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Tax Credit Financing

Armstrong Teasdale LLP routinely represents developers, lenders and substantial tax credit equity investors. The firm has been representing parties in tax credit enhanced real estate transactions since the early 1990’s, with a number of attorneys focusing in this area. The firm’s experience includes working with federal and state low-income housing tax credits, federal and state historic rehabilitation tax credits, New Markets Tax Credits, and Affordable Housing Assistance Program tax credits, as well as a variety of miscellaneous investment tax credits, including significant experience with transferable state tax credits.

Our attorneys are up-to-date on current trends in the structuring and documentation of tax credit transactions, including the evolving use of the master lease structure for historic rehabilitation projects, and the combination of historic rehabilitation tax credits with New Markets Tax Credits, low-income housing tax credits and other federal and state incentives. In connection with this representation, our attorneys have drafted, reviewed and negotiated partnership and operating agreements for ownership entities; tax and general real estate opinions; loan documents; development agreements; and guaranty agreements, including construction completion, operating deficit, and tax credit benefit guaranties customarily associated with transactions of this type. In 2009 and 2010, we closed tax credit financing transactions in excess of $150 million. The firm has worked with many of the primary participants in the national and local tax credit markets.

We have represented clients in connection with substantially all of the available Missouri state tax credit programs, including Neighborhood Preservation Act, Brownfield remediation, Missouri Development Finance Board and Community Bank tax credits. In addition, we have substantial experience with state tax credit programs in Illinois and Kansas.

Most of our tax credit transactions involve other forms of public financing, and our attorneys have extensive experience with the Department of Housing and Urban Development (including HUD’s risk-share loan program), state housing agencies, Community Development Block Grants, HOME funds (including set-asides for community housing development organizations), local tax abatement, and tax increment and other types of public financing. In addition, many of the transactions in which we are involved include nonprofit partners. Our tax credit attorneys work closely with the firm’s Public Law and Finance group, so that clients can take advantage of that group’s broad experience.

Attorneys in this practice area are often involved in all aspects of the real estate side of these transactions, including reviewing and negotiating property acquisitions, title work, surveys, environmental reports, zoning and regulatory compliance, building permits, utility letters, subdivision indentures, insurance requirements, management agreements, etc. We make it our priority to understand the economics of the underlying real estate deal, so that we are able to spot issues and protect our clients’ interests as effectively as possible.

As a full-service law firm with more than 225 attorneys, Armstrong Teasdale LLP offers a broad range of services complementary to tax credit transactions. In addition to the firm’s Public Law and Finance group, we have substantial practice groups in the areas of bankruptcy, construction law, environmental law, tax, and litigation.

Representative Projects

  • The Laurel hotel, retail and residential development
  • Park Pacific mixed-use complex
  • Posty Cards facility
  • Beaux Arts Visual and Performing Arts School
  • Kiel Opera House renovation
  • One City Centre/600 Washington Office Building
  • Railway Exchange Building
  • Cortex Biotech District
  • St. Louis Cardinals stadium
  • Old Post Office
  • 1227 Washington redevelopment