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Affordable Housing/Tax Advantaged Investments

Tax Advantaged Investments

Saul Ewing Arnstein & Lehr's Affordable Housing/Tax Advantaged Investments practice is a multidisciplinary practice that includes attorneys from our Tax, Real Estate Finance, Real Estate Housing, Public Finance and Environmental practices. Our attorneys have represented equity investors, syndicators, leverage lenders, QALICBs, community development entities, credit enhancers, and for-profit and not-for-profit developers and managers in tax advantaged investments, including low-income housing, historic rehabilitation and new markets tax credit transactions. We have substantial experience in structuring complex historic/new markets combined tax credit projects. Our team approach provides clients with the most current information in each of these fields in an efficient, cost-effective manner.

Recent transactions:

The following is a list of recent historic/new markets tax credit projects for which we have been retained:

  • Schmidt's Site, Philadelphia, Pennsylvania. A new markets tax credit retail project in which we represented the developer and related entities in their roles as QALICB, leverage lender, guarantor and developer.
  • 1201 Chestnut Street, Philadelphia, Pennsylvania. A combined new markets tax credit/historic tax credit transaction for a 15-story mixed use project, in which we represent the developer and related entities in their roles as QALICB, leverage lender, guarantor and developer.
  • Queen Theater, Wilmington, Delaware. A combined new markets tax credit/federal and state historic tax credit structure in which we represented the developer and related entities in their roles as QALICB, leverage lender, guarantor and developer. We also represented one of the three Community Development Entities in the transaction providing legal opinions under Pennsylvania and Delaware law.
  • Bucknell Bookstore Project, Lewisburg, Pennsylvania. A combined new markets tax credit/federal historic tax credit structure in which we represented the developer and related entities in their roles as QALICB, leverage lender, guarantor and developer.
  • The "Egg" Building, The Piazza at Schmidt's, Philadelphia, Pennsylvania. A new markets tax credit transaction in which we represented the developer and related entities in their roles as QALICB, leverage lender, guarantor and developer.
  • King's College – North Main Gateway Project, Wilkes-Barre, Pennsylvania. A new markets tax credit transaction in which we represented the developer and related entities in their roles as QALICB, guarantor and developer in connection with the construction of a 94,000 square foot mixed use building for commercial, retail and student housing.
  • Franklin and Marshall College, Lancaster, Pennsylvania. A historic rehabilitation tax credit transaction in which we represented the project owner, developer and guarantor in connection with the conversion of a historic warehouse into a day care center.
  • 421 Seventh Avenue, Pittsburgh, Pennsylvania. A combined new markets tax credit/federal historic tax credit structure in which we represented the third-party leverage lender.
  • Art Institute of Pittsburgh, Pittsburgh, Pennsylvania. A historic rehabilitation of 140 residential apartment units in downtown Pittsburgh.
  • AIA Philadelphia Headquarters and Retail Operation, Philadelphia, Pennsylvania. Represented the American Institute of Architects in the purchase and rehabilitation of its Philadelphia headquarters and retail space utilizing new markets tax credits.

Financial Services

Our attorneys help structure and document construction loans, term loans, letters of credit and other real estate-related financings on behalf of borrowers and lenders. We have experience with HUD insured financings, bond financings (both single-family and multi-family transactions), participating mortgages, equity participation, mortgage-backed securitized financings, interest rate swaps and other forms of sophisticated real estate financings.

Development Services

Our attorneys have worked on transactions covering a broad spectrum of low-income rental housing, including:

  • Multi-family developments
  • Mixed-use
  • Apartment buildings
  • Group homes
  • Townhouses
  • Single-family projects
  • Special needs housing
  • Single room occupancy buildings

We also represent developers of historic rehabilitation tax credit projects for residential and commercial property, including office, retail, condominium and apartment projects. As a result, we can deal effectively with a myriad of legal and business issues concerning housing and commercial development, including:

  • Land development
  • Zoning
  • Subdivision
  • Title matters
  • Environmental matters
  • Historic preservation issues
  • Regulatory compliance

We provide assistance in the low-income housing tax credit process, including advice regarding the 10% test for carryover allocation and working with state credit agencies and equity and debt providers.

Recognition

The group includes attorneys who have been named to the following lists:

Trade Groups & Associations