syndication counsel Susan Reaman discusses efforts to urge the government to issue guidance on what the Internal Revenue Service will accept when the Section 47 historic rehabilitation tax credit is claimed.
What Will Tax Reform Mean for the Future of the Low-Income Housing Tax Credit (LIHTC)?
Affordable Housing Finance | March 1, 2013
Affordable housing strategic policy advisor Deborah VanAmerongen discusses how tax reform will impact the low-income housing tax credit.
Act Now To Harness IRS Energy Tax Credits
Energy Law360 | March 1, 2013
New York City energy & environmental partner Ellen Friedman, Boston tax credit finance & syndication partner Forrest Milder and San Francisco energy & environmental associate Alison Torbitt co-authored this column noting that interest applicants should act quickly to benefit from the $150 million of advanced energy manufacturing tax credits available from the Internal Revenue Service.
How Local Companies Stand to be Affected by New Tax Provisions
Washington Post | January 14, 2013
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses how the passage of the American Taxpayer Relief Act of 2012 will affect our Affordable Housing and Tax Credit Finance practices.
Nixon Peabody Practice Group Awaits Fate of Development Tax Credits
Washington Post | December 24, 2012
This feature article, which appears in the Washington Post’s Capital Business section, focuses on how the fiscal cliff could impact tax credits. Nixon Peabody’s Tax Credit Finance & Syndication practice is prominently featured in the article. Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein and Tax Credit Finance & Syndication practice group leader Jeff Lesk are quoted throughout the article.
The Impact of Sandy on the LIHTC Industry
Affordable Housing Finance | November 14, 2012
Washington, DC, Tax Credit Finance & Syndication counsel Susan Reaman authored this column focused on the impacts of Hurricane Sandy on the housing industry.
2012 Election Guide
Affordable Housing Finance | October 1, 2012
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is among the affordable housing industry sources quoted discussing issues for the industry in the coming calendar year.
Wild Ride Ahead?
Tax Credit Advisor | September 1, 2012
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein, counsel to the Affordable Housing Tax Credit Coalition, discusses the outlook for affordable housing and community development between Labor Day and the remainder of the Congressional year.
Nixon Peabody Tackles Innovation
Washington Post | August 13, 2012
Chief Innovation Officer Herb Stevens and Washington, DC, office managing partner and Tax Credit Finance & Syndication practice group leader Jeff Lesk are featured in this article that focuses on Nixon Peabody’s innovation efforts.
Grandfathering Projects for Section 1603 Grants
Novogradac Journal of Tax Credits | August 1, 2012
This column, authored by Boston tax credit finance and syndication partner Forrest Milder, discusses how to be prepared as the U.S. Treasury adds new rules to the Section 1603 cash grant program and avoid a grant being reduced or even denied.
The Current: Term Sheets and Closings—10 Things to Remember
Novogradac Journal of Tax Credits | July 1, 2012
Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing the considerations to keep in mind while negotiating the term sheet and getting to closing.
HTCs, NMTCs Revive Historic African-American Theater
Journal of Tax Credits | June 1, 2012
The rehabilitation of the Howard Theatre, the nation’s oldest African American theater, is featured. It is noted that the major two-year renovation project made possible by a $29 million public and private financing deal. Washington, DC, Tax Credit Finance & Syndication partner Scott Sergio, who represented U.S. Bancorp Community Development Corporation (USBCDC), the theater’s tax credit investor, is quoted. Click here to read the original article.
Break a Leg
National Law Journal | April 23, 2012
This coverage highlights Washington, DC, Tax Credit Finance & Syndication partner Scott Sergio for his work on the Howard Theatre redevelopment project. The Howard is the nation’s oldest African American theater and recently reopened after a major two-year renovation project made possible by a $29 million public and private financing deal.
Q&A with Deborah VanAmerongen: Direct Purchase Bonds
Novogradac Journal of Tax Credits | March 1, 2012
Affordable Housing Strategic Policy Advisor Deborah VanAmerongen is featured in this Q&A addressing changes to the industry following New York and New Jersey granting permission to issue direct purchase bonds to finance affordable housing projects.
Building Green: Current Trends in the Green World
Tax Credit Advisor | January 1, 2012
This article addresses current trends in green building and sustainable development for affordable multifamily rental housing. Washington, DC, office managing partner and leader of the firm’s Tax Credit Finance & Syndication practice, Jeff Lesk, discusses issues and trends.
The U.S. Should Follow Germany’s Example
Windpower Monthly | January 1, 2012
This contributed article, authored by Boston Tax Credit Finance & Syndication partner Forrest Milder, discusses why the United States should follow Germany’s approach to renewable energy development.
The Current: Recent IRS Guidance on the Tax Treatment of Excessive 1603 Grants
Novogradac Journal of Tax Credits | December 1, 2011
In this column, Boston Tax Credit Finance & Syndication partner Forrest Milder addresses questions that arise with respect to Section 1603 grants.
Grandfathering Your Project for Section 1603 Grants Beyond 2011
Journal of Tax Credits | November 1, 2011
This contributed article, authored by Boston Tax Credit Finance & Syndication partner Forrest Milder, discusses the “physical work” and “5%” tests with respect to qualifying for a Section 1603 grant in the case of a facility that is placed in service after 2011.
The Current: Combining New Markets Tax Credits with the ITC or Section 1603 Grant Programs
Journal of Tax Credits | October 1, 2011
This article, authored by Boston Tax Credit Finance & Syndication partner Forrest Milder discusses combining renewable energy tax credits or grants with the new markets tax credit (NMTC).
A Staunch Supporter: Nancy Johnson
Affordable Housing Finance | October 1, 2011
This article, as part of the publication’s Hall of Fame, highlights former Representative Nancy Johnson for her impact on the low-income housing tax credit (LIHTC) program. Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein provides commentary.
Thomas Friedman to United States: Innovate or Else
Fast Company | September 6, 2011
This article discusses That Used to be Us: How America Fell Behind in the World it Invented and How We Can Come Back, the latest release from best-selling author and New York Times columnist Thomas Friedman. The focus of the article is on prioritizing innovation. Washington, DC, office managing partner and leader of the Tax Credit Finance & Syndication practice Jeff Lesk is quoted in Mr. Friedman’s book and referenced in the article discussing the firm’s chief innovation officer and efforts foster more creative thinking throughout the firm.
The Churn: Lateral Moves and Promotions in The AmLaw 200
Am Law Daily | September 6, 2011
In this column noting legal industry moves and promotions, New York City Tax Credit Finance & Syndication partners Alan Cohen and Mark Kreitman are included for their arrival at the firm.
Community Wind Projects May Benefit From Creative Financing Methods
North American Windpower | August 30, 2011
This contributed article, coauthored by Washington, DC, Tax Credit Finance & Syndication partner Michael Goldman, notes that though traditional financing may be hard to secure, community wind developers can still get their projects financed by employing other options, such as New Markets Tax Credits.
The Current: Treasury Reveals Some of What’s Behind the Curtain
Journal of Tax Credits | August 8, 2011
This column, authored by Boston Tax Credit Finance & Syndication partner Forrest Milder, discusses the U.S. Treasury’s recently published document, “Evaluating Cost Basis for Solar Photovoltaic Properties,” which provides some explanations of how the Treasury thinks about valuations and grants.
Nixon MP (Most Pedaling)
Bisnow | May 20, 2011
This article highlights Washington, DC, office managing partner and leader of the Tax Credit Finance & Syndication practice group Jeff Lesk’s participation in Climate Ride, a 300-mile ride from New York to Washington, DC.
Stakeholders Predict Strong Year for Renewable Energy
Novogradac Journal of Tax Credits | April 1, 2011
This feature article discusses the extension of the Section 1603 cash grant in lieu of renewable energy tax credits and the resulting impact that has bolstered the renewable energy industry. Washington, DC, Tax Credit Finance & Syndication partner Michael Goldman provides commentary.
Stakeholders Predict Strong Year for Renewable Energy
Novogradac Journal of Tax Credits | April 1, 2011
This feature article discusses the extension of the Section 1603 cash grant in lieu of renewable energy tax credits and the resulting impact that has bolstered the renewable energy industry. Washington, DC, Tax Credit Finance & Syndication partner David Schon provides commentary.
The Current: Three Important Rules for Section 1603 Projects that Aren’t Placed in Service in 2010
Journal of Tax Credits | December 1, 2010
This column, authored by Boston Tax Credit Finance and Syndication partner Forrest Milder, discusses some important rules for Section 1603, which relates to payments for specified energy property in lieu of tax credits.
New Tax Rules Under the 2010 Small Business Jobs Act
Novogradac Journal of Tax Credits | November 1, 2010
This contributed article, authored by Boston Syndication partner Forrest Milder, discusses three new tax breaks included in the 2010 Small Business Jobs Act and possible impacts.
NCSHA Speakers Cite Market Changes
Affordable Housing Finance | June 30, 2010
This article discusses the state of the low-income housing tax credit (LIHTC) market, which many believe is better than it was a year ago due to additional equity. Commentary from industry leaders presenting and attending the annual National Council of State Housing Agencies conference, including Washington, DC, Syndication partner Rick Goldstein, is included in the piece.
Legislative Excitement in Solar, Ethanol and Storage
Greentech Media | June 25, 2010
This feature article discusses the state of legislative support for renewable energy. Washington, DC, Syndication partner Rick Goldstein is one of the industry sources quoted in the piece.
Adapting to Change
Tax Credit Advisor | June 1, 2010
This feature story includes a conversation with industry thought-leaders about how they are modifying tax opinions for new tax credit deals to add language addressing the newly codified economic substance requirements. Boston Syndication partner Forrest Milder is quoted throughout the piece.