New Markets Tax Credits

New Markets Tax Credits (NMTCs) are an attractive vehicle for revitalizing urban and rural communities seeking economic development and reinvestment opportunities. NMTCs facilitate partnerships among developers, lenders and equity sponsors, making investing in low-income communities and other qualifying areas economically feasible.

Regulations governing the NMTC program, which is administered by the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI) and the Internal Revenue Service (IRS), can lay traps for the unwary. McGuireWoods’ new markets tax credit practice is experienced in guiding clients through the NMTC process, on a federal and where applicable state level.

Drawing on significant depth of experience from our federal tax, corporate, real estate, debt finance and public finance practices and our broad geographic reach, we represent community development entities (CDEs), investors, lenders, developers and qualified active low-income businesses in the NMTC space. In a variety of NMTC transactions, we have provided the necessary federal and state tax and corporate opinions to CDEs, investors and lenders as to the qualified nature of the investments (the QLICIs) in the QALICBs and the qualified nature of the QALICB. We have helped CDEs with obtaining allocations of NMTCs; represented QALICBs in both state and federal new markets transactions, served as counsel to leverage lenders, assisted developers with obtaining private letter rulings from the IRS; aided in the creation and financing of CDEs, delivered the requisite legal opinions and provided advice on a variety of projects qualified for NMTCs.

We provide tax advice relating to all aspects of NMTC projects, including those related to bond financing, partnership structuring, and qualification requirements.

CONTACTS

Douglas E. Lamb Partner T: +1 804 775 1107
Naho Kobayashi Partner T: +1 704 343 2334
Results 1-12 of 12
Representative Matter

Bond issuer

Representing a bond issuer on the use of NMTCs for a commercial and retail urban core development owned by an affiliate of the issuer, and the resulting structure allowed the bond issuer to combine NMTC and tax-exempt bonds to finance the project.
Representative Matter

Bond underwriter

Representing a bond underwriter in the sale of recovery-zone facility bonds in a mixed-use redevelopment project using NMTCs. Our role included elucidating for bond investors the effect of the NMTCs on their bond investment.
Representative Matter

Charitable entity

Counseling a charitable entity on the use of NMTCs and tax-exempt bonds for the development of several new facilities. As a result, the entity was able to determine the optimal financial structure.
Representative Matter

Developer

Representing a developer in a ruling request that resulted in the first favorable ruling by the IRS that three buildings may be treated as a single building for purposes of determining whether the building (and its structural components) qualifies for the NMTC. The developer needed to have the three buildings treated as a single building to qualify the project for the NMTC.
Representative Matter

Governmental leverage lenders

Representing governmental leverage lenders using municipal bond proceeds to provide additional capital for the development and construction of non-profit museum and library projects.
Representative Matter

Lender

Representing a lender in its qualified school construction bond loan to a charter school expansion project using NMTCs. Our role included helping the lender understand the effect of the NMTC structure on the borrower’s credit.
Representative Matter

Municipality

Representing a municipality as a leveraged loan structure lender. The loan structure was used to finance mixed-use affordable housing deals, thus improving the citizens’ quality of life.
Representative Matter

Municipality

Representing a municipality as bond counsel in connection with a loan to a nonprofit. By counseling our client to use taxable bond proceeds to create a leveraged loan structure, the municipality was able to assist in the redevelopment of a blighted area.
Representative Matter

Power provider

Advising a power provider on its use of NMTCs and other federal subsidies for construction of a new power plant, and explaining the differences between federal tax subsidies and their impact on the structuring of financing for the project.
Representative Matter

Solid waste company

Advising a solid waste company on the use of NMTCs for expansions at several landfills.
Representative Matter

Various lenders

Representing various lenders in sourcing leverage loans.
Representative Matter

Various nonprofit QALICBs

Representing various nonprofit QALICBs on the acquisition, development and construction of new headquarters and mission-related facilities throughout the United States in leveraged transactions using federal and state new markets tax credits.
Results 1-12 of 12
Douglas W Charnas Douglas W. Charnas
Partner
2001 K Street N.W.
Suite 400
Washington, DC 20006-1040

T: +1 202 857 1757
F: +1 202 828 2980
vCard
Michael W Graff Jr. Michael W. Graff Jr.
Partner
1750 Tysons Boulevard
Suite 1800
Tysons, VA 22102-4215

T: +1 703 712 5110
F: +1 703 712 5191
vCard
Hilary P Jordan Hilary P. Jordan
Counsel
Promenade
1230 Peachtree Street, N.E.
Suite 2100
Atlanta, GA 30309-3534

T: +1 404 443 5729
F: +1 404 443 5690
vCard
Robert A Kaplan Robert A. Kaplan
Senior Counsel
2001 K Street N.W.
Suite 400
Washington, DC 20006-1040

T: +1 202 857 1736
F: +1 202 828 3312
vCard
Naho Kobayashi Naho Kobayashi
Partner
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2334
F: +1 704 353 6148
vCard
Douglas E Lamb Douglas E. Lamb
Partner
Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916

T: +1 804 775 1107
F: +1 804 698 2272
vCard
Robert G McElroy Robert G. McElroy
Partner
77 West Wacker Drive
Suite 4100
Chicago, IL 60601-1818

Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916

T: +1 312 849 3692
F: +1 804 698 2112
vCard

T:+1 804 775 1067
F: +1 804 698 2112

Emery B McRill Emery B. McRill
Partner
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4422
F: +1 410 659 4520
vCard
Charles L Menges Charles L. Menges
Partner
Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916

T: +1 804 775 4331
F: +1 804 698 2119
vCard
E. Kristen Moye E. Kristen Moye
Partner
1750 Tysons Boulevard
Suite 1800
Tysons, VA 22102-4215

T: +1 703 712 5423
F: +1 703 712 5238
vCard
Clinton W Randolph Clinton W. Randolph
Associate
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4423
F: +1 410 659 4559
vCard
David L Richardson David L. Richardson
Partner
Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916

T: +1 804 775 1030
F: +1 804 698 2148
vCard
John J Semeniak John J. Semeniak
Partner
1345 Avenue of the Americas
7th Floor
New York, NY 10105-0106

T: +1 212 548 7002
F: +1 212 715 2317
vCard
Jennifer J Stearman Jennifer J. Stearman
Partner
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4408
F: +1 410 659 4479
vCard
Alan T L Sun Alan T. L. Sun
Counsel
7 Saint Paul Street
Suite 1000
Baltimore, MD 21202-1671

T: +1 410 659 4464
F: +1 410 659 4529
vCard
Christopher Thanner Christopher J. Thanner
Partner
Bank of America Tower
50 North Laura Street
Suite 3300
Jacksonville, FL 32202-3661

T: +1 904 798 2686
F: +1 904 360 6313
vCard
Mark D Williamson Mark D. Williamson
Partner
World Trade Center
101 West Main Street
Suite 9000
Norfolk, VA 23510-1655

T: +1 757 640 3713
F: +1 757 640 3973
vCard
J. Michael Wilson J. Michael Wilson
Partner
201 North Tryon Street
Suite 3000
Charlotte, NC 28202-2146

T: +1 704 343 2064
F: +1 704 343 2300
vCard
Emily Winbigler Emily J. S. Winbigler
Associate
Gateway Plaza
800 East Canal Street
Richmond, VA 23219-3916

T: +1 804 775 1035
F: +1 804 698 2311
vCard
Christina Joubran Zarou Christina Joubran Zarou
Counsel
Bank of America Tower
50 North Laura Street
Suite 3300
Jacksonville, FL 32202-3661

T: +1 904 798 2670
F: +1 904 798 3269
vCard
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