Herb Stevens is one of the nation’s foremost authorities on financing community-based projects by leveraging public programs, including tax credits, with private capital development. His clients include the largest capital markets investors, local governments and for-profit and nonprofit developers of important projects.
As Chief Innovation Officer, he has also helped attorneys at Nixon Peabody develop new, more responsive legal services.
I have created new financing platforms for ground-breaking projects throughout the country in the areas of community development, historic preservation, renewable energy, affordable housing and sustainability. For example, when two important federal subsidy programs, the low-income housing tax credit and the new markets tax credit, were in their “startup” phases, I helped businesses and attorneys create the financial structures financing channels to deliver the federal benefits to local communities.
Some of my favorite projects have been working to bring new investment and new life into underserved communities. Larger projects can serve as an anchor to revitalize an entire neighborhood, such as turning a beautiful but long-vacant armory into a vibrant theater; restaurants and night life soon follow. Less glamorous but perhaps more important are projects that bring jobs, such as manufacturing, retail and charter schools.
I’ve worked on a wide variety of renewable energy projects, from nationwide residential and commercial solar to the first state-sponsored fund that put solar on homes for low and moderate income families. I’m currently working on a new way for affordable housing residents to participate in the benefits of solar energy using community solar laws.
More recently, I helped in the financing of a 75-megawatt biofuel plant that has converted a 19th century wood-based local economy to a 21st century center creating both jobs and renewable energy.
How will companies and investors work with multiple government and nonprofit organizations to build new resources in local communities? The answers to that question will be the big success stories in the future for real estate development. All parties now know they need each other to accomplish this. We will keep finding unique ways for the government programs and the private sector to share in the mission to bring new energy to underserved areas.
Law360 | October 06, 2015
Partner and leader of the firm’s Nonprofit Organizations practice Mike Cooney and partner and Chief Innovation Officer Herb Stevens authored this piece discussing recent developments in the area known as “mission” or “impact investing”—terms used to describe the deployment of philanthropic investment capital to advance charitable ends.
Elevation DC | July 07, 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.
Wall Street Journal | July 06, 2015
In this feature story on summer associate programs, Chief Innovation Officer Herb Stevens discusses how we differentiate our summer program from others through things such as Imagination Summer—which has our summer associates developing new business ideas and solutions for clients. A current summer associate is interviewed.
Tax Credit Finance & Syndication Alert | 12.18.15
Nonprofit Organizations Alert | 10.01.15
Georgetown University Law Center, M.L.
Catholic University of America, Columbus School of Law, J.D.
Massachusetts Institute of Technology, B.S.
District of Columbia
Herb is recognized as one of the top tax lawyers in the Washington, DC, edition of Super Lawyers Magazine (2014-2016).