Young Carla A

Carla A. Young

Carla is a partner in the Project Finance and Public Finance group, where her practice focuses on the tax requirements relating to bonds issued by state and local governments.

What do you focus on?

My work focuses on the tax aspects of municipal bond financings, including tax-exempt, taxable, and tax-advantaged debt obligations issued by or on behalf of state and local governments. I represent issuers, borrowers, underwriters, and lenders in a wide variety of bond issues that finance transportation and infrastructure projects, water and wastewater systems, governmental facilities, nonprofit facilities, K-12 and higher education facilities, charter schools, and public infrastructure located in community development districts, among others.

I also represent issuers with the tax issues relating to restructurings of defaulted bond issues, including restructurings connected with bankruptcy proceedings. I frequently represent issuers and borrowers before the Internal Revenue Service (IRS) in connection with requests for private letter rulings, bond examinations, and voluntary closing agreements.

Previously, I was an attorney and assistant branch chief in the Tax-Exempt Bond Branch of the Office of Chief Counsel (Financial Institutions and Products) at the IRS, where I was responsible for drafting published guidance and rulings, including guidance relating to Build America Bonds and other direct-pay obligations, as well as disaster area bonds. I also served as the Chief Counsel representative to the Tax-Exempt Bond Focus Group, which provides assistance to IRS agents in connection with examinations of tax-exempt bond issues. My experience in the government provides a unique perspective when counseling clients on issues relating to IRS bond audits and ongoing compliance with the tax rules, including the permitted uses of bond-financed facilities and actions that can be taken to remediate post-issuance noncompliance.

Since the beginning of 2020, I have been assisting municipal issuers with the impact of COVID-19, including restructurings to address related liquidity concerns, and served as co-bond counsel (tax) on the second Municipal Liquidity Facility transaction.

Representative Experience

  • Co-bond counsel (tax) to the Metropolitan Transportation Authority—North America’s largest transportation provider—and its affiliate, the Triborough Bridge and Tunnel Authority.
  • Co-bond counsel (tax) to the New York City Municipal Water Finance Authority, which provides water and wastewater services to almost ten million residents.
  • Co-bond counsel (tax) to the Dormitory Authority of the State of New York (DASNY), including bonds issued to finance nonprofit and education facilities at private institutions, and bonds issued to finance dormitory facilities at the State University of New York (SUNY).
  • Bond counsel (tax) to numerous industrial development agencies and local development corporations in the State of New York for bonds issued to finance nonprofit facilities.
  • Co-bond counsel (tax) to the Sales Tax Securitization Corporation (City of Chicago), including the creation of the corporation and issuance of bonds backed by dedicated sales taxes.
  • Bond counsel (tax) to the Puerto Rico Sales Tax Financing Corporation (COFINA) for restructuring of more than $18 billion of outstanding bonds in connection with bankruptcy proceeding under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).


  • “IRS provides relief for municipal bond issuers in response to COVID-19 pandemic,” Nixon Peabody Client Alert, May 7, 2020
  • “Federal tax issues relating to long-term financing of working capital expenditures,” Nixon Peabody Client Alert, April 9, 2020
  • “New Proposed IRS Regulations for Transitions from the use of LIBOR to Other Interbank Offering Rates,”Nixon Peabody Client Alert, October 30, 2019

Deal diary-Blackstone and KKR chalk up more insurance investments

The Deal | July 15, 2021

In two separate articles, the publication highlighted the firm for advising American International Group, Inc. in the pending sale of a $5.1 billion affordable housing portfolio to Blackstone Real Estate Income Trust. Washington, DC Community Development Finance partner Liz Young is noted in one of the stories for leading the NP deal team.

In addition to Liz, the NP team includes Affordable Housing & Real Estate partner Dara Histed, Project Finance & Public Finance partner Carla Young, Community Development Finance senior counsel Jeff Lesk, and Corporate partner John Partigan, all of Washington, DC; Global Finance partner Amanda Darwin, Affordable Housing & Real Estate associates Julie Stande and Ali Walendziak, and Community Development Finance associate Nury Aguasvivas, all of Boston; Affordable Housing & Real Estate associate Emily Schwebke and Project Finance & Public Finance resident attorney Jacalyn Smith, both of Chicago; Manchester Affordable Housing & Real Estate associate Talia Burghard; Long Island Affordable Housing & Real Estate paralegal Lori Esposito; and Los Angeles Corporate paralegal Mina Gonzaque-Taylor.


Carla A. Young


Washington, DC

Phone: 202-585-8340

Fax: 844-862-9054

Georgetown University Law Center, J.D., cum laude

Rutgers University, B.A., Accounting, with high honors

District of Columbia

While with the IRS, Carla received a U.S. Treasury performance award for legal work connected with the financial turmoil of 2008. She also received IRS Chief Counsel performance awards each year from 2006 to 2009.

Carla is a member of the National Association of Bond Lawyers (NABL) and frequently speaks on NABL panels related to tax law.

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