Tax-Advantaged Investing

Investors, sponsors, syndicators, developers, and lenders seek Sonnenschein's recognized experience in the areas of tax-advantaged investing and community development.  We are the country's preeminent tax credit and community development law firm.  From the firm’s broad base of attorneys around the globe, our Tax Advantaged Investing group staffs each transaction with a team scaled and suited to the complexity and timing of the transaction and the needs and preferences of the client.  The scope and breadth of our resources allows us to work efficiently to help you achieve your business goals.  The scale of our practice allows us to bring you the most comprehensive market perspective.

We offer depth and expertise in the following areas:

Equity Investments and Syndication

Sonnenschein provides you with expertise in all of the legal disciplines pertinent to a particular tax credit project or community development transaction or problem, including tax, real estate, corporate, project and bond finance, environmental, climate change, regulatory and litigation.  With our help, investors have closed tax credit transactions aggregating in excess of $3 billion in investments, utilizing Sonnenschein's interdisciplinary team approach, in transactions that include:

• Low-income housing tax credit (LIHTC) funds
• LIHTC direct investments
• Multi-layer, mixed-use projects and 80/20 projects
• New markets tax credit (NMTC) structures
• Energy credit and production credit projects
• Historic preservation credits
• State and local tax credits

Financing

If you are a lender, Sonnenschein can represent you in the areas of construction and rehabilitation of multi-family residential housing projects, or financing the construction of renewable energy projects, including loans utilizing tax credit equity as a repayment source. Lenders also rely on our experience with:

• Pre-development loans
• Bridge loans
• Construction loans (including letters of credit on bond deals)
• Permanent financing
• Subsidized and market rate loans from third-party sources
• Creation of new bond financing products
• Community Reinvestment Act programs
• Construction of for-sale multi-family residential housing
• Single-family stand-alone residential housing
• Lease-to-own projects

Project Development

If you a developer or Community Development Entity working with NMTC financing, or a developer of renewable energy credit projects, Sonnenschein can provide expert legal assistance in matters relating to real estate acquisition and development, project financing, energy contracts, project leasing, regulatory issues, tax structuring, venture capital and securities needs.  Our attorneys have been on the forefront of the development of the NMTC industry since its inception.  Our attorneys can assist you with:

• NMTC project development or investment
• Standalone solar project development or investment
• Rooftop solar leasing and power purchase contract transactions
• Wind project development or investment

Community Development

If you're a developer of affordable housing and social-services facilities, Sonnenschein can guide you through all aspects of the development process, including site control, site acquisition, zoning, drafting, review and negotiation of agreements, financing, title matters, real estate tax matters, code enforcement matters, property management, leasing, closings and asset management.  Clients also seek our assistance in litigation related to low income or special needs housing projects, as the firm offers extensive experience in housing discrimination law and "NIMBY" issues. Our development expertise also encompasses:

• Developing affording housing with multi-tiered financing
• U.S. Department of Housing and Urban Development funding programs
• Working with governmental, quasi-governmental, traditional and private lenders
• Assistance in all aspects of the LIHTC development process
• Support with negotiating equity and financing sources