Andrew H. Tripp

My focus

I spend most of my time representing institutional tax equity investors in both proprietary and multi-investor investments in low-income housing tax credit funds and projects as well as direct investments in historic rehabilitation tax credit transactions. The great thing about my practice is that I can see a wide variety of transactions from a number of different perspectives, risk tolerances, and ultimate investment objectives—and bring that experience to bear for different clients in this space.

Representative experience

• Co-lead counsel to a national bank investor on its $172 million direct tax credit equity investment in the rehabilitation of the Old Chicago Post Office in downtown Chicago, Illinois, generating historic rehabilitation tax credits.
• Lead counsel to a national bank investor on its $92 million tax credit equity investment in the redevelopment and construction of the Edith Spurlock Apartments in Chicago, Illinois generating low income housing tax credits. 
• Lead counsel to a national bank investor on its $66 million proprietary investment in the redevelopment of a large Washington, DC, public housing complex generating federal and state low income housing tax credits.
• Lead counsel to a regional bank on a $35 million proprietary investment in the construction of a 265 unit apartment complex in New York City generating low income housing tax credits, including the creation of a “middle tier” co-investment structure with another foreign bank investor.

Looking ahead

With interest rates falling and investor appetite remaining strong, more tax equity should be coming back into the LIHTC market, although there may be some market uncertainty ahead with both the possibility of tax reform after the election and the continued adoption and implementation of the new CRA rules in the coming year by regulated banks.  Historic projects may be economically easier to do going forward as well, although the structural shift in the historic tax equity market looks to be here to stay for now unless legislation is passed that changes certain economic aspects of the credits.

Insights

• “Historic Tax Credit Basics,” IPED’s Historic Tax Credit Summit, Washington, DC, June 13, 2024