Low-Income Housing Tax Credit

At Nolan Sheehan Patten, we handle all aspects of Low-Income Housing Tax Credit (“LIHTC”) transactions from investment fund formation to closing project investments. We have extensive experience both with the federal LIHTC and the Massachusetts LIHTC and regularly represent the Massachusetts Department of Housing and Community Development with respect to the implementation of both programs. Our attorneys were also involved in the drafting of the regulations implementing the Massachusetts LIHTC and were also actively involved in the implementation of the American Recovery and Reinvestment Act Tax Credit Assistance Program and the Section 1602 Credit Exchange program, which provided relief for the LIHTC industry.

We are experienced in the many tax issues that arise in LIHTC syndications, and we developed some of the early structures for maximizing the value of state LIHTC using non-profit entities as recipients and sellers of the credit. We also frequently represent both for-profit and non-profit developers using LIHTC to develop affordable housing. Our experience representing investors, lenders and developers offers us the unique perspective of understanding each participant’s goals and concerns and allows us to provide a full spectrum of advice to our clients.

In particular, Nolan Sheehan Patten helps clients with:

  • Formation of blind pool and proprietary funds, both for direct investors and for syndicators.
  • Preparation of fund subscription documents and offering materials.
  • Transaction structuring (including advice on business, tax and real estate aspects of the transaction and structuring deals with multiple sources of financing).
  • Preparation of legal opinions, including tax opinions.
  • Negotiating partnership and operating agreements and related transaction documents.
  • Preparation of organizational documents.
  • Advice with respect to ongoing asset management, operational and compliance matters and workout issues.
  • Advice in connection with “Year 15” exits and related matters.

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