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Tax Credits

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Briggs and Morgan has been involved in the New Markets Tax Credit (NMTC) program since its inception, advising our clients on some of the program’s earliest completed transactions. We have worked with community development entities (CDEs) to close many first-of-its-kind transactions. We assisted in one of the first "targeted populations" transactions. Briggs and Morgan was involved in the first NMTC project in Puerto Rico, which used the program to establish a revolving fund for the construction of affordable for-sale housing.

Our attorneys have also advised in transactions involving multiple CDEs and transactions that combine NMTCs with other tax benefit and incentive programs such as:

  • Federal Historic Rehabilitation Tax Credits
  • Federal Energy Tax Credits
  • State New Markets Tax Credits
  • Community Development Block Grants (CDBG)
  • Health Resources and Services Administration Grants (HRSA)

These transactions have involved a wide variety of projects across the country including community facilities for non-profits, hospitals, nursing homes, charter schools and museums, as well as private commercial real estate development such as hotels and business incubators.

We also regularly counsel CDEs regarding general operations and maintenance of their CDE status by assisting them in forming, qualifying and restructuring entities for certification. Our attorneys handle allocation agreements, compliance and interactions with the IRS and the CDFI Fund. We have also helped our clients exit from the NMTC structure after the seven-year compliance period in many transactions.

While we have particular experience representing CDEs, our attorneys advise various other participants in NMTC transactions including borrowers, lenders and municipalities.

Representative Matters

  • Represented a CDE in financing a vocational training facility for the homeless in Seattle, WA.
  • Represented a CDE in financing a charter school in Milwaukee, Wisconsin.
  • Represented a CDE in financing a medical research facility in Memphis, Tennessee.
  • Represented a borrower in financing a commercial real estate development in Florida.
  • Represented borrower in financing of hydroponics facility in Puerto Rico
  • Represented a CDE in establishing a revolving construction loan program in Puerto Rico for the construction of affordable for-sale housing.