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TAX CREDIT FINANCE & SYNDICATION

We partner with our clients to structure their present and future tax credit transactions. From housing and new markets to historic preservation and renewable energy, no firm has a deeper bench of well-connected industry experts.

Our approach

The U.S. government has supported qualifying projects with billions of dollars in tax credits and grants since the programs’ inception. Tax credits make many community development ventures financially feasible—yet more complex. With experience in thousands of these deals, we know what will work and can help you shape unique projects that will work financially and offer the added benefit of positive social impact.

The key programs we use to help our clients:

Low-Income Housing Tax Credit (LIHTC)

Created more than 2.4 million units of affordable housing since 1986 and generates about 120,000 more each year.

We helped shape the legislation that created the LIHTC and have contributed to every major federal housing program since 1970, making our team LIHTC’s unparalleled problem solvers.

New Markets Tax Credit (NMTC)

Supports projects that often revitalize underserved urban and rural neighborhoods. We help clients close hundreds of NMTC transactions to build charter schools, hotels, commercial and mixed-use developments.

Federal Historic Tax Credit (HTC)

Critical driver of downtown real estate investment and community revitalization. Old buildings have a singular role in “placemaking” our neighborhoods as vibrant and desirable places to live. We help our clients bring new life to theaters, former factories and old gems like armories and department stores.

Energy Tax Credits

Traditionally utilized primarily for solar and fuel cell transactions, have recently been instrumental in the financing of wind and biomass facilities too. We assist our clients in all aspects of the development and financing of energy installations of all sizes, including from residential rooftop solar facilities to utility-scale, ground-mounted solar facilities for the military; from single wind turbines to large wind farms.

Production Tax Credit (PTC)

Less frequently used over the past few years, PTC helps clients benefit from certain high-performing wind, biofuels, biomass and other cutting-edge energy technologies.

Who we work with

  • Institutional investor clients including banks and other financial institutions, as well as insurance companies, direct investors and others seeking social investment opportunities. These clients depend on us not only to structure and give tax advice on a deal, but also to provide asset management, compliance and legislative assistance.
  • Lenders, including nonprofit and for-profit CDEs and CDFIs.
  • Fortune 100 corporations participating in direct and secondary investments generating tax credits rely on us to partner with their tax, legal and financial departments to negotiate and structure tax credit projects.
  • Nonprofit organizations, cities and states seeking to amplify community revitalization initiatives through tax credits. We assist these clients in every phase of the process.
  • For-profit developers and energy companies hoping to leverage their investments with tax credits.
  • Underwriters and secondary market participants needing technical and structuring advice.

IPED Conferences and Seminars

Please also visit the Institute for Professional and Executive Development (IPED) for more conference and seminar offerings.

Representative Experience

  • Represented the investor in a series of NMTC eligible transactions financing facilities for health care, homeless services, start-up food businesses and mixed use development in several states
    Represented the investor in a series of NMTC eligible transactions financing facilities for health care, homeless services, start-up food businesses and mixed use development in several states

Media Clips

  • Shining Lights: Five Illustrious Industry Leaders Are the 2014 Inductees to the Affordable Housing Hall of Fame
    Affordable Housing Finance | October 1, 2014
    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is prominently featured among this year’s Affordable Housing Hall of Fame honorees.
  • IRS Responds to President's Call for More REIT Investment in Energy
    Novogradac Journal of Tax Credits | June 1, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing the IRS’ response to President Obama’s call for increased real estate investment trusts (REITs) in energy.
  • Revamped Historic Building Credit a Boon to Savvy Hoteliers
    Law360 | April 11, 2014
    Washington, DC, Tax Credit Finance & Syndication partner David Schon discusses the use of the historic rehabilitation tax credit in the hotel industry.
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  • Industry Welcomes Guidance, Expects Renewed Equity Flow
    Tax Credit Advisor | February 1, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder discusses the impact of the IRS’ recent “safe harbor” guidance on the historic tax credit industry.
  • LIHTC 2014 Outlook
    Tax Credit Advisor | February 1, 2014
    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses the outlook for low income housing tax credits in the coming year.
  • IRS Issues Historic Tax Credit Guidance
    Affordable Housing Finance | January 28, 2014
    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column on the much-anticipated release of IRS Guidance on Historic Boardwalk Hall.
  • Little Work at Theater
    Detroit News | November 18, 2013
    Washington, DC, Tax Credit Finance & Syndication partner David Schon discusses the historic National Theatre in Detroit and potential rehabilitation efforts to restore the property.
  • Is It Time To Fix the Solar ITC?
    Renewable Energy World | September 25, 2013
    Boston Tax Credit Finance & Syndication partner Jim Duffy discusses a potential change to the language of the solar investment tax credit (ITC) which could help pave the way for future solar energy projects.
  • Strategies for Renovation: Notes from Novogradac Historic Tax Credit Conference
    Model D | September 24, 2013
    Washington, DC, Tax Credit Finance & Syndication partner David Schon is prominently featured in this article recapping Novogradac Historic Tax Credit Conference in Detroit focused on strategies for rehabilitation projects.
  • Law Firms See Sunny Outlook in Solar Biz
    Boston Business Journal | August 16, 2013

    Boston Tax Credit Finance & Syndication partner Jim Duffy is quoted in this feature article on the impact increased solar project interest is having on law firms.

  • Building Out
    National Law Journal | July 29, 2013

    This news brief highlights Greg Doran’s new role as leader of the firm’s Tax Credit Finance & Syndication practice, as well as the work our attorneys are doing in this space.

  • Meet Jeffrey Lesk, Managing Partner at Nixon Peabody Washington, DC Office
    Notice and Comment: A Blog by the Section of Administrative Law and Regulatory Practice | July 2, 2013

    Washington, DC, office managing partner and leader of the firm’s Tax Credit Finance & Syndication practice Jeff Lesk is the subject of this profile. Jeff discusses a range of topics, including experiences with administrative and regulatory law.

  • People on the Move
    Boston Business Journal | May 2, 2013

    This coverage highlights Boston Tax Credit Finance & Syndication partners John Cornell and Forrest Milder as recipients of the 2013 Paul E. Tsongas Award presented by Preservation Massachusetts for their contributions to preserving the Commonwealth’s historic resources.

  • The Current: Anticipating Tax Issues in Renewable Energy Investment Tax Credit Transactions. Part 2
    Novogradac Journal of Tax Credits | May 1, 2013

    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing investment tax credits and others issues that are most likely to arise in a renewable energy tax equity transaction.

  • Q&A: Nixon Peabody's Jeffrey Lesk
    The Blog of Legal Times | April 30, 2013

    This article profiles Washington, DC, office managing partner and Tax Credit Finance & Syndication practice group leader Jeff Lesk.

  • What to Know About IRS' 'Begun Construction' Tests
    Law360 | April 22, 2013

    Boston tax credit finance & syndication partner Forrest Milder authored this column about the Internal Revenue Service notice requiring the passage of at least one test in order for projects that generate electricity from wind, geothermal, biomass, landfill gas, municipal solid waste, hydroelectric production and marine and hydrokinetic energy to qualify for a production tax credit or investment tax credit.

  • The Art of Development: How theaters can catalyze growth
    Elevation DC | April 2, 2013

    Washington, DC, Tax Credit Finance & Syndication partners David Schon and Scott Sergio discuss theaters redevelopments acting as catalysts for neighborhood improvement. Projects on which David and Scott were legal counsel, including the Atlas Performing Arts Center and Howard Theatre, were highlighted as examples.

  • Practitioners Urge Development of Historic Rehabilitation Credit Partnership Guidance
    Tax Notes Today | March 4, 2013

    Washington, D.C. tax credit finance & syndication counsel Susan Reaman discusses efforts to urge the government to issue guidance on what the Internal Revenue Service will accept when the Section 47 historic rehabilitation tax credit is claimed.

  • What Will Tax Reform Mean for the Future of the Low-Income Housing Tax Credit (LIHTC)?
    Affordable Housing Finance | March 1, 2013

    Affordable housing strategic policy advisor Deborah VanAmerongen discusses how tax reform will impact the low-income housing tax credit.

  • Act Now To Harness IRS Energy Tax Credits
    Energy Law360 | March 1, 2013

    New York City energy & environmental partner Ellen Friedman, Boston tax credit finance & syndication partner Forrest Milder and San Francisco energy & environmental associate Alison Torbitt co-authored this column noting that interest applicants should act quickly to benefit from the $150 million of advanced energy manufacturing tax credits available from the Internal Revenue Service.

  • How Local Companies Stand to be Affected by New Tax Provisions
    Washington Post | January 14, 2013

    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses how the passage of the American Taxpayer Relief Act of 2012 will affect our Affordable Housing and Tax Credit Finance practices.

  • Nixon Peabody Practice Group Awaits Fate of Development Tax Credits
    Washington Post | December 24, 2012

    This feature article, which appears in the Washington Post’s Capital Business section, focuses on how the fiscal cliff could impact tax credits. Nixon Peabody’s Tax Credit Finance & Syndication practice is prominently featured in the article. Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein and Tax Credit Finance & Syndication practice group leader Jeff Lesk are quoted throughout the article.

  • The Impact of Sandy on the LIHTC Industry
    Affordable Housing Finance | November 14, 2012

    Washington, DC, Tax Credit Finance & Syndication counsel Susan Reaman authored this column focused on the impacts of Hurricane Sandy on the housing industry.

  • 2012 Election Guide
    Affordable Housing Finance | October 1, 2012

    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is among the affordable housing industry sources quoted discussing issues for the industry in the coming calendar year.

  • Wild Ride Ahead?
    Tax Credit Advisor | September 1, 2012

    Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein, counsel to the Affordable Housing Tax Credit Coalition, discusses the outlook for affordable housing and community development between Labor Day and the remainder of the Congressional year.

  • Nixon Peabody Tackles Innovation
    Washington Post | August 13, 2012

    Chief Innovation Officer Herb Stevens and Washington, DC, office managing partner and Tax Credit Finance & Syndication practice group leader Jeff Lesk are featured in this article that focuses on Nixon Peabody’s innovation efforts.

  • Grandfathering Projects for Section 1603 Grants
    Novogradac Journal of Tax Credits | August 1, 2012

    This column, authored by Boston tax credit finance and syndication partner Forrest Milder, discusses how to be prepared as the U.S. Treasury adds new rules to the Section 1603 cash grant program and avoid a grant being reduced or even denied.

  • The Current: Term Sheets and Closings—10 Things to Remember
    Novogradac Journal of Tax Credits | July 1, 2012

    Boston Tax Credit Finance & Syndication partner Forrest Milder authored this column discussing the considerations to keep in mind while negotiating the term sheet and getting to closing.

  • HTCs, NMTCs Revive Historic African-American Theater
    Journal of Tax Credits | June 1, 2012
    The rehabilitation of the Howard Theatre, the nation’s oldest African American theater, is featured. It is noted that the major two-year renovation project made possible by a $29 million public and private financing deal. Washington, DC, Tax Credit Finance & Syndication partner Scott Sergio, who represented U.S. Bancorp Community Development Corporation (USBCDC), the theater’s tax credit investor, is quoted. Click here to read the original article.
  • Break a Leg
    National Law Journal | April 23, 2012

    This coverage highlights Washington, DC, Tax Credit Finance & Syndication partner Scott Sergio for his work on the Howard Theatre redevelopment project. The Howard is the nation’s oldest African American theater and recently reopened after a major two-year renovation project made possible by a $29 million public and private financing deal.

  • Q&A with Deborah VanAmerongen: Direct Purchase Bonds
    Novogradac Journal of Tax Credits | March 1, 2012
    Affordable Housing Strategic Policy Advisor Deborah VanAmerongen is featured in this Q&A addressing changes to the industry following New York and New Jersey granting permission to issue direct purchase bonds to finance affordable housing projects.
  • The U.S. Should Follow Germany’s Example
    Windpower Monthly | January 1, 2012

    This contributed article, authored by Boston Tax Credit Finance & Syndication partner Forrest Milder, discusses why the United States should follow Germany’s approach to renewable energy development.

  • Building Green: Current Trends in the Green World
    Tax Credit Advisor | January 1, 2012

    This article addresses current trends in green building and sustainable development for affordable multifamily rental housing. Washington, DC, office managing partner and leader of the firm’s Tax Credit Finance & Syndication practice, Jeff Lesk, discusses issues and trends.

  • The Current: Recent IRS Guidance on the Tax Treatment of Excessive 1603 Grants
    Novogradac Journal of Tax Credits | December 1, 2011

    In this column, Boston Tax Credit Finance & Syndication partner Forrest Milder addresses questions that arise with respect to Section 1603 grants.

Ideas

IRS notice provides additional rules on begun construction test for certain renewables
Tax Credit Finance & Syndication Alert | August 19, 2014

The president calls for more REIT investment in renewable energy and the IRS responds
REIT Client Alert | May 19, 2014

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Webinar Recording: Envisioning a Privatized Mixed-Use College Campus Project
Originally recorded February 27, 2014 | March 3, 2014

The Atlas Performing Arts Center: A Model for Community Redevelopment
October 16, 2013

The latest on the new "begun construction" test and transferability for certain renewable facilities
Tax Credit Alert | September 25, 2013

Sources of Renewable Industry Finance—What’s Being Considered?
September 1, 2013

Major expansion of LIPA's Solar Feed-in-Tariff Initiative
Renewable Energy Alert | July 24, 2013

Anticipating Tax Issues in Renewable Energy Investment Tax Credit Transactions (Part 2)
May 1, 2013

IRS Notice 2013-29 on "Begun Construction" for certain renewable energy facilities
Tax Credit & Syndication Alert | April 16, 2013

Proposed accounting rules bring clarity to affordable housing tax credit investments
Tax Credit & Syndication Alert | April 2, 2013

Thought Leadership on Affordable Housing and Community Development
March 1, 2013

HUD announces final anti-discrimination rules, wide impacts seen
Affordable Housing Alert | February 15, 2013

Game-changer in community lending—CDFI Bond Guarantee Program update
Tax Credit Alert | February 12, 2013

Renewable energy and the American Taxpayer Relief Act of 2012
Tax Credit Alert | January 15, 2013

American Taxpayer Relief Act of 2012 extends the New Markets Tax Credit two years and with $7 billion
Tax Credit & Syndication Alert | January 4, 2013

American Taxpayer Relief Act of 2012 extends key tax credit and deduction provisions
Tax Credit & Syndication Alert | January 3, 2013

Revocation of IRS PLR on valuing energy facilities
Tax Credit Alert | December 10, 2012

Establishing a Renewables Tax Credit Fund
December 1, 2012

IRS disaster relief adds additional affordable housing for Hurricane Sandy victims and assists LIHTC project owners
Tax Credit & Syndication Alert | November 7, 2012

Two Renewables Hot Topics
November 1, 2012

The Historic Boardwalk Hall decision
Tax Credit Alert | September 4, 2012

Master Limited Partnerships—How's the Fit with Renewable Tax Credits?
Novogradac Journal of Tax Credits | September 1, 2012

Grandfathering Projects for Section 1603 Grants – Facing the New Hurdles by September 30, 2012
Novogradac Journal of Tax Credits | August 1, 2012

Term Sheets and Closings—10 Things to Remember
Novogradac Journal of Tax Credits | July 1, 2012

Filing Treasury's Required Annual Report
Novogradac Journal of Tax Credits | June 1, 2012

IRS issues final qualified contract rules
Tax Credit Alert | May 8, 2012

Valuing Renewable Assets—How Much Is Eligible for a Grant or Credit?
Novogradac Journal of Tax Credits | May 1, 2012

Two Items of Interest to Those with (or Seeking) 1603 Grants
Novogradac Journal of Tax Credits | April 1, 2012

Q&A with Deborah VanAmerongen: Direct Purchase Bonds
One on One: Industry Insight | March 14, 2012

Structuring Renewable Projects Involving Government and Tax-Exempt Entities
Novogradac Journal of Tax Credits | March 1, 2012

Don't Worry About Capital—I've Got a Rich Friend Who'd Like to Invest in My Energy Project
Novogradac Journal of Tax Credits | February 1, 2012

Establishing that You're Grandfathered—What Do You Have to Do?
Novogradac Journal of Tax Credits | January 1, 2012

Section 1603 Grant program: Last Minute Guidance
Renewable Energy Alert | December 16, 2011

Recent IRS Guidance on the Tax Treatment of Excessive 1603 Grants
Novogradac Journal of Tax Credits | December 9, 2011

IRS publishes final NMTC targeted populations regulations
Tax Credit Alert | December 5, 2011

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Press

Events

IPED Conference: Tax Credit Property Dispositions plus an Affordable Housing Update
November 5, 2014

Housing Issues in Focus: Negotiating Equity Documents—What You Need to Know
July 24, 2014 | New York, NY

IPED Conference: Historic Tax Credits: The New Frontier
June 5, 2014 | Chicago, IL

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IPED Conference: Affordable Housing Preservation: A Look Ahead
May 6, 2014 | Chicago, IL

IPED Conference: Learn the Basics: Housing Tax Credits 101
April 9, 2014

IPED Conference: What's New + What's Next in Tax Credits and Community Finance
March 20, 2014

Webinar: Envisioning a Privatized Mixed-Use College Campus Project
February 27, 2014

New from the IRS: Guidance on Historic Tax Credit Transactions
January 14, 2014 | Washington, DC

Affordable Housing Summit at Greenbuild
November 19, 2013

IPED Conference: OUTLOOK 2014: What's Next for the Historic Tax Credit
October 17, 2013

Webinar: Utilizing 4% Credits in RAD Transactions
September 26, 2013

Second Annual DC Affordable Housing & Community Development Summit
September 17, 2013

IPED Conference: Tax Credit Property Dispositions plus an Affordable Housing Update
July 10, 2013

IPED Conference: Learn the Basics: Housing Tax Credits 101
April 18, 2013

IPED Conference: Emerging Trends in Financing Tax Credit Projects
March 13, 2013

IPED Conference: The Future of Historic Tax Credits
October 11, 2012

Bisnow Affordable Housing and Community Development Networking Breakfast
September 27, 2012 | Washington, DC

New York Affordable Housing and Community Development Update and Networking Reception
September 12, 2012 | New York, NY

IPED Conference: Tax Credit Property Dispositions in 2012
June 14, 2012 | Chicago, IL

IPED Conference: Learn the Basics: Housing Tax Credits 101, plus Historic Tax Credits
April 18, 2012

IPED Conference: The New Frontier in Financing Tax Credit Projects
March 21, 2012

11th Annual Developers' Roundtable
February 16, 2012

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Tax Credit Finance & Syndication