Foster Pepper has substantial experience with low-income housing tax credits, representing lenders, investors, borrowers, developers, and bond issuers. At least eight of our lawyers have worked on low-income housing tax credit financing on behalf of tax-credit partnerships, lenders, and nonprofit and governmental entities.
We represented the Capitol Hill Housing Improvement Program, an instrumentality of The City of Seattle, in a tax-credit transaction that was one of the first (if not the first) financing in which a local government was the general partner in a for-profit tax credit partnership. We have seen tax credit transactions from all sides, and this experience significantly helps our work for our housing clients.
We have participated in dozens of tax credit projects sponsored by housing authorities or public development authorities and financed in part with tax-exempt bonds (i.e., "4% credit" projects), and are familiar with major purchasers of tax credits. We have also participated in many tax credit projects financed with taxable bonds or conventional financing (i.e., "9% credit" projects), including more than a dozen tax credit projects in Oregon and California, many of which involved the issuance of taxable bonds by their housing authority sponsors.
Deborah S. Winter
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