Low-Income Housing Tax Credits

  • With a long history of service to the affordable housing industry, Holland & Knight has extensive experience in low-income housing tax credits (LIHTC).
  • Since the inception of the low-income housing tax credits in 1975, we have continuously represented syndicators, developers, broker-dealers and equity investors in structuring, negotiating and documenting tax-advantaged equity investments in all types of real estate throughout the United States.
  • In each of the last several years, we have closed more than 150 separate low-income housing tax credit transactions and have dealt with virtually all of the tax and business problems that can arise in structuring these transactions.

Holland & Knight's attorneys have been leaders in the low-income housing tax credit industry since the creation of the low-income housing tax credit by the Tax Reform Act of 1986. We represent upper-tier equity investors, syndicators, direct investors, for-profit and nonprofit developers and state housing agencies with respect to transactions involving the low-income housing tax credit.

Since the inception of the low-income housing tax credit, our team has been involved in thousands of separate tax credit investments in low-income housing tax credit projects involving billions of dollars in equity investments. As a result of this vast experience, we have developed extensive knowledge about the low-income housing tax credit, and the tax and business problems that can arise in structuring tax-advantaged transactions.

We handle all aspects of low-income housing tax credit transactions. On the equity financing side, our representation involves: analyzing and recommending the best structure for the investment fund; preparing the organizational documents for the limited partnership, joint venture or limited liability company owner; preparing the private placement memorandum or prospectus, selling agreements, subscription documents and related offering documents; and rendering tax advice as well as issuing tax opinions.

On the acquisition side, we provide comprehensive advice to investment funds, syndicators and direct corporate investors on all deal structure, business, tax and real estate aspects of the transaction, as well as advise clients with respect to ongoing asset management and workout issues. Our attorneys also represent developers in all real estate and financing aspects of tax credit project development, as well as ongoing operational and compliance matters.

Members of Holland & Knight's Tax Credit Transactions Practice have also been involved extensively with mixed-finance transactions, including HOPE VI, since the inception of the program, representing and/or providing consulting services to equity investors, developers, housing authorities, lenders, bond issuers and underwriters and other parties. Mixed-finance transactions combine grants from the U.S. Department of Housing and Urban Development with debt and equity from the private sector to create a true public/private partnership, working to renovate and rebuild our nation's aging public housing stock. We also have significant experience with Public Housing Authorities (PHAs), developers, equity investors and other participants in other types of mixed-finance projects such as those under the U.S. Department of Housing and Urban Development (HUD)'s Section 202 and 811 Programs.

Our attorneys have assisted in acquisition, development and redevelopment, and advise both nonprofit and for-profit organizations in structuring successful mixed-finance and mixed-income projects – maneuvering through HUD, the IRS and other regulations to find the best combination of funds.

Holland & Knight attorneys are actively involved in all major industry groups. We are members of, and serve on the board of directors of, The Affordable Housing Tax Credit Coalition, the ABA Forum on Housing and Community Development, the National Council of State Housing Finance Agencies, the National Housing & Rehabilitation Association and the Housing Advisory Group.