Teri M. Guarnaccia

Public Finance, CCRC Financing and Workout, Health Care, Higher Education, Housing, P3/Infrastructure, Real Estate Development, Transactional Finance

Teri M. Guarnaccia is a partner in the Public Finance Department and a member of the CCRC Financing and Workout, Housing, Transactional Finance, Higher Education, Health Care, Real Estate Development, and P3/Infrastructure Groups. In addition to participating in real estate finance transactions, including representation of large institutional lenders, she focuses her practice on the public finance area, where she has acted as underwriter's counsel, borrower's counsel, and bond counsel in numerous tax-exempt and taxable bond financings. Ms. Guarnaccia has experience with a wide range of financing structures, including traditional fixed-rate, variable-rate, and multimodal structures involving various forms of credit enhancement and liquidity support.

Ms. Guarnaccia is a member of Ballard Spahr's Elected Board.

Representative Matters

• Serves as bond counsel to the State of Maryland
• Involved in more than 45 innovative public-private partnerships for student housing transactions nationwide, including more than 15 in the State of Maryland
• Involved in determination and recommendation of alternative municipal financing tools to fund the construction, expansion, or renovation of public facilities, specifically public schools, recreation centers, and historic park buildings throughout Baltimore City
• Involved in more than 20 Capital Fund Financing Program transactions throughout the country, serving as bond counsel, underwriter's counsel, and special HUD counsel to housing authorities
• Represented the New York City Housing Authority in the closing of the one of the largest public-private partnership tax credit bond deals in U.S. history, providing approximately $400 million in initial public and private funding for the modernization of more than 20,000 public housing units and an additional $65 million to $75 million each year in federal subsidies for ongoing operations
• Represented the Puerto Rico Public Housing Administration in connection with the nation's largest Low Income Housing Tax Credit acquisition/rehabilitation transaction, and the Commonwealth of Puerto Rico's first private activity housing bond issue involving more than $700 million in funds generated for the modernization of more than 4,000 units within 33 public housing developments

Pro Bono Experience

Ms. Guarnaccia served for many years as an income tax return preparer for the Maryland Volunteer Lawyers Service.

Professional Activities

American Bar Association
Member, Forum on Affordable Housing

Maryland State Bar Association
Member, Business Law Section Council, 2009-present

National Association of Bond Lawyers
Chair, NABL Securities Law and Disclosure Committee, 2009-2011 (Vice Chair, 2007-2009); Member, NABL Bond Attorneys' Workshop Steering Committee; Member, NABL Board Nominating Committee

Recognition & Accomplishments

Received the 2009 Leadership in Law award from The Daily Record (Maryland), in recognition of her dedication of time and energy for the betterment of the profession, and of her role in mentoring future professional and community leaders

Selected in 2011 and 2007 as one of Maryland's "Top 100 Women" by The Daily Record, identifying her as one of the area's leading women who have achieved professional success and are making an impact through their leadership, community service, and mentoring

Publications

Editor, Federal Securities Laws of Municipal Bonds Deskbook, 2nd edition 2006, 3rd edition 2007, and 4th edition 2009 (lead editor)

Co-author, "SEC Approves Amendments to Rule 15c2-12," Ballard Spahr Alert, June 29, 2010

Co-author, "EMMA Will Soon Receive Voluntary Disclosure Filings," Ballard Spahr Alert, June 16, 2009

Co-author, "EMMA Rules – Centralized Electronic Disclosure Comes to Municipal Market," Ballard Spahr Alert, December 10, 2008

Speaking Engagements

"Dodd-Frank Financial Reform and Its Impact on the Municipal Securities Industry," National Association of Bond Lawyers, Bond Attorneys' Workshop, October 12-14, 2011

"General Securities Law," Fundamentals of Bonds Law Seminar, Atlanta, April 13-15, 2011

"The Impact of Dodd-Frank on the Municipal Marketplace," National Association of Bond Lawyers, Tax and Securities Law Institute, Austin, Tex., March 2-4, 2011

"Affiliates, Instrumentalities, and Subsidiaries: Why Do We Have Them and How Do We Use Them?" and "Getting More Than What You Paid for: Managing Your Consultants and Contractors To Maximize the Benefits," National Association of Housing and Redevelopment Officials 2010 Conference and Exhibition, Reno, Nev., October 31-November 2, 2010

"Securities Year in Review — General Session," National Association of Bond Lawyers, Bond Attorneys Workshop, San Antonio, October 27-29, 2010

"The SEC is Watching: Avoiding Municipal Financing Landmines in a Tight Financial Market," Pennsylvania League of Cities and Municipalities, Annual Convention. Bethlehem, Pennsylvania, June 23-25, 2010

"Practical Due Diligence and the Due Diligence Checklist, and Underwriter's Counsel. Fundamentals of Bonds Law Seminar," Denver, May 5-7, 2010

"ARRA Disclosure," National Association of Bond Lawyers, Tax and Securities Law Institute, Palm Springs, California, February 18-19, 2010

"Hot Topics in Securities Law," National Association of Bond Lawyers, Bond Attorneys Workshop, Phoenix, October 28-30, 2009

"Practical Due Diligence and the Due Diligence Checklist; Underwriter’s Counsel; and What Every Issuer (and its Counsel) Ought to Know," National Association of Bond Lawyers, Fundamentals of Bonds Law Seminar, Memphis, April 15-17, 2009

"Continuing Disclosure Issues," National Association of Bond Lawyers, Tax and Securities Law Institute, Orlando, March 5-6, 2009

"Financing the Non-Profit Enterprise," Erickson School of Aging, Management and Policy at University of Maryland, Baltimore County, Executive Education Course, Baltimore, December 10-12, 2008

"Hot Topics in Securities Law," National Association of Bond Lawyers, Bond Attorneys Workshop, Chicago, September 17-19, 2008

"Business and Practice Development for Junior Bond Lawyers," National Association of Bond Lawyers, Associate Network First Teleconference, Washington, D.C., May 15, 2008

"Commercial and Real Estate Loan Documents: More Than Just Papers," Lorman Education Services, Baltimore, February 27, 2008

Community Activities

2006 participant in the Greater Baltimore Committee's Leadership program, which identifies and trains leaders in Greater Baltimore

Baltimore Symphony Orchestra – Symphony Rocks Event, 2003-2005

Volunteer, The Family Tree, 1998-2004

Board Memberships

The Baltimore Station, board member; past President (2009-2011)

The Baltimore Freedom Academy

Baltimore Community Lending

Cornell Law School (J.D. 1996)

Tulane University (B.A. 1993, cum laude)

Maryland