Ruth Sparrow

Attorney at Law

Practice

New Markets Tax Credits
Historic Tax Credits
Low-Income Housing Tax Credits
HUD Mixed Finance Development
Federal Income Taxation

Narrative Biography

Ruth Sparrow is a principal of Future Unlimited Law PC, a law firm based in Yelm, Washington with a nationwide tax credit, community development and federal income tax practice. Ruth represents community development entities, developers, lenders and investors nationwide in new markets tax credit, historic rehabilitation and low-income housing tax credit transactions.

Ruth’s experience includes assisting clients in determining eligibility for the tax credit programs; applying for credits; structuring, negotiating and closing of transactions including blind pools, commercial rental real estate, mixed-use, residential rental, for-sale housing, charter schools, health care facilities, hotels, land improvement, and business operation and expansion; delivery of legal and tax opinions; advice and advocacy regarding statutory and regulatory developments; assistance with IRS audits and tax returns; and ongoing compliance.

Prior to forming Future Unlimited Law PC, Ruth Sparrow was of counsel and co-chair of the Affordable Housing and Community Development Group at Garvey Schubert Barer in Seattle. Prior to relocating to Washington State, Ruth Sparrow was partner in the Tax Department and Vice-Chair of the Government Assisted and Affordable Housing Group at Wolf Block Schorr and Solis-Cohen LLP in Philadelphia.

Ruth graduated from New York University School of Law and served as an articles editor of the Review of Law and Social Change. She is a member of the Advisory Board of the LIHTC Monthly Report.

Bar Memberships

Washington
Pennsylvania

Education

New York University School of Law, J.D., 1987
Articles Editor, New York University Review of Law and Social Change
University of California at Santa Cruz, B.A., Politics, with Honors, 1980
Wesleyan University, Middletown, CT, 1976-78

Professional Activities

Member, Advisory Board, LIHTC Monthly Report (1998-2001) (2002-present).
Contributing Editor, ABA Journal of Affordable Housing & Community Development Law (1997-2005).
Member, American Bar Association.
Member, Washington State Bar Association.
Member, Pennsylvania Bar Association.
Member, NMTC Working Group, sponsored by Novogradac & Company LLP

Recent Speaking Engagements

New Markets Tax Credit Spring Conference, “New Markets Tax Credits Exit Strategies, Original Issue Discount,” Novogradac & Company, June 2007
New Markets Tax Credit Conference, “Structuring a Deal – Building for a Successful Outcome,” Novogradac & Company, January 2007
New Markets Tax Credits Investors Conference, “2006 Hot Topics - Allocation Agreements, Targeted Populations and More,” Novogradac & Company, October 2006
5th Annual New Markets Tax Credit Spring Conference, “Done Deals,” Novogradac & Company, June 2006
ABA Forum on Affordable Housing and Community Development Law: In the Eye of the Storm, “New Markets Tax Credit Workshop,” “Mixed-Use Rental Real Estate,” May 2006
Fifth Annual New Markets Tax Credit Conference & Inaugural Expo, “Closing a NMTC Transaction from A to Z”, Reznick Group, March 2006
New Markets Tax Credit Investors Conference, “Hitching the NMTC’s Wagon to Public Subsidies”, “Mexicantown NMTC Section 108 Financing, Detroit, Michigan” Novogradac & Company, October 2005
4th Annual New Markets Tax Credit Spring Conference, “CDEs – A Look to the Future”; and “Pre-Conference Workshop: NMTC Basics,” Novogradac & Company, June 2005
New Markets Tax Credit Program, Impact Capital, March 2005
ABA Forum on Affordable Housing and Community Development Law, “How to Do a New Markets Tax Deal”, moderator, May 2005
Housing California, HUD Mixed-Finance Section 202 Transactions 2005
Historic Tax Credit Conference, “The IRS and HTC,” Novogradac & Company, October 2004

Publications

IRS Releases Criteria for Tax-Exempt Status for Not-For-Profit General Partners of LIHTC Partnerships, NMTC Monthly Report, LIHTC Monthly Report, Housing Bond Monthly Report, June 2006
Heard from HUD, Mixed Finance Section 202 and Section 811 Housing, ABA Journal of Affordable Housing & Community Development Law, Winter 2004
It Really Works - HTC/NMTC Closing of Albers Mill Lofts, A First of Tacoma Wash., NMTC Monthly Report, March 2004
LIHTC Relief Provided Regarding Disclosure and List Requirements for Confidential Transactions, LIHTC Monthly Report, February 2004
Opportunities and Issues in Combining NMTCs and Historic Credits, NMTC Report
LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements, LIHTC Monthly Report, May 2003, June 2003 and July 2003
LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements (Part 2 of 3), LIHTC Monthly Report, June 2003
LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements (Part 1 of 3), LIHTC Monthly Report, May 2003
Tax Credit Industry to Receive Fair Housing Training, Affordable Housing Finance Magazine, October 2000.
Fair Housing Act Guidance, Memorandum of Understanding of the Treasury, HUD and Justice Departments, ABA Journal of Affordable Housing and Community Development Law , Fall 2000.
Newly Released MOU Offers LIHC Industry Fair Housing Guidance, LIHTC Monthly Report, September 2000.
Treasury, HUD, Justice Sign MOU on Fair Housing Act Compliance, The Low-Income Housing Tax Credit Advisor, September 2000.
IRS Rules that Promissory Notes are Includable in Eligible Basis, LIHTC Monthly Report, February 2000.
Heard from the IRS: Recent Rulings, ABA Journal of Affordable Housing and Community Development Law, Winter 1999.
Heard from the IRS: Tax-Exempt Bonds and the LIHC, ABA Journal of Affordable Housing and Community Development Law, Summer 1998.
Heard from the IRS: Tax-Exempt Bonds and the LIHC, LIHTC Monthly Report, Summer 1998.
Heard from the IRS: Assisted Living Facilities and the Low Income Housing Tax Credit, ABA Journal of Affordable Housing and Community Development Law, Spring 1998.
Heard from the IRS: Assisted Living Facilities and the Low Income Housing Tax Credit, LIHTC Monthly Report, March, April 1998.
Exempt General Partners and the IRS: 1997 IRS Private Letter Rulings, LIHTC Monthly Report, October 1997.
Heard from the IRS: Exempt General Partners and the IRS: 1997 IRS Private Letter Rulings, ABA Journal of Affordable Housing and Community Development Law, Fall 1997.
The Reading Room: Tax Credit Program Under Scrutiny - Findings of the GAO Report, ABA Journal of Affordable Housing and Community Development Law, Summer 1997.
Heard from the IRS: Treasury Moves Quickly to Save Important Housing Initiative, ABA Journal of Affordable Housing and Community Development Law, Spring 1997.
Final IRS Check-the-Box Regulations, ABA Journal of Affordable Housing and Community Development Law, Spring 1997.
LIHC Regulation 1.42-16T - Treasury Moves Quickly to Save Important Housing Initiative, LIHTC Monthly Report, March 1997.