NEW MARKETS TAX CREDITS (NMTC)

Future Unlimited Law PC represents community development entities, investors, lenders and developers in New Markets Tax Credit matters nationwide. The Firm assists clients at each step of their participation in the New Markets Tax Credit program. Services provided include:

Formation and certification of community development entities (CDEs)
Preparation and review of applications for NMTC allocations
Evaluating eligibility for the program and the potential benefits
Structuring, negotiating and closing transactions including commercial real estate, mixed-use, targeted populations, for sale housing, land improvement, charter schools, health care facilities, hotels, business operation and expansion, and blind pools.
Tax and legal opinions
Advice and advocacy regarding legislative and regulatory developments
IRS audits and tax returns
Ongoing compliance

The Firm assists clients in combining New Markets Tax Credits with other sources of financing, including Historic Tax Credits (HTC), HUD Section 108 funds, Community Development Block Grant funds, state historic and brownfields tax credits, federal government agency loan guarantees, grants, and conventional financing.

REPRESENTATIVE TRANSACTIONS

Arkansas School for Mathematics, Sciences and the Arts – Hot Springs, Arkansas

Represent the allocatee Heartland Renaissance Fund, LLC in the NMTC financing of the first phase of the development of educational facilities of ASMSA, a public residential high school incorporated into the University of Arkansas.

AG Processing Inc a cooperative – Dawson, Minnesota

Represent the allocatees Midwest Minnesota Community Development Corporation and Local Initiatives Support Corporation in the NMTC financing of the purchase and installation of equipment, upgrades and expansion of a farmer-owned cooperative soy processing facility.

Paradise Enterprise Center – Honolulu, Hawaii

Represent Pacific Gateway Center, a Hawaii nonprofit corporation, the borrower, in the NMTC financing of the restoration of an historic community facility consisting of a retail business incubator, business center and restaurant.

Lighthouse Community Charter Public School – Oakland, California

Represent Light Keepers, LLC, the borrower, in the NMTC financing of the construction and leasing of an approximately 74,000 square foot K-12 charter school facility to Lighthouse Community Charter Public School.

Argonaut Building - Detroit, Michigan

Represent the allocatee Local Initiatives Support Corporation (LISC) in the combined new markets and historic tax credit financing of the rehabilitation of the Argonaut Building primarily for use by the College for Creative Studies providing creative arts programs as well as space for compatible nonprofits and start-up commercial enterprises. Financing also includes Michigan Historic and Brownfield tax credits and tax increment financing.

White Earth Oshki Manidoo New Spirit Center – Bemidji, Minnesota

Represent the allocatee Midwest Minnesota Community Development Corporation (MMCDC) in the new markets tax credit financing of the acquisition, renovation and operation of an 11-building adolescent residential treatment facility by the White Earth Band of Chippewa Indians.

Producer’s Choice Soy Energy – Moberly, Missouri

Represent the allocatee, Advantage Capital Partners, in structuring the acquisition of participation interests in U.S. Department of Agriculture guaranteed loans to operating businesses, including a soybean processing and biodiesel production facility in Moberly, Missouri.

Maternal and Child Health Care Facility – San Ysidro, California

Represent Centro De Salud De La Comunidad De San Ysidro, Inc., a California nonprofit public benefit corporation, the borrower, in the financing of the construction of a three-story maternal and child health center. The Project financing includes a loan guaranty provided by the U.S. Department of Health and Human Services, Health Resources and Services Administration, Bureau of Primary Health Care.

Green Tech Charter School – Albany, New York

Represent LISC in the new markets tax credit refinancing of the acquisition and construction of the Green Tech High Charter School for disadvantaged male youth by the Brighter Choice Foundation.

Duluth Heritage Sports Center – Duluth, Minnesota

Represent MMCDC in the new markets tax credit financing of the construction of a community, sports and recreation complex, including an ice hockey arena, multi-sports field house, and an historical building including interpretive center, support and recreation facilities.

Adams & Central – Los Angeles, California

Represent LISC in the financing of the construction of a retail facility, including a grocery store, as part of a multi-project fund. The retail facility is the commercial component of a mixed-use project including affordable residential rental housing financed with the proceeds of low-income housing tax credit equity.

Union Gospel Press Building – Cleveland, Ohio

Represent the allocatee Northeast Ohio Development Fund, LLC in the new markets and historic tax credit financing of the rehabilitation of the former Union Gospel Press building located in Cleveland, Ohio for use as market rate residential rental housing and extended stay hotel units.

Barrel O’ Fun Snack Foods Co. – Perham, Minnesota

Represent MMCDC in the financing of the purchase and installation by Barrel O’Fun Snack Foods co., a manufacturer of snack food products, of a baked potato chip line and related equipment.

The Landing at Liberty Station – San Diego, California

Represent LISC in the historic and new markets tax credit financing of the rehabilitation of seven buildings known as the Landing at Liberty Station at the historic Naval Training Center in San Diego, California, for retail and other commercial use.

Gilroy Cannery and Alexander Place - Gilroy, California

Represent the allocatee Local Initiatives Support Corporation (LISC) in the new markets tax credit financing of affordable and market rate for sale housing and commercial rental space in multiple projects sponsored by South County Housing Corporation, a California nonprofit public benefit corporation.

MMCDC Loan Funds (Minnesota) – Small Business Loans

Represent MMCDC in the structuring and negotiation of multiple blind pool investment funds to finance small business expansion, working capital loans, real estate acquisition and development.

Phoenix Boys & Girls Club - Phoenix, Arizona

Represent LISC in the new markets tax credit financing of the construction of three clubhouses to be subleased to the Boys & Girls Clubs of Metropolitan Phoenix, Inc.

Baker Electric Car Building - Cleveland, Ohio

Represent the developer and owner, 7100 Euclid LLC, in the historic and new markets tax credit financing of the rehabilitation of the former Baker Electric Car Building for lease primarily to bio-science tenants.

Fort Piqua Hotel - Piqua, Ohio

Represent the City of Piqua, Ohio, as developer and lender, in the structuring and negotiating of the historic and new markets tax credit financing of the renovation of the Fort Piqua Hotel to be leased for use as a public library, a banquet facility and retail space. Sources of financing include loans made by the City of Piqua, community charitable donations and tax credit equity.

Achievement Academy - Albany, New York

Represent LISC in the NMTC leveraged financing of the development of a public charter school in Albany, New York. Financing includes tax credit equity and leveraged loans from LISC and NCB Capital Impact.

BioBased Realty, LLC - Fayetteville, Arkansas

Represent the allocatee Heartland Renaissance Fund, LLC, in the NMTC financing of the acquisition and construction by BioBased Realty, LLC of a building to consist of a lab and office space for the research, development, sale and marketing of “bio-based” products.

Otter Tail Ag Enterprises - Fergus Falls, Minnesota

Represent MMCDC in the NMTC financing of the construction of an ethanol plant. Financing includes private commercial debt, tax-free revenue bond proceeds, county bond proceeds and tax credit equity.

Canal Street Commerce Center - Milwaukee, Wisconsin

Represent LISC in the NMTC leveraged financing of the construction of a 144,688 square foot light industrial building and other improvements located in the Menomonee Valley of Milwaukee, Wisconsin.

Duluth Renaissance - Duluth, Minnesota

Represent MMCDC in the new markets tax credit financing of the redevelopment of an area of downtown Duluth for commercial and residential uses. Financing includes tax increment financing, bank and city loans, developer and tax credit equity.

Hope Street Family Support Center - Woonsocket, Rhode Island

Represent LISC in the historic and new markets tax credit financing of the conversion of a vacant historic school building for use as a day care facility in Woonsocket, Rhode Island. Sources of financing include a LISC loan, developer equity, new markets, and federal and state historic tax credit equity.

Overton Hygienic Building - Chicago, Illinois

Represent LISC in the historic and new markets tax credit financing of the rehabilitation of the vacant Overton Hygienic Building in Chicago, Illinois for reuse as office space. Sources of financing included a suballocation by a second CDE.

Seattle Housing Authority - Seattle, Washington

Represent SHA in the preparation of a fourth round NMTC allocation application which allocation will be used to finance a mixed-use real estate development.

The Plant - Providence, Rhode Island

Represent LISC in the NMTC leveraged financing of the historic renovation of a former calendaring, bleaching and dyeing mill in Providence, Rhode Island, consisting of approximately 14 residential rental units, 15 artisan live/work loft spaces, 26,500 square feet of commercial space, and parking.

Midtown Global Market - Minneapolis, Minnesota

Represent the allocatees LISC and MMCDC in the New Markets and Historic Tax Credit leveraged financing of the historic rehabilitation and operation of an indoor public market in Minneapolis, Minnesota, designed to serve as a small business incubator.

Steelyard Commons - Cleveland, Ohio

Represent the allocatee Northeast Ohio Development Fund, LLC in the NMTC leveraged financing of a retail shopping center located in Cleveland, Ohio, including a $30 million NMTC allocation provided by a second CDE.

Plaza Verde - Minneapolis, Minnesota

Represent LISC in the combined NMTC/HTC financing of the rehabilitation of the former Antiques Minnesota building located in South Minneapolis; formerly one of the largest vacant commercial properties. The building includes retail storefronts, office space, an entrepreneur and career center and performing arts space.

Summit Place - West Allis, Wisconsin

Represent LISC in the NMTC leveraged financing of the construction of a parking facility related to the rehabilitation of a formerly vacant industrial brownfield facility and construction of a commercial office complex and the refinancing of the senior loan.