Teri M. Guarnaccia


Tel 410.528.5526
Fax 410.528.5650

Teri M. Guarnaccia is known for her work on real estate finance transactions, including representation of large institutional lenders. She 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 Co-Practice Leader of the firm's Public Finance Group. 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.

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
  • 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 30 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

For many years, Teri provided pro bono legal service 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; past member, Business Law Section Council, 2009-2011

National Association of Bond Lawyers: President 2020-present; 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

Eastern Association of College and University Business Officers: Member Board of Directors, 2019-present

Johns Hopkins Carey School of Business Masters in Real Estate Program, adjunct faculty member, 2011-2013

American College of Bond Counsel, Fellow

Recognition & Accomplishments

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


Co-author, "SEC Settles Charges Against Municipal Underwriter for Unfair Practices and Misleading Advertising in Connection With its Distribution of New Issue Securities," Ballard Spahr alert, January 14, 2021

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

Co-author, "SEC Issues FAQs, MSRB Proposes Conduct Rule for Municipal Advisors," Ballard Spahr alert, January 15, 2014

Co-author, "Municipal Market Regulatory Update," October 22, 2013

Co-author, "Bank Loan or Municipal Security (or Both?) A Reminder from the MSRB," Ballard Spahr alert, October 4, 2011

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

"Municipal Market Disclosure Trends for Higher Education Institutions," Eastern Association of College and University Business Officers (EACUBO) 2018 Workshop, Arlington, Virginia, March 28-30, 2018

"Current Regulatory Developments: Issue Price Rules & Material Events," Bond Buyer Mid-Atlantic Municipal Market Conference, Philadelphia, October 24, 2017

"Issuer's Counsel Hot Topics (Securities),"  Bond Attorneys Workshop, Chicago, October 4-6, 2017 

"Recent Developments – Securities Law Update." Maryland GFOA Debt Affinity Meeting, Baltimore, December 1, 2016

"Getting in the Game! Universities Making Deals: P3 Public/Private Partnerships," Bisnow BASH16 Annual Student Housing Conference, June 14, 2016

"Current Disclosure Issues in Primary Offerings," Tax and Securities Law Institute, Washington, D.C., March 10-11, 2016

"The Conflicted Bond Lawyer:  Conflict Analysis Considerations in the Post-Dodd-Frank/MCDC World National Association of Bond Lawyers Teleconference," Washington, D.C.,  December 8, 2015

"Recent Developments in Tax And Securities Laws," Maryland GFOA Fall Conference, Baltimore, October 23, 2015

"Current Disclosure Issues in Primary Offerings," Tax and Securities Law Institute, New Orleans, March 5-6, 2015

"Municipalities Continuing Disclosure Cooperation (MCDC) Initiative  - Self-Reporting;"  Maryland GFOA Debt Affinity Meeting, Baltimore, November 5, 2014

"MCDC III - Issuer's Deadline: Considerations and Ramifications of Self-Reporting Agenda; National Association of Bond Lawyers Teleconference," Washington, D.C., October 16, 2014

"Super Session: The Municipal Advisor Rule: At Work and in Play,”  Bond Attorneys Workshop, Chicago, September 17-19, 2014

"SEC Disclosure Obligations and Enforcement," International Municipal Lawyers Association 2014 Annual Conference, Baltimore, September 13, 2014

"MCDC Self-Reporting: Proving Materiality under Federal Securities Law," Ballard Spahr webinar, August 7, 2014

Higher Education Real Estate Summit, Bisnow, Baltimore, February 22, 2013

"Disclosure Lessons from Jefferson County," National Association of Bond Lawyers, Bond Attorneys Workshop, October 24-26, 2012

"Building the Capital Stack," Pennsylvania Bar Institute, Philadelphia, April 23, 2012

"Current Disclosures in Primary Offerings," National Association of Bond Lawyers, Tax and Securities Law Institute, Savannah, Ga., March 8-9, 2012

"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

Community Activities

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

Board Memberships 

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)

Cornell Law School (J.D. 1996)

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