Overview
Manatt’s nationally recognized impact investing and community development team represents investors and borrowers in all aspects of tax incentive financing. Our multidisciplinary group of professionals provide clients with deep industry knowledge and leading-edge legal advice to help them navigate the nuances and challenges of transactions in order to maximize the value of tax benefits and subsidies and get their projects done.
Our team works with various stakeholders to assess the benefits and risks of impact investments and community development deals, monitor program compliance, and develop strategies to protect their investments. Of particular note is our success in assisting clients with complex—and often groundbreaking—financing structures.
Additionally, we help our clients determine whether affordable housing projects qualify for New Markets Tax Credits (NMTC) or Low-Income Housing Tax Credit (LIHTC) financing. We have a wealth of experience combining NMTCs and LIHTCs with other tax credits and financing sources such as:
- Historic rehabilitation tax credits, energy tax credits and incentives
- State and local tax credits, grants, and subsidized loans
- Tax-exempt bond financing
- American Recovery and Reinvestment Act funds
- Tax Increment Financing
- Community Development Block Grant funds
- Federal government agency loan guarantees
- Conventional financing
What we do
- Formation and certification of community development entities (CDEs)
- Execution of allocation agreements
- Structuring, negotiating and closing financing transactions, including equity investments, leveraged financings and combined financings
- Counseling on asset management issues and general organizational matters
- Managing workouts, unwinding transactions and executing refinancings
Projects we support
- Mixed-use developments
- Affordable housing
- Hospitals and medical office buildings
- Transit-oriented developments
- Historic rehabilitation, redevelopment and urban renewal
- Community health centers
New Markets Tax Credits experience
Our decades-long involvement in the federal LIHTC area and our experience in community development policy initiatives in health care, transportation, economic development and social services led us to early involvement with NMTC projects as well as other forms of community development and tax credit-based financing. The national scope of our work brings us marketplace perspective and experience to supplement our practice.
Areas of focus and client base
- Investors
- CDEs
- QALICBs
- Charter and private schools
- Transit-Oriented Development
- Economic Development
- Mixed-Use Developments
- Renewable Energy
- NMTC/Historic Tax Credits
- Urban Renewal
- Community Health Centers
- Food Banks/Soup Kitchens
- Low-Income Tax Credit and Workforce Housing
Clients
Avanath Capital Management
Goldman Sachs Urban Investment Group
Hudson Housing Capital LLC
Lytle Creek Development
Western Pacific Housing
