The Goulston & Storrs Tax Credit group is multi-disciplinary, drawing upon the wide reaching experience and depth of knowledge of attorneys in our tax, real estate, affordable housing and economic development and environmental practices. Our team specializes in mixed-finance transactions across the country, navigating the overlap of tax credit financing and the various additional funding sources that may be involved in a particular deal. We have particular expertise in the following programs:
- Low Income Housing Tax Credits (state and federal)
- New Markets Tax Credits
- Massachusetts Brownfields Credits
- Energy Credits
- Historic Tax Credits (state and federal)
Our attorneys work with for-profit and non-profit developers, public housing authorities, investors and syndicators in structuring and closing tax credit transactions from start to finish. We advise clients through the entire process, including applying for tax credit allocations, identifying investors, structuring deals with multiple sources of financing, negotiating partnership terms, negotiating the sale and syndication of credits, and observing ongoing compliance requirements.
Representative Projects and Transactions
- Represented one of the country's top syndicators in its lower tier investments in projects in multiple states. Also represented the syndicator in developing its predevelopment loan program and closed all of their predevelopment loans, whether or not we closed the ultimate syndication. Working on these transactions, we developed relationships and became very knowledgeable about the requirements of developers, lenders and state agencies across the country over the course of several years.
- Represented a non-profit developer using Low Income Housing Tax Credits and tax-exempt bonds to redevelop 58 apartment units in a former school building and to construct 35 new units in the former school gymnasium and auditorium. This phased project required the creation of a complicated condominium structure and ground lease and was also financed through multiple other state and local sources, as well as through SHARP financing.
- Represented a private “green” developer using Low Income Housing Tax Credits and federal and state Historic Credits to redevelop a vacant mill into a mixed-use condominium, including school, office, retail and senior rental housing components. The 86-unit mixed-income senior housing component of this project was also financed with a United States Department of Energy Grant and traditional loans.
- Assisted New Orleans Habitat Musicians' Village with tax credit financing of Ellis Marsalis Center for Music in Upper Ninth Ward of New Orleans.
- Represent financial institutions and insurance companies in their investments in Tax Credit projects across the country, including direct investments and multi-investor funds.
- Represented a national bank in the development of its financing program for Low Income Housing Tax Credit syndicators, drafted model loan documents for the program and continue to represent the bank in negotiating and closing loans to syndicators.
- Represent national syndicators and investors on an ongoing basis in their investment in mixed-finance developments and redevelopments throughout the country. These transactions have involved many additional sources of financing and have included multi-phased developments that required separate structuring, ownership entities and financing at each stage.
- Assisted Merrill Lynch in its equity investment in Community and Reinvestment Fund and leverage loan.
- Represented a developer using Low Income Housing Tax Credits, tax-exempt bonds and HUD HOPE IV funds to develop multiple mixed-income, rental and for-sale projects on sites that were ground leased from a public housing authority.
- Represented the developers of two different mixed-use projects, both of which are over one-million square feet in size. The development of the first project resulted in more than $1.8 million in Massachusetts Brownfields Tax Credits. The development of the second resulted in more than $800,000 of these credits.