Tax Credits

Federal and state tax credits play a key role in project finance today. Whether financing a historic hotel, portfolio of affordable housing developments, charter school, or wind farm, clients benefit from our attorneys' knowledge of the tax credit marketplace and their counsel on getting the most out of tax credit financing.

We are experienced with all the major governmental tax credit programs, including:

Federal Low Income Housing Tax Credit (LIHTC)

For more than 20 years, Ballard Spahr attorneys have had one of the most active and diverse Low Income Housing Tax Credit practices in the country. Our team has handled LIHTC-financed affordable housing projects in all 50 states, Puerto Rico, and the U.S. Virgin Islands.

We have represented affordable housing developers, syndicators, investors in LIHTCs, credit enhancers, public housing authorities, and housing credit agencies. We are leaders in the use of public-private partnerships to construct, purchase, and renovate public housing using LIHTCs. And our attorneys have handled LIHTC transactions encompassing a wide variety of deal structures, including those involving a combination of tax credits, grants in lieu of credits, tax-exempt bonds, and project-based vouchers.

Our representation is not limited to helping developers with initial tax credit financing. We also assist tax credit investors and bankers with syndication of tax credits and portfolio transactions. In the area of syndication of tax credits, our experience includes unguaranteed pools as well as guaranteed funds involving a variety of credit enhancement vehicles, such as financial guaranty insurance, corporate guaranties, and letters of credit. We also handle distressed asset transactions related to affordable housing, including partnership disputes and restructurings.