Commercial Finance Archives - Page 3 of 6

Client Alerts Commercial Finance NewsRecently Modernized Community Reinvestment Act Expected to Increase Investor Demand for Tax Credits

December 29, 2023

By Amy Oakley and Madeline Ursini On October 24, 2023, representatives of the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation released their final rule with respect to the Community Reinvestment Act (CRA), which is intended to strengthen and modify current regulations (Community Reinvestment Act Final Rule). Per the most recent update, which will...

Client Alerts Commercial Finance News Real EstateDowntown Office Conversion

November 10, 2023

By Loren F. Sutton and Jay R. Peabody “Your success in life isn’t based on your ability to simply change. It is based on your ability to change faster than your competition, customers and business.” — Mark Sanborn. This past July, Boston Mayor Michelle Wu, following the lead of several other major cities around the...

Client Alerts Commercial Finance NewsRhode Island’s Fiscal Year 2024 Budget Creates New State Low-Income Housing Tax Credit Program

June 21, 2023

By Amy Oakley and David DiSegna On June 16, 2023, Governor McKee signed the Rhode Island fiscal year 2024 budget that was passed by the General Assembly. The budget includes a new statewide Low-Income Housing Tax Credit (“LIHTC”) program to foster the availability of affordable housing in Rhode Island that will be administered by the...

Client Alerts Commercial Finance NewsLegislation Prohibiting Tax-Exempt Bonds for Professional Sports Stadiums Reintroduced in Congress

February 22, 2023

By Eugene G. Bernardo II and David M. DiSegna Legislation has been introduced in the United States House and Senate entitled the “No Tax Subsidies for Stadiums Act of 2023,” which would eliminate the tax exemption for bonds used to finance professional sports stadiums. The companion bills were introduced by Senators Lankford (R-OK) and Booker...

Client Alerts Commercial Finance NewsMunicipal Securities Disclosure Will Be Subject To New Data Standards

December 28, 2022

By Eugene G. Bernardo II and David M. DiSegna The Financial Data Transparency Act of 2022 (the “Act”), which was included as part of the National Defense Authorization Act, was signed into law on December 23, 2022. The Act requires that various federal regulatory agencies jointly issue proposed rules within eighteen (18) months, which establish...

Client Alerts Commercial FinanceRhode Island Modernizes its Receivership Law By Enacting the Commercial Receivership Act

July 1, 2022

By Daniel E. Burgoyne On June 20, 2022, Rhode Island Governor Daniel J. McKee signed into law the Rhode Island Commercial Receivership Act (“CRA”), which updates and modernizes Rhode Island receivership practice. Pub. L. 2002, ch. 107 and 108. The CRA is based upon the Uniform Law Commission’s 2015 Commercial Real Estate Receivership Act. The uniform act is...

Client Alerts Commercial FinanceHow to Prevent Frivolous Appeals from Derailing Receivership Sales of Rhode Island Real Estate

June 15, 2022

By Daniel E. Burgoyne and Christian R. Jenner A pair of recent decisions from the Rhode Island Superior Court’s Business Calendar, authored by Associate Justices Richard J. Licht and Brian P. Stern, demonstrate how a secured lender in a receivership can combat frivolous appeals that might otherwise threaten a sale of its real estate collateral....

Client Alerts Commercial FinanceIRS Permanently Allows TEFRA Hearings by Teleconference

March 21, 2022

By Eugene G. Bernardo II or David M. DiSegna On March 18, 2022, the IRS issued Revenue Procedure 2022-20, which permanently allows issuers of tax-exempt private activity bonds to hold TEFRA hearings via teleconference. Pursuant to § 147(f) of the Internal Revenue Code, tax-exempt qualified private activity bonds are subject to a public approval requirement. One means...

Client Alerts Commercial FinanceSecured Creditor’s Last-Minute Credit Bid Rejected at Receivership Auction

January 28, 2022

By Daniel E. Burgoyne Associate Justice Brian P. Stern of the Rhode Island Superior Court recently issued a notable decision arising from a receiver’s sale of commercial real estate in Providence, Rhode Island. The Decision, entitled Rialto Capital Advisors LLC v. Robert Day, LLC, C.A. No. PC-2020-06964 (R.I. Super. Dec. 22, 2021, Stern, J.), is...

Client Alerts Commercial FinanceIRS Issues Final Regulations on Transition from IBORs to Other Reference Rates

January 25, 2022

By Eugene G. Bernardo II and David M. DiSegna The IRS has issued final regulations governing the tax consequences of transitions from Interbank Offered Rates (IBORs) to other reference rates in debt instruments. The final regulations adopt many of the proposed regulations that the IRS released on October 9, 2020, with some important changes. The...

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