Our Tax Credit practice represents parties on all sides of sophisticated tax credit transactions, having counseled developers, tax credit syndicators, investors and senior and bridge lenders. We are active in this space, closing on a high volume of state tax credit sales each year and a steady stream of federal credits.
PSH attorneys have significant experience with all Rhode Island and Massachusetts state credit programs and have worked on various state credits throughout the country, including historic, low-income housing, market-rate housing, transformational mixed-use, urban and industrial, brownfields, film and media credits.
We specialize in federal historic rehabilitation tax credit investments and have worked with our developer clients undertaking adaptive reuse of historic buildings to revive mill complexes and other historic buildings into multi-family housing, hotels, community centers and more. We have experience with new markets tax credits, low-income housing tax credits, renewable energy tax credits and twinning credits. Our team will assist from the term sheet stage to the exit and beyond helping to structure the deal, advise on tax matters, handle real estate issues, negotiate the financing, advise the client on projections and cash flow matters and navigate the partner investment.
The Tax Credit group draws on an interdisciplinary team of attorneys in tax, business and real estate to advise clients on the complex IRS regulations involved in creating and maintaining projects in Opportunity Zones in order to qualify for beneficial tax treatment. Our attorneys advise clients on the formation of qualified opportunity funds, structuring the acquisition and development of real estate projects, and compliance issues relating to maintaining compliance with IRS rules and regulations.
Our experience extends beyond tax credits to other subsidies, incentives, grants and low-interest loans to help our developer clients complete the capital stack. We have handled Property Assessed Clean Energy (PACE) financing, Tax Increment Financing, Workforce Housing financing and other municipal, state and quasi-governmental agency grants and subordinate loans.
Our team consists of attorneys practicing in the areas of tax credits, partnership tax, real estate, land use, corporate, nonprofit and finance to provide our clients with a comprehensive skill set for these complex transactions. We aim to be cost-efficient and expeditious in our closing efforts for deals that are often burdened with overly expensive professional fees and lengthy lead times for closing.
We understand the importance of these incentives, which may be key to a project’s ability to proceed – and are here to help close the deal.