Duke University School of Law, JD, 2013
University of Pennsylvania , BA, 2010, magna cum laude
Andrew Totman focuses his practice in the areas of business and tax law on a wide range of affordable housing and community development matters, with a primary focus on representing syndicators and investors in equity financing for low-income housing tax credit properties. Andrew has had significant experience combining housing tax credit equity with historic tax credits, state tax credits, energy credits, tax-exempt bonds, rental assistance and other public and private incentives. He has assisted clients on transactions with any number of different structures, including projects utilizing income averaging, mixed-income projects (including “80-20” developments), mixed-use projects, and projects combining 9% and 4% low income housing tax credits. Andrew helps clients structure and negotiate all aspects of tax credit transactions involving these multiple layers of financing and navigate the partnership taxation issues that they entail. In addition to representing national and regional syndicators and direct investors in investments in low-income housing tax credit properties nationwide, Andrew has also represented lenders, developers, sponsors and state tax credit intermediaries.
Before joining the firm Andrew was an associate in the business department at Cooley LLP focusing on venture capital and private equity financings, capital markets, mergers and acquisitions and corporate governance matters. At Duke Law, he was an editor for the Law & Contemporary Problems journal and received the James S. Bidlake Memorial Award in Legal Analysis, Research & Writing.
- Represents national and regional low-income housing tax credit syndicators and direct investors in investments in low-income housing tax credit properties nationwide, including transactions involving tax-exempt bonds, historic tax credits, state tax credits, investment tax credits, rental assistance, low-interest loans, grants and energy efficiency subsidies.
- Represents national, institutional investor in its syndicated proprietary fund investments for the acquisition of low-income housing tax credits in and in its construction, permanent and equity bridge lending to affordable housing projects.
- Represented multiple regional banking institutions across the country in their inaugural direct investments in low-income housing tax credit properties.
- Represented direct investor in low-income housing tax credit project for transitional housing for the homeless that leveraged federal and state low-income housing tax credits, federal historic tax credits, Federal Home Loan Bank funds and CDBG funds.
- Represented syndicator in “80-20” structured investment in tax-credit financed portion of mixed income housing development.
- Served as special tax credit counsel for local developer in mixed-use, mixed-income, tax-exempt bond financed project in Boston.
- Represented state tax credit intermediary lender in Massachusetts affordable housing projects awarded state historic tax credits and state low-income housing tax credits.
- Serves as outside general counsel to local community development financial institution engaged in securing and providing predevelopment and permanent financing to affordable housing and community development projects nationwide.
- Represented upper tier source lender and direct lender in new markets tax credit-financed joint venture development providing childcare and social services for homeless children in Boston.
- American Bar Association, Member
- Codman Square Neighborhood Development Corporation, Board Member, 2019-2022; Real Estate Committee Member, 2019-present
- “Anticipating Year 15 LIHTC Dispositions”, Massachusetts Association of Community Development Corporations (MACDC) Housing and Real Estate Peer Group – December 2020