Tax Credits - Affordable Housing

Sidley’s tax lawyers, working with the firm’s real estate lawyers, represent major banks, corporations, financial sureties and other institutions in making equity investments that generate low income housing tax credits and historic rehabilitation tax credits under the Internal Revenue Code. These investments take several forms: direct investments in partnerships that will develop and own properties, investments in single investor or multi-investor funds organized by a syndicator and secondary market transactions. Sidley’s real estate practice also represents banks and financial sureties in connection with so-called guaranteed funds, as well as institutions making investments in such funds. These transactions frequently have complex capital structures featuring multiple debt providers and government loan and rental subsidy programs and require a unique combination of partnership, federal taxation, financing and real property experience.