Tax Credit Finance & Syndication



We partner with our clients to structure their present and future tax credit transactions. From housing and new markets to historic preservation and renewable energy, no firm has a deeper bench of well-connected industry experts.

Our approach

The U.S. government has supported qualifying projects with billions of dollars in tax credits and grants since the programs’ inception. Tax credits make many community development ventures financially feasible—yet more complex. With experience in thousands of these deals, we know what will work and can help you shape unique projects that will work financially and offer the added benefit of positive social impact.

The key programs we use to help our clients:

Low-Income Housing Tax Credit (LIHTC)

Created more than 2.4 million units of affordable housing since 1986 and generates about 120,000 more each year.

We helped shape the legislation that created the LIHTC and have contributed to every major federal housing program since 1970, making our team LIHTC’s unparalleled problem solvers.

New Markets Tax Credit (NMTC)

Supports projects that often revitalize underserved urban and rural neighborhoods. We help clients close hundreds of NMTC transactions to build charter schools, hotels, commercial and mixed-use developments.

Historic Rehabilitation Tax Credit (HTC)

Critical driver of downtown real estate investment and community revitalization. Old buildings have a singular role in “placemaking” our neighborhoods as vibrant and desirable places to live. We help our clients bring new life to theaters, former factories and old gems like armories and department stores.

Energy Tax Credits

Traditionally utilized primarily for solar and fuel cell transactions, have recently been instrumental in the financing of wind and biomass facilities too. We assist our clients in all aspects of the development and financing of energy installations of all sizes, including from residential rooftop solar facilities to utility-scale, ground-mounted solar facilities for the military; from single wind turbines to large wind farms.

Who we work with

  • Institutional investor clients including banks and other financial institutions, as well as insurance companies, direct investors and others seeking social investment opportunities. These clients depend on us not only to structure and give tax advice on a deal, but also to provide asset management, compliance and legislative assistance.
  • Lenders, including nonprofit and for-profit CDEs and CDFIs.
  • Fortune 100 corporations participating in direct and secondary investments generating tax credits rely on us to partner with their tax, legal and financial departments to negotiate and structure tax credit projects.
  • Nonprofit organizations, cities and states seeking to amplify community revitalization initiatives through tax credits. We assist these clients in every phase of the process.
  • For-profit developers and energy companies hoping to leverage their investments with tax credits.
  • Underwriters and secondary market participants needing technical and structuring advice.

IPED Conferences and Seminars

Please also visit the Institute for Professional and Executive Development (IPED) for more conference and seminar offerings.

The U.S. is withdrawing from UNESCO—What happens now?

Artsy | October 13, 2017

Washington DC tax credit finance and syndication partner Andrew Potts, a former executive director of the United States National Committee of the International Council on Monuments and Sites, is quoted in this article about the Trump administration’s decision to withdraw from UNESCO, the United Nation’s cultural organization, by the end of this year.

Interest in historic preservation growing in Detroit

WDET-FM (NPR Detroit) | October 12, 2017

In this radio segment about the increase of rehabilitation investment and construction in Detroit over the past few years, Washington DC tax credit finance and syndication partner David Schon discusses how to take advantage of historic preservation tax credits for the city’s historical buildings.

Sol Systems monetizes SRECs for first Community solar project in DC

Sol Systems | September 22, 2017

This article is about a partnership between Sol Systems and New Partners Community Solar Corp., a nonprofit founded by Washington DC tax credit finance and syndication partners Jeff Lesk and Herb Stevens, to monetize solar renewable energy credits from the community solar project in DC.

Nixon Peabody brings back the sun in DC

The National Law Journal | August 27, 2017

This article features the Washington, DC office’s solar program and mentions partners Jeff Lesk and Herb Stevens, who manage grants for the firm’s nonprofit New Partners Community Solar Corp.

What do I need to know about repowering a facility?

Novogradac & Company | August 04, 2017

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.

Consensus forming on housing credits, but hurdles remain

Law360 | August 02, 2017

Washington DC affordable housing partner Richard Price is quoted in this article about the Senate Finance Committee's hearing regarding the potential increased availability of affordable housing tax credits.

HDFC's Proposed Regulations Shake Up Co-op Shareholders

The Cooperator | July 27, 2017

New York City affordable housing partner Erica Buckley provides third-party commentary about a proposed regulation by New York City’s Housing Preservation and Development department (HPD).

IRS publishes regulations to apply the new post-2017 audit rules

Novogradac & Company | July 10, 2017

Boston tax credit finance and syndication partner Forrest Milder authored this column about the Internal Revenue Service’s proposed audits regulations.

The laterals audit: tax attorney moves in June

Law360 | June 30, 2017

The following coverage includes the arrival of New York City affordable housing partner Erica Buckley to Nixon Peabody.

Who’s news

Real Estate Weekly | June 30, 2017

The following coverage includes the arrival of New York City affordable housing partner Erica Buckley to Nixon Peabody.

Movers & Shakers

The Deal | June 12, 2017

This coverage includes the arrival of New York City affordable housing partner Erica Buckley to Nixon Peabody.

Nixon Peabody adds affordable housing pro from Stroock

Law360 | June 08, 2017

This feature discusses how Erica’s extensive experience, particularly in 421-A tax exemptions and the Martin Act, having previously served as the chief regulator of the Real Estate Finance Bureau of the NY Attorney General’s office, will bolster NP’s affordable housing practice.

On the move

New York Law Journal | June 08, 2017

This feature discusses how Erica’s extensive experience, particularly in 421-A tax exemptions and the Martin Act, having previously served as the chief regulator of the Real Estate Finance Bureau of the NY Attorney General’s office, will bolster NP’s affordable housing practice.

People on the move

Bloomberg BNA | June 06, 2017

This article mentions New York affordable housing partner Erica Buckley’s arrival at Nixon Peabody.

People on the move

Affordable Housing News | June 06, 2017

This article mentions New York affordable housing partner Erica Buckley’s arrival at Nixon Peabody.

The current: What is ‘back leverage’ and what do I need to know about it?

Novogradac & Company | May 09, 2017

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.

Law360 names attys who moved up the firm ranks in Q1

Law360 | April 28, 2017

This article mentions recent leadership promotions at the firm including David Brown, Jared Lusk, Jim Vallee, Graham Beck, Kathleen Ceglarski Burns, Emily Crandall Harlan, Daniel Gibbons, Linda Huber, Ilana Kameros, Haydon Keitner, Darren Miller, Neal Pandozzi, Edward Puerta, Stephen Reil, and Elizabeth Young.

Nixon Peabody steers $78M Bronx apartment deal

Law360 | April 18, 2017

New York City affordable housing partner Joseph Lynch is mentioned in this article as representing nonprofit HP Michelangelo Housing Co. Inc. in its acquisition of an apartment complex in the Bronx for $78.1M.

SVN Affordable arranges $30.5M sale of section 8 multifamily property in metro Baltimore

Real Estate Business | April 06, 2017

This article mentions Nixon Peabody as Millennia Housing Development’s Department of Housing and Urban Development counsel in its acquisition of a 303-unit affordable housing property in Maryland for $30.5M.

Q&A: The future of DC affordable housing

Bisnow | April 05, 2017

This Q&A with Washington DC office managing partner Jeff Lesk is about the future of affordable housing and community development amid looming tax reforms and potential cuts to federal programs. Click here to read the full article.

Trump's tax plan isn't even law and already it's taken a toll on city's affordable housing projects

Crain’s New York Business | January 18, 2017

New York City office managing partner and affordable housing partner Joe Lynch is quoted in this article about how the Trump administration’s proposed corporate tax cuts are already affecting affordable housing developers in New York City who use tax credits to finance their projects.

The current: ten things to know when combining renewable energy and low-income housing tax credits

Novagradac: Journal of Tax Credits | January 10, 2017

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).

An open letter to Dr. Ben Carson: Nixon Peabody’s Deborah VanAmerongen shares her thoughts for the next HUD secretary

Affordable Housing Finance | January 04, 2017

In this open letter to U.S. Department of Housing and Urban Development (HUD) secretary nominee Dr. Ben Carson, New York City affordable housing strategic policy advisor Deborah VanAmerongen shares her insights on working with HUD and advice for the future.

2017 predictions: What’s ahead for the affordable housing industry?

Affordable Housing Finance | January 04, 2017

This story focuses on the 2017 affordable housing industry outlook. New York City affordable housing strategic policy advisor Deborah VanAmerongen is quoted discussing the Low Income Housing Tax Credit program.

Nixon Peabody funds biggest CRE solar panel installation in DC

Bisnow | December 22, 2016

Washington DC office managing partner Jeff Lesk is quoted in this feature story about DC’s first large-scale downtown commercial Community Solar project on the roof of Nixon Peabody’s Washington DC office. This article focuses on the innovation and uniqueness of the NP Solar project. 

421-a's Gone, So Affordable Housing's Getting Creative

Bisnow | September 12, 2016

New York City affordable housing partner Aaron Yowell is quoted in this article that looks at the increasing need for affordable housing in New York City and how it’s becoming harder to get this done—especially in light of the loss of the 421-a tax exemption program.

High LIHTC Pricing, Low Yields Lead to Investor Pushback

Journal of Tax Credits | July 07, 2016

Washington, DC, Affordable Housing partner Richard Price is quoted in this feature article that discusses results of a survey of investors and syndicators on the state of low-income housing tax credit (LIHTC) housing.

City Securities' lesser-known sibling sells

Indianapolis Business Journal | July 02, 2016

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.

Texas Housing Bias Row May Affect Developer Building Plans

Law360 | June 15, 2016

Washington, DC, affordable housing partner Harry Kelly is quoted in this feature story that looks at Texas’s housing agency to derail a suit accusing it of discrimination in allocating tax credits for affordable housing developments. The coverage notes that this is a test of the U.S. Supreme Court’s recognition of unintentional discrimination claims under the Fair Housing Act.

Why More Regional Banks Want to Syndicate Tax Credits

American Banker | June 09, 2016

Boston tax credit finance and syndication partner Tom Giblin provides commentary in this article discussing increasing interest among regional banks in expanding into syndication of low-income housing credits.

Officials, Experts Weigh in on Stalled State Housing Measures

City & State | May 01, 2016

New York City office managing partner and affordable housing attorney Joe Lynch is featured in this article discussing the 421-a program, which incentivizes developers for building a multi-unit residential projects.

Spend Your Vacation in an Old Model T Factory

Bloomberg Pursuits | April 22, 2016

Washington, DC, Tax Credit Finance & Syndication partner David Schon is included in this story about how former industrial sites such as a tractor depot, a Pabst bottling works, and a former Ford automobile plant are turning into luxury hotels.

Affordable Housing Deals Are Getting More Plentiful, But More Complex

Bisnow (DC) | March 28, 2016

This feature story recaps the Affordable Housing Forum which focused on creating and improving affordable housing communities. Washington, DC, office managing partner Jeff Lesk, Affordable Housing partner Monica Sussman and Tax Credit Finance & Syndication partner David Schon are featured.

Renewable Energy Industries Receive Extensions to Tax Credit Equity Deadlines

Journal of Tax Credits | February 01, 2016

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.

The Current: New Audit Rules Could Have Broad Impact

Journal of Tax Credits | January 01, 2016

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.

Congress Looks to Make Rents More Affordable

Washington Post | December 21, 2015

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.”

Can Multifamily Developers Fix the Affordable Housing Crisis?

Real Estate Bisnow | December 04, 2015

This feature story discusses Washington, DC’s efforts to improve the state of the city’s affordable housing. The topic was the main focus at Bisnow’s Multifamily Annual Conference. Washington, DC, office managing partner Jeff Lesk and Affordable Housing practice group leader Steve Wallace are featured within the story.

Tax credit programs help provide incentive for preserving historic downtown buildings

Crain's Detroit Business | November 14, 2015

Partner and co-leader of the firm’s Historic Rehabilitation Tax Credit team David Schon provides commentary throughout this feature article on how tax credit programs are driving the preservation of historic buildings.

Tax Credits Bring Updated Housing to Boston Veterans

Journal of Tax Credits | October 01, 2015

This feature story highlights the New England Center for Homeless Veterans’ (NECHV) efforts to rehabilitate an existing apartment community serving formerly homeless and at-risk veterans in Boston. Affordable Housing partner Jeff Sacks is quoted in the piece and noted as development counsel and key player in structuring the financing.

Nixon Peabody's Ultra-modern Office

Bisnow | August 21, 2015

The firm’s new Washington, DC, office is featured in this coverage. Office managing partner Jeff Lesk is quoted and pictured throughout the piece, as is the space itself.

Does it Pay to Follow Guidance that Doesn't Apply?

Novogradac Journal of Tax Credits | August 01, 2015

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.

Experts discuss how green buildings are changing DC

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.

Supreme Court Affirms Disparate Impact in Fair Housing

Affordable Housing Finance | June 25, 2015

As the Supreme Court winds down its current term, Washington, DC, Affordable Housing partner Harry Kelly discusses the much-awaited decision comes in the Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project (ICP) case involving low-income housing tax credits (LIHTCs).

Justices Set Tougher Standard For FHA Bias Claims

Law360 | June 25, 2015

Washington, DC, Affordable Housing partner Harry Kelly provides commentary on the Supreme Court’s Texas Department of Housing and Community Affairs (TDHCA) v. Inclusive Communities Project (ICP) case decision involving low-income housing tax credits (LIHTCs).

Lawyer's long history with Center for Homeless Veterans hits new high

Massachusetts Lawyers Weekly | June 21, 2015

Nixon Peabody’s efforts in a recapitalization project for the New England Center for Homeless Veterans are featured in this article. Boston Affordable Housing partner Jeff Sacks led this complex real estate transaction, which includes Historic Tax Credits as well as affordable housing components.

Private Developers Must Step up to Preserve Affordable Housing

Real Estate Bisnow (DC) | June 18, 2015

Washington, DC, office managing partner and Tax Credit Finance & Syndication attorney Jeff Lesk moderated a panel on Washington's affordable housing program. Washington, DC, Affordable Housing partner Michael Reardon was a panelist.

Nixon Peabody's Tenney Advises on Private Investment in Texas Affordable Housing

Inside Counsel | May 12, 2015

New York City Tax Credit Finance & Syndication partner Katie Tenney is highlighted in this column on women partners achieving major legal accomplishments. Katie is investor counsel for a conversion of public housing to privately owned affordable housing under the U.S. Department of Housing Urban Development Rental Assistance Demonstration program.

El Paso Closes Largest RAD Deal

Affordable Housing Finance | April 15, 2015

This coverage notes Nixon Peabody as counsel to Hunt Capital Partners, a developer involved in the largest Rental Assistance Demonstration (RAD) project in the nation. New York City Tax Credit Finance & Syndication partner Katie Tenney led the legal team. Click here for the firm’s press release on the deal.

Let the Sun Shine In 

Chicago Daily Law Bulletin | March 25, 2015

Chicago Madison Tax Credit Finance & Syndication partners Jeff Rambach and Andrew Tripp authored this column discussing the use of federal tax credits to finance solar energy facilities.

The Current: Does Small Wind Guidance Have Implications for Other Renewables?

Journal of Tax Credits | February 01, 2015

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.

The Current: Systems Using Solar–What Qualifies for the Credit?

Journal of Tax Credits | January 07, 2015

Boston Tax Credit Finance & Syndication partner Forrest Milder authored this article discussing  ambiguity in the definition of Section 48 of the Internal Revenue Code.

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