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Introduction
Forrest David Milder is a tax partner who focuses on historic tax credits, low-income housing tax credits, renewable energy tax credits, historic tax credits, new markets tax credits, and opportunity zones, as well as other tax-advantaged investments. He currently serves as the chair of the Historic Tax Credit Coalition.
My focus
Tax Credit Experience
My practice emphasizes structuring and bringing to closure many kinds of tax-advantaged projects, both for investors and those who need their investment. I have advised on an exceptionally wide range of ventures, involving low income housing tax credits (LIHTC), renewable energy tax credits (RETC), historic tax credits (HTC), new markets tax credits (NMTC) and opportunity zones (OZ), with sizes from hundreds of thousands of dollars to hundreds of millions. And, on behalf of several NP clients, I developed much of the tax structuring associated with the rehabilitation of billions of dollars of NYC Housing Authority (NYCHA) properties that did not make use of the low-income tax credit.
Industry Trends
I keep a close eye on recently adopted Internal Revenue Code provisions as well as pending legislation and recent IRS guidance. I am active in several trade associations related to my practice, particularly the Affordable Housing Tax Credit Coalition (AHTCC), the Solar Energy Industry Association (SEIA), and the Historic Tax Credit Coalition (HTCC), and I keep on top of pending rules and law changes. I have drafted proposed legislation and submitted interpretations and examples to the IRS and Treasury with respect to the LIHTC, HTC, RETC and OZ rules, many of which bear great similarity to the rules that were ultimately adopted. I’m the vice-chair of the Historic Tax Credit Coalition, and I was a major participant in helping to shape the IRS’s safe harbor that applies to the HTC.
IRS dispute resolution
I have resolved several multi-million dollar disputes with the IRS with the taxpayer having zero or nominal liability. On one occasion I worked with clients and others to get the applicable Tax Code provision changed, thereby ending the audit.
Thought leadership
I am an active speaker and writer in several tax equity fields, particularly speaking about LIHTC, HTC, RETC, and OZ matters. I’ve written more than 75 published articles about renewable energy tax credits, including solar, geothermal, biomass, water-based, and wind. I’ve authored a leading treatise on housing and historic credits, and I’ve had several articles on Opportunity Zones and Qualified Opportunity Funds in leading publications. I am currently the chair of the Historic Tax Credit Coalition. In addition, I am a former chair of both the American Bar Association’s Forum on Affordable Housing and Community Development and the MIT Enterprise Forum of Cambridge, and I taught legal research and writing at the Boston University Law School for several years. I continue to run the Housing Forum’s well-known listserv, where professionals discuss the low-income housing tax credit, as well as other tax credits and housing issues.
Relating to clients
I regularly make myself available to walk clients through the complex tax issues that affect their transactions. In addition to the many speaking appearances noted below, I also make myself available to clients to actually discuss their tax issues. For example, I have set up a bi-weekly zoom call with about two dozen participants at one of our clients where I provide a sounding board for tax questions that come up in their business as well as seminars on capital accounts and similar topics relevant to tax-equity. This benefits both of us, as I know better what transactions they are contemplating, and they understand better how the tax rules are applied to those transactions. I also have a collection of easy-to-read articles on structuring and investing in renewable energy tax credit transactions that is available on request.
Looking ahead
It is invaluable to be connected to both those who literally write the law and also my colleagues across the country who help interpret it. In this way, I can anticipate what is coming.
Insights
Publications
I am the author or co-author of many articles on tax advantaged investments and related matters. I have appeared many times on Bloomberg’s website, and on the front page of the Wall Street Journal (in its weekly “Tax Report” column), as well as in the Boston Globe, Banker & Tradesman, the Boston Business Journal, Mass High Tech, and Massachusetts Lawyers Weekly with comments on recent and proposed tax legislation. I write a monthly column on renewable energy tax credits, entitled “The Current,” for the Novogradac Journal of Tax Credits, and authored a BNA treatise on rehabilitation and housing credits.
I and my NP partner, John Cornell, were awarded the Paul E. Tsongas Award by Preservation Massachusetts for our work on historic tax credit projects honoring “those who have played an extraordinary role in promoting historic preservation in the Commonwealth of Massachusetts.” I have also been recognized many times by U.S. News Best Lawyers, Massachusetts and New England “Super Lawyers,” and Marquis Who’s Who in American Law.
Presentations
- Hot Topics in Tax Credit Transactions,” ABA's Forum on Affordable Housing Community Development Law 2023 Annual Meeting, Washington DC, May 26, 2023
- “Treasury-Industry Panel to Discuss the Energy Credits in the Inflation Reduction Act,” ABA's Forum on Affordable Housing Community Development Law 2023 Annual Meeting, Washington DC, May 24, 2023
- “IRS, Treasury and Industry Panel to Issues Related to the Low- Income Housing Tax Credit,” ABA's Forum on Affordable Housing Community Development Law 2023 Annual Meeting, Washington DC, May 24, 2023
- “Navigating the Adders,” Novogradac 2023 Spring Renewable Energy and Environmental Tax Credits Conference, May 19, 2023
- “Project Finance Primer,” Novogradac 2023 Spring Renewable Energy and Environmental Tax Credits Conference, May 17, 2023
- “Understanding the numbers: Sources, uses, and more,” IPED’s Learn the Basics: Housing Tax Credits 101, Boston, MA, March 23, 2023
- “Inflation Reduction Act: Provisions for Utility Renewable Energy Development,” EUCI's Virtual Program, January 31-February 1, 2023
- “Energy Tax Credits—Financing Renewable Energy in 2023,” CARH 2023 Midyear Meeting, Mastering the Challenges: Opportunities for the Future, January 24, 2023
- “What's the Deal? Hot Topics,” Novogradac 2022 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 3, 2022
- “Project Finance Primer,” Novogradac 2022 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 2, 2022
- “Unpacking the New Average Income Regulations,” NH & RA Fall Developer's Forum, Boston, MA, October 18, 2022
- “How it Plays Out: Sophisticated Tax, Legal, and Accounting Issues in Year 15 (Pt II),” IPED’s 2022 Tax Credit Property Dispositions Conference, Philadelphia, PA, July 28, 2022
- “Sophisticated Tax, Legal, & Accounting Issues in Year 1 that Impact Closing Affecting Year 15 (Pt I),” IPED’s 2022 Tax Credit Property Dispositions Conference, Philadelphia, PA, July 28, 2022
- “Tax Equity Structuring and Strategies for Renewable Energy & Storage Projects,” EUCI Webinar, June 28-29, 2022
- “Hot Topics in Tax Credit Transactions,” 2022 Forum on Affordable Housing Annual Meeting, May 27, 2022
- “IRS & Treasury Discussions on LIHTC and Opportunity Zone Issues – Part 1 and Part 2,” 2022 Forum on Affordable Housing Annual Meeting, May 25, 2022
- “Tax Structuring Trends,” Novogradac 2022 Spring Renewable Energy and Environmental Tax Credits Conference, May 20, 2022
- “Understanding the Numbers: Sources, Uses, and More,” IPED’s Learn the Basics: Housing Tax Credits 101, Boston, MA, March 24, 2022
- “Structuring Your Transaction for Success,” Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 5, 2021
- “Project Finance Primer,” Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 3, 2021
- “The Impact of New Partnership Audit Rules,” NCSHA Housing Credit Connect 2021, June 23, 2021
- “Renewable Energy & Storage Project Tax Structuring and Strategies,” EUCI's Virtual Program, June 15, 2021
- “LIHTC Hot Topics,” ABA Forum on Affordable Housing & Community Development Law 2021 Annual Meeting, May 21, 2021
- “Tax Equity Part 1-Landscape and Trends,” Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference, May 20, 2021
- “Renewable Energy Tax Credit Fundamentals & Monetization Online Workshop,” Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference Workshop, May 11, 2021
- “Implementation of the Minimum 4 Percent Housing Credit Rate,” Affordable Housing Tax Credit Coalition 2021 Virtual Annual Meeting, January 27, 2021
- “State of the Market – Equity/Debt and Developers’ Insights,” 2021 CARH Virtual Midyear Meeting, Webinar, January 26, 2021
- “Tax and Structuring Issues,” Novogradac 2020 Financing Renewable Energy Tax Credits Fall Virtual Conference, November 5–6, 2020
- “Project Finance Primer,” Novogradac 2020 Financing Renewable Energy Tax Credits Fall Virtual Conference, November 5–6, 2020
- “Current Issues,” Novogradac 2020 Historic Tax Credit Virtual Conference, September 25, 2020
- “Renewable Energy Opportunity Zones,” EUCI Renewable Energy Opportunity Zones Conference, New Orleans, LA, November 13, 2019
- “Opportunity Zones and Renewable Energy,” Novogradac 2019 Financing Renewable Energy Tax Credits Conference, Washington, DC, November 8, 2019
- “Tax Issues and Structuring Trends Session,” Novogradac 2019 Financing Renewable Energy Tax Credits Conference, Washington, DC, November 7, 2019
- “Real Estate,” Novogradac 2019 Opportunity Zones Fall Conference, Chicago, IL, October 24, 2019
- “Solar Industry Trends–From Utility Scale to Residential,” Novogradac 2019 Financing Renewable Energy Tax Credits Spring Conference, San Francisco, CA, May 23, 2019
- “IRS Treasury Discussion on Low-Income Housing and Historic Credits and Tax Reform Issues,” 2019 Annual Meeting & Conference of the Forum on Affordable Housing & Community Development Law, Washington, DC, May 22, 2019
- “Deep Dive into OZ Guidance Part II, ” Novogradac 2019 Opportunity Zones Spring Conference, Denver, CO, April 25, 2019
- “IRS & Treasury Updates, an ITC for Storage, & More,” SEIA Finance & Tax Seminar, New York, NY, February 28, 2019
- “Opportunity Zones and the Preservation Community,” National Trust for Historic Preservation, Preservation Leadership Forum, January 17, 2019
- “Basic overview of Opportunity Zones,” Novogradac Tax Credit Housing Finance Conference, Las Vegas, NV, November 29, 2018
- “Overcoming Tax and Legal Obstacles,” Novogradac 2018 Opportunity Zones Conference, New Orleans, LA, October 2, 2018
- Presentation on opportunity zones, Chase Opportunity Zones Luncheon, Washington, DC, September 7, 2018
In the news
- Journal of Tax Credits
The latest on the government’s participation in historic rehabilitation
Sep 6, 2023Boston Community Development Finance partner Forrest Milder co-authored this article discussing the federal historic tax credit’s successes over several decades, as well as some of the tax and legislative issues facing the credit today.
- Journal of Tax Credits
Ten things to know about opportunity zones and renewable energy investment tax credits
Boston Community Development Finance partner Forrest Milder contributed this article examining what investors should know about pairing the opportunity zone incentive with the renewable energy investment tax credit.April 7, 2022 - Seniors Housing Business
Hebrew SeniorLife receives financing for expansion of affordable community near Boston
This article on client Hebrew SeniorLife closing financing to build 45 new units of affordable senior housing in metro Boston mentions NP for advising on the project. Boston Affordable Housing & Real Estate partner Jeff Sacks led the NP team, which also included Community Development Finance partner Forrest Milder, and AHRE senior counsel Don Cooper, counsel Karla Chaffee, associate Ali Sisson, and paralegal Vienna Kim, all of the Boston office.March 3, 2022 - Bloomberg Tax
Foreign opportunity zone investors face hurdles under new rules
In this article about new proposed IRS rules for foreign investors in opportunity zones, Boston Community Development Finance partner Forrest Milder is quoted on the challenges these investors could face in trying to benefit from the tax breaks.April 13, 2021 - Regulatory Compliance Watch
SECs Division of Examinations asks about opportunity zones
In this article on how opportunity zones have attracted examiner interest, Boston Community Development Finance partner Forrest Milder is quoted on IRS guidelines around opportunity zones, the delays caused by COVID, and what constitutes a qualified asset.March 8, 2021 - Law360
OCC rule misaligned with some tax equity safe harbors
This contributed article, which examines the OCC’s finalized rule governing national banks’ ability to participate in equity-based finance structures involving tax credits, was authored by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partner Forrest Milder in Boston; and Community Development Finance partners Michael Goldman and Shariff Barakat, both in Washington, DC.March 8, 2021 - Tax Credit Advisor
The year of big tax changes
This article quotes Boston Community Development Finance partner Forrest Milder on the 4 percent Low-Income Housing Tax Credit floor included in COVID-19 legislation, specifically related to parties that acquired used facilities in 2020 with 2021 bonds.March 1, 2021 - Inframation News
Federal rule opens tax-equity investment to national banks
This article on the new rule by the Office of the Comptroller of the Currency that may allow national banks and federal savings associations to engage in certain tax-equity finance transactions cites a recent NP tax credit alert. The alert was written by Project Finance & Public Finance partner Ellen Friedman and Global Finance senior counsel Larry Fruchtman, both in New York City; Community Development Finance partners Shariff Barakat and Michael Goldman, both in Washington, D.C.; and Boston Community Development Finance partner Forrest Milder.Jan 25, 2021 - Tax Notes
Approach to LIHTC Regulations Should Be Reconsidered, Individuals Say
Boston Community Development Finance partner Forrest Milder co-authored this letter to the IRS, republished by Tax Notes, related to income averaging regulations for low-income housing tax credits.Dec 28, 2020 - CoStar News
Congress Gives Boost to Affordable Housing, Hotel Occupancy Misses the Holiday Spirit, Personal Income Falls
Boston Community Development Finance partner Forrest Milder and Washington, D.C. Affordable Housing & Real Estate partner Richard Price comment on the low-income housing tax credit rate being fixed at 4% in Congress’ recently passed spending bill, and what that could mean in practical terms.Dec 23, 2020 - Bloomberg Tax
Treasury Offers Broad Opportunity Zone Investor Relief
This article quotes Boston Community Development Finance partner Forrest Milder on new Treasury guidance related to opportunity zone investors, noting what he’s been seeing in the space as well as issues that remain unaddressed.June 5, 2020 - Bloomberg Tax
INSIGHT: Highlights of the final Opportunity Zone regulations
Boston Community Development Finance partner Forrest Milder wrote this contributed article analyzing the recently finalized IRS regulations governing opportunity zones.Jan 6, 2020 - Affordable Housing Finance
First take on final OZ regulations
Boston Community Development Finance partner Forrest Milder wrote this contributed article analyzing the final IRS regulations governing opportunity zones, the tax-advantaged investment opportunity created by Congress in 2017.Dec 26, 2019 - Bloomberg Tax
Opportunity Zone investing—How is debt handled in determining the basis step-up after 10 years?
Boston Community Development Finance partner Forrest Milder wrote this contributed article explaining the math behind determining the fair market value of a qualified opportunity fund partnership interest after 10 years.May 15, 2019 - Affordable Housing Finance
Experts delve into Opportunity Zones and housing
Boston Community Development Finance partner Forrest Milder discusses opportunity zones and housing in this video from the AHF Live Forum.April 22, 2019 - Bloomberg Tax
Opportunity zone rules leave out data reporting, penalty details
Boston Community Development Finance partner Forrest Milder is quoted in this article, discussing possible confusion stemming from the murky definition of “independent contractor” in proposed IRS rules governing opportunity zones.April 22, 2019 - Affordable Housing Finance
Top 5 Ways to Use Opportunity Zone Funds in LIHTC Deals
New York City Affordable Housing and Real Estate counsel Kathie Soroka and Boston Community Development Finance partner Forrest Milder contributed this article outlining five ways in which low-income housing tax credit transactions can benefit from opportunity zone funds.Feb 7, 2019 - Bloomberg Tax
INSIGHT: A dozen things you should know about setting up an opportunity fund
Boston Community Development Finance partner Forrest Milder wrote this contributed article outlining key details that investors and developers need to know as they utilize the opportunity zone provisions created by the 2017 tax law.Nov 29, 2018 - International Energy Law Review
The federal circuit vacates the Alta Wind decision
Boston Community Development Finance partner Forrest Milder authored this column about a recent Federal Court of Appeals ruling to overturn the Alta Wind decision, and its possible implications for the energy industry and projects involving government grants or tax credits.Nov 1, 2018 - Affordable Housing Finance
IRS provides guidance on opportunity zones
Boston Community Development Finance partner Forrest Milder is quoted extensively in this article outlining the impact of new IRS guidelines governing the use of the Opportunity Zone program for affordable housing developers.Oct 23, 2018 - Bloomberg Law
Insight: Twenty hot topics about opportunity zones
Boston Community Development Finance partner Forrest Milder wrote this contributed article detailing the development incentives available as part of the Opportunity Zones provisions in the 2017 tax law.Oct 18, 2018 - Power Finance and Risk
Uncertainty blows through tax equity market after inconclusive court decision
Boston Community Development Finance partner Forrest Milder is quoted in this story for his analysis of a recent U.S. Appeals Court decision that could negatively impact the reliability of valuations used in renewable project deals.Aug 16, 2018 - Novogradac & Company
What do I need to know about repowering a facility?
Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column about what to consider when using renewable energy tax credits when renovating a facility.Aug 4, 2017 - Novogradac & Company
IRS publishes regulations to apply the new post-2017 audit rules
Boston tax credit finance and syndication partner Forrest Milder authored this column about the Internal Revenue Service’s proposed audits regulations.July 10, 2017 - Novogradac & Company
The current: What is ‘back leverage’ and what do I need to know about it?
Boston tax credit finance and syndication partner Forrest Milder authored this column about the increasing use of back leverage in renewable energy tax credit projects and its implications.May 9, 2017 - Novagradac: Journal of Tax Credits
The current: ten things to know when combining renewable energy and low-income housing tax credits
Boston tax credit finance and syndication partner Forrest Milder authored this article about ten things people should keep in mind when combining low-income housing tax credits (LIHTC) and renewable energy tax credits (RETC).Jan 10, 2017 - Journal of Tax Credits
Renewable Energy Industries Receive Extensions to Tax Credit Equity Deadlines
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.Feb 1, 2016 - Journal of Tax Credits
The Current: New Audit Rules Could Have Broad Impact
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.Jan 1, 2016 - Novogradac Journal of Tax Credits
Does it Pay to Follow Guidance that Doesn't Apply?
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.Aug 1, 2015 - Journal of Tax Credits
The Current: Does Small Wind Guidance Have Implications for Other Renewables?
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.Feb 1, 2015 - Journal of Tax Credits
The Current: Systems Using Solar–What Qualifies for the Credit?
Boston Tax Credit Finance & Syndication partner Forrest Milder authored this article discussing ambiguity in the definition of Section 48 of the Internal Revenue Code.Jan 7, 2015 - Novogradac Journal of Tax Credits
IRS Responds to President's Call for More REIT Investment in Energy
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.June 1, 2014 - Tax Credit Advisor
Industry Welcomes Guidance, Expects Renewed Equity Flow
Boston Tax Credit Finance & Syndication partner Forrest Milder discusses the impact of the IRS’ recent “safe harbor” guidance on the historic tax credit industry.Feb 1, 2014 - Affordable Housing Finance
IRS Issues Historic Tax Credit Guidance
Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column on the much-anticipated release of IRS Guidance on Historic Boardwalk Hall.Jan 28, 2014
Admitted to practice
Massachusetts
U.S. District Court, District of Massachusetts
U.S. Court of Appeals, First Circuit
U.S. Supreme Court
U.S. Tax Court
U.S. Court of Federal Claims
Education
Boston University, LLM
Harvard Law School, J.D.
Massachusetts Institute of Technology, S.B., Phi Beta Kappa
Massachusetts Institute of Technology, S.M.
Professional activities
- Historic Tax Credit Coalition, Chair
- Affordable Housing Tax Credit Coalition, Board Member
- American Bar Association, Member
- Boston Bar Association, Member
- MIT Enterprise Forum of Cambridge, Former Chair
- American Bar Association, Affordable Housing and Community Development Law, Chair (2009-2010)
Recognition
- Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2024 in the field of Tax Law; listed since 2013
- Listed several times in Marquis Who’s Who in American Law and in Boston Magazine’s “Massachusetts Super Lawyers” and “New England Super Lawyers”
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
-
Sonia A. Nayak
Partner / Office Managing Partner, Los Angeles- Los Angeles
- Office:+1 213.629.6072
- snayak@nixonpeabody.com
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