Teri Guarnaccia

Teri M. Guarnaccia


Teri M. Guarnaccia has a particular focus 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. Teri is the Practice Co-Leader of the firm's Public Finance Group, Co-Leader of the firm's Municipal Securities Regulation and Enforcement Team, and is a Past-President of the National Association of Bond Lawyers.

Teri 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, and is also known for her work on real estate finance transactions, including representation of large institutional lenders.


Representative Matters

  • Represented the Fresno Housing Authority in a number of affordable housing transactions involving a variety of funding sources, including Low-Income Housing Tax Credits, the Rental Assistance Demonstration program, public housing and Section 8 funding sources, tax-exempt bonds, various housing program funds, and conventional financing
  • Serves as bond counsel to the State of Maryland
  • Involved in more than 60 innovative public-private partnerships for student housing transactions nationwide, including more than 20 in the State of Maryland

Professional Highlights

Pro Bono Experience

For many years, Teri provided pro bono legal service as an income tax return preparer for the Maryland Volunteer Lawyers Service.

Professional Activities

American College of Bond Counsel, Fellow

National Association of Bond Lawyers: President 2020-2021; President-Elect 2019-2020; Treasurer 2017-2018; Secretary, 2017-2018; Board of Directors, 2014-present; Chair, NABL Securities Law and Disclosure Committee, 2009-2011 (Vice Chair, 2007-2009); Member, NABL Bond Attorneys' Workshop Steering Committee, 2012-2014; Past member, NABL Board Nominating Committee

American Bar Association, member, Forum on Affordable Housing

Recognition & Accomplishments

The Best Lawyers in America, Public Finance Law, Securities/Capital Markets Law, 2023 and 2024

Selected in 2013, 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

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

Speaking Engagements

"Advocacy/Washington Update," National Association of Health and Educational Facilities Finance Authorities. Virtual Conference. October 28-29, 2020

“Diversity & Implicit Bias (101): An Introduction to Implicit Bias, Its Effects on the Practice of Law, Including Costs and Solutions for Taking Control,” NABL U Presents The Workshop, Chicago, Illinois, September 11-13, 2019

"General Securities Law Session and Practical Due Diligence and Drafting the Disclosure Document Session," NABL U Presents The Essentials, Chicago, Illinois, April 24-26, 2019

Board Memberships & Community Service

The Eastern Association of College and University Business Officers, board member (2019-present)

The Baltimore Station (transitional housing program for men), board member (2004-2013) and President (2009-2011)

The Baltimore Freedom Academy (Baltimore City charter school), member (2005-2013)

Past, Baltimore Community Lending (community development financial institution), Treasurer (2015-2016) and Chair (2016-2020)

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


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



Cornell Law School (J.D. 1996)

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