Tax credit programs such as Low-Income Housing Tax Credits, New Markets Tax Credits, Historic Rehabilitation Tax Credits, Renewable Energy Tax Credits, and various state tax credits provide crucial financing for affordable housing, historic rehabilitation and low-income community development projects. The financing under these tax credit programs typically involves multiple layers of debt and equity that present challenging business, tax and legal issues.

Polsinelli’s Tax Credit Finance practice has a comprehensive nationwide practice experienced in facilitating complex transactions utilizing these essential financing tools. Our attorneys’ extensive experience is enhanced by our commitment to understanding our clients’ business and providing high-quality legal services that are proactive - anticipating and addressing our clients’ business goals. Our business-oriented legal approach guides investors, community development entities, syndicators, lenders, and for-profit and non-profit developers and businesses in effectively using tax credit incentives to achieve their business goals.

Our professionals combine their multidisciplinary experience with state-of-the-art knowledge and innovative techniques to structure, document and close these multifaceted transactions in a timely and cost-efficient manner, and to assist our clients in handling any post-closing asset management and exit issues and strategies. Our specialized experience includes:
  • Combining federal and state tax credits
  • Twinned Historic and New Markets Tax Credit investments
  • Leveraged loans
  • Mixed use projects utilizing condominium ownership
  • Multiple CDE New Markets Tax Credit financing structures
  • Master lease structures
  • Twinned Historic and Low-Income Housing Tax Credit investments
  • HUD financing
  • Federal Home Loan Bank, HOME and CDBG grants and loans
  • Leveraging tax increment financing (TIF) proceeds
  • Property tax abatement or exemption
  • Compliance issues
  • Restructuring of equity and debt
  • Peoples National Bank, N.A. – Regular representation of lender in financing transactions involving new markets tax credits, low income housing tax credits and historic tax credits, including the rehabilitation of a building to house a school in St. Louis, Missouri.
  • Midland States Bank - Represented lender in a new markets tax credit transaction involving tax increment financing for an initial phase of a commercial development.
  • St. Louis Equity Fund - Represented investor in low income housing tax credit transaction in St. Louis, Missouri.
  • Bank of Old Monroe - Represented client as investor and lender in various low income housing tax credit transactions.
  • Lisart Capital – Represented client as investor in an historic tax credit transaction for the redevelopment of student housing for a university in St. Louis, Missouri.
  • Scottrade Bank - Represent client as lender in multiple real estate loans for the development of restaurants in the St. Louis, Missouri area.
  • The PrivateBank and Trust Company - Represented client as lender in the refinancing of a new markets tax credit and historic tax credit transaction.
  • Ashford – Polsinelli served as counsel to a borrower in a HUD financing transaction involving 4% low-income housing tax credits. Polsinelli assisted the client with obtaining financing for acquiring property and construction of a multi-family affordable apartment development consisting of 101 residential units located in Shawnee, Oklahoma.
  • Southmont - Polsinelli served as counsel to a borrower in a HUD financing transaction involving 4% low-income housing tax credits. Polsinelli is assisting the client with obtaining financing for acquiring property and construction of a multi-family affordable apartment development consisting of 88 residential units located in Fayetteville, Arkansas.
  • Served as counsel to a developer in a complex and highly structured “twin” transaction involving federal New Markets Tax Credits and federal rehabilitation tax credits, as well as state historic tax credits.
  • Advised a third-party lender in a New Markets Tax Credit transaction where the lender acted as both a “leverage” lender and a mortgage lender in a transaction involving multiple loans and borrowers.
  • Represented the affordable housing division of a large national banking association in connection with the disposition of interests in over 130 LIHTC projects located in 22 states resulting in net sales proceeds to the client in excess of $150 million for the period.
  • Represent the affordable housing division of a large national bank in connection with the redemption of fund limited partner interests from large national institutional investors.
  • Represented national tax credit syndicator in connection with acquisition and subsequent sale of an interest in a GO Zone credit project in Louisiana.
  • Represented nonprofit developer in connection with a $13 million renovation of a scatter site LIHTC development located in the urban core of Kansas City, Mo. The development won several national awards for energy efficiency and neighborhood economic impact.
  • Served as counsel to an independent community development entity in 12 new projects totaling more than $100 million in Native American communities using new market tax credit financing.
  • Served as developer's counsel in the closing of an $11 million, 78-unit senior housing project using low income housing tax credit financing.
  • Served as counsel in the closing of an $11 million affordable family development in central Kansas City using low income housing tax credit financing.
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