Forrest David Milder

/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 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

• “Understanding the Numbers: Sources, Uses, and More,” IPED’s Learn the Basics: Housing Tax Credits 101, March 13, 2025
• “Hot Topics in Tax Credit Transactions,” ABA's Forum on Affordable Housing & Community Development Law 2024 Annual Meeting, Washington DC, May 24, 2024
• “IRS 1: Treasury-Industry Discussion of Inflation Reduction Act Issues,” ABA's Forum on Affordable Housing & Community Development Law 2024 Annual Meeting, Washington DC, May 22, 2024
• “IRS 2: IRS/Treasury Discussion of LIHTC Issues,” ABA's Forum on Affordable Housing & Community Development Law 2024 Annual Meeting, Washington DC, May 22, 2024
• “Project Finance Primer,” Novogradac 2024 Spring Renewable Energy Tax Credits Conference, San Diego, CA, May 15, 2024
• “Clean Energy Tax Matters,” Novogradac 2024 Spring Renewable Energy Tax Credits Conference, San Diego, CA, May 17, 2024
• “Understanding the numbers: Sources, uses, and more,” IPED's Learn the Basics: Housing Tax Credits 101, Boston, MA, March 21, 2024
• “Project Finance Primer,” Novogradac 2023 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 1, 2023
• “Technical Hot Topics,” Novogradac 2023 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 2, 2023
• “Washington Report,” Novogradac 2023 Historic Tax Credit Conference, Charlotte, NC, October 12, 2023
• “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