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Introduction
Rick Goldstein has been deeply involved in the low-income housing tax credit since its enactment in 1986 and is a national authority on that program.
Rick represents syndicators, investors, developers and other participants in transactions involving the housing tax credit. His leadership in the affordable housing industry was recognized by Affordable Housing Finance Magazine, which named Rick to its Affordable Housing Hall of Fame in 2014.
My focus
I focus my practice in two areas: transactions and public policy, both with the low-income housing tax credit in common. This unique combination has direct benefits to the firm’s clients—I can counsel clients on detailed and complex transactional matters, and can also advise them on how public policy affects current and future business matters.
Transactional
On the transactional side, I have been representing syndicators, investors and developers in housing tax credit deals since 1987, including acquisitions of project partnerships, dispositions and “upper tier work.” With my breadth of experience, I generally focus on more complex transactions. For example, I recently closed two master lease transactions allowing for separate ownership of market rate and low-income units on behalf of PNC Bank. Representing CREA LLC, I recently closed an urban new construction transaction and a rural rehabilitation deal, each of which involved complex business and tax issues.
Public policy
My lobbying involved, for almost 30 years, representing the Affordable Housing Tax Credit Coalition, a major Washington DC trade association in the housing credit industry. My transactional experience gives me exceptional credibility in advocating for the housing tax credit from the perspective of a professional in the field. I have developed deep relationships with a number of members of Congress, including those in leadership positions.
Looking ahead
Congress recently passed comprehensive tax reform, the effects of which are still being analyzed, but it did continue the housing credit and housing bonds without any change. Congress is considering legislation that, if enacted, would expand and improve upon the housing credit. Despite the industry’s success in maintaining the housing credit and housing bonds, no one should be complacent about continued support for these critical programs. Industry participants need to continue to educate members of Congress on the importance and success of these affordable housing tools.
In the news
- Affordable Housing Finance
Senate passes tax bill as housing advocates work to preserve bonds
Washington DC tax credit finance and syndication partner Rick Goldstein is quoted in this article on the differences between the Senate and House tax bills in their impact on affordable housing in the U.S.Dec 4, 2017 - National Mortgage News
How tax reform could devastate the affordable housing market
Washington DC tax credit finance and syndication partner Rick Goldstein is quoted this article on how the tax reform plan would impact affordable housing in the U.S.Dec 1, 2017 - Affordable Housing Finance
House passes tax reform bill; Senate Finance Committee sends bill to floor
This article covers Affordable Housing Finance’s recent annual AHF Live: The Affordable Housing Developers Summit in Chicago and quotes Washington, DC tax credit finance and syndication partner Rick Goldstein discussing the proposed tax reform bill.Nov 17, 2017 - American Banker
How tax reform could devastate the affordable housing market
Washington DC tax credit finance and syndication partner Rick Goldstein provides commentary about private activity bonds in the following coverage about how the proposed tax reform bill will impact affordable housing.Nov 15, 2017 - CNBC
Squawk on the Street
Washington DC tax credit finance and syndication partner Rick Goldstein provides commentary about private activity bonds in the following coverage about how the proposed tax reform bill will impact affordable housing.Nov 14, 2017 - PBS
Nightly Business Report
Washington DC tax credit finance and syndication partner Rick Goldstein provides commentary about private activity bonds in the following coverage about how the proposed tax reform bill will impact affordable housing.Nov 14, 2017 - The Real Deal
The good and bad news about the GOP tax plan
Washington DC tax credit finance and syndication partner Rick Goldstein is quoted in this article discussing how the GOP’s proposed tax reform plan will affect affordable housing.Nov 3, 2017 - POLITICO New York
Republican tax plan would decimate affordable housing in New York, advocates and city officials warn
Washington DC tax credit finance and syndication partner Rick Goldstein is quoted in this article about the impact of the House Tax Reform Bill on affordable housing.Nov 3, 2017 - Indianapolis Business Journal
City Securities' lesser-known sibling sells
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.July 2, 2016 - Washington Post
Congress Looks to Make Rents More Affordable
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.”Dec 21, 2015 - Affordable Housing Finance
Shining Lights: Five Illustrious Industry Leaders Are the 2014 Inductees to the Affordable Housing Hall of Fame
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is prominently featured among this year’s Affordable Housing Hall of Fame honorees.Oct 1, 2014 - Affordable Housing Finance
Industry Leaders Head into Affordable Housing Hall of Fame
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is featured along with the four other inductees into the Affordable Housing Hall of Fame.Aug 26, 2014 - Tax Credit Advisor
LIHTC 2014 Outlook
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses the outlook for low income housing tax credits in the coming year.Feb 1, 2014
Admitted to practice
District of Columbia
Education
Boston College Law School, J.D.
State University of New York at Buffalo, B.A.
Recognition
Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2024 in the field of Real Estate Law. Richard has been listed in Best Lawyers since 2018.
Insights And Happenings
View AllProfessionals in the Practice Area
View AllMatthew W. Mullen
Partner / Community Development Finance Practice Group Leader- Washington DC
- Office:+1 202.585.8128
- mmullen@nixonpeabody.com
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Sonia A. Nayak
Partner / Office Managing Partner, Los Angeles- Los Angeles
- Office:+1 213.629.6072
- snayak@nixonpeabody.com
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