Hirschler’s multidisciplinary tax credit team represents clients in connection with a wide variety of state and federal tax credit transactions, including:
- Historic Rehabilitation Tax Credits
- Low-Income Housing Tax Credits
- New Market Tax Credits
- Conservation/Land Preservation Tax Credits
Hirschler attorneys counsel investment entities (including investors, developers and landowners) in structuring partnerships, private investment funds (including opportunity funds) and private development entities interested in developing and investing in these credit projects. We have advised lenders to projects generating such credits, and also counsel brokers selling such credits. Comprised of tax, business, corporate and real estate attorneys, the multispecialty team is able to provide counsel for all phases of a tax credit project including acquisition, entitlements and zoning, financing, syndication, leasing, refinancing and sale.
The tax credit team also assists in the structuring of wetlands and stream mitigation banks, negotiating with the U.S. Army Corps of Engineers, the Virginia Department of Environmental Quality, and other involved agencies.
Among the tax credit team’s key differentiators:
- Deep tax, corporate, finance and real estate knowledge and experience specific to tax credit transactions.
- An informed, 360-degree perspective of tax credit transactions, from developer to seller, and investor to financing sources.
- Expansive network of regional contacts in the finance, investment and real estate industries.
- Close relationships with state regulators of various credit and government loan programs, ensuring prompt advice when regulatory issues arise.
- Seamless and vertically-integrated legal services for successful planning, negotiation and closing of projects.
- Represented a client who converted a vacant dairy building into affordable housing apartments combining VHDA tax exempt bonds, low income housing tax credits and state historic tax credits.
- Active in the historic rehabilitation of the several block area near downtown Richmond known as "Tobacco Row," a former warehouse district. This mixed use project developed by a national developer combined tax-free bond financing with the syndication of historic rehabilitation tax credits.
- Represented a developer-consultant working with non-profit corporations to complete the historic adaptations of existing properties financed through the syndication of state historic tax credits.
- Represented several developers actively engaged in the acquisition and rehabilitation of multi-family properties financed through the syndication of low income housing tax credits.
- Represented numerous developers refinancing current debt financing on projects structured for historic and/or new market tax credit investments, including successful refinances into HUD, FHA and CMBS loans requiring particular expertise and experience to successfully structure and satisfy requirements for both tax credit investments and HUD, FHA and CMBS loans.
- Represented several investors in multiple larger and smaller federal and state historic tax credit project investments requiring particular experience to successfully structure such investments to comply with construction and permanent financing requirements as well as applicable partnership and credit syndication guidance and authorities.
- Represented a developer in the acquisition and re-development of a midtown office building into a mixed use retail, office and apartment building financed through a combination of typical construction financing, historic tax credits and new market tax credits.
- Represented another developer in the acquisition and re-development of a 1950’s era downtown office tower into a ground floor restaurant, two hotels, and a rooftop bar/restaurant through a combination of bank construction financing, historic tax credits and new market tax credits.
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