Community revitalization involves more than just building affordable housing – commercial spaces, community facilities, and rehabilitating our historic buildings are a key piece of the puzzle. Our clients are actively utilizing New Markets Tax Credits (NMTCs), State and Federal Historic Tax Credits (HTCs), and Energy Tax Credits – often in combination with each other and with other tax credit incentives – in their development projects. Klein Hornig lawyers represent developers, tax credit investors, leverage lenders, qualified active low-income community businesses (QALICBs), and community development entities (CDEs) in structuring and closing transactions utilizing these tools combined with conventional (and unconventional) mortgage financing.
Our past NMTC projects have included charter schools, health centers, adult education facilities, community centers, commercial and retail space, a performing arts center, a science center for a small college, and more. Our past HTC projects have included the rehabilitation of historic theatres, hotels, brownstones, and mill buildings. In addition to complex tax structuring, these projects often involve challenging real estate issues, including multiple layers of leases, air rights and condominiums. While we always aim for the simplest possible tax and real estate structure that meets the project’s needs, Klein Hornig’s extensive experience is critical in designing – and implementing – the complex structures needed to develop these important projects.