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)
Consulting in the preparation 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, residential rental development, 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

Gilroy Cannery and Alexander Place (Gilroy, California) – For Sale Housing:

Represented 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 Fund (Minnesota) – Small Business Loans - Blind Pool:

Representation of the allocatee Midwest Minnesota Community Development Corporation (MMCDC) in the structuring and negotiation of a $10 million blind pool investment fund to finance small business expansion, working capital loans, real estate acquisition and development.

Phoenix Boys & Girls Clubs (Phoenix, Arizona):

Represented 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) – HTC - Office:

Represented 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) – HTC- Library:

Represented 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) – Public Charter School:

Represented 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) – Commercial Office:

Representation of 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) – Ethanol Plant:

Representation of the allocatee 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) - Industrial:

Representation of 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) – Mixed-Use:

Representation of 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) – HTC - Day Care Center:

Represented 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) – HTC- Office:

Represented 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) – NMTC Application:

Represented 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) – Mixed-Use:

Represented 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) – HTC - Public Market:

Midtown Global Market Minneosta Represented 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.

Mountain Inn (Fayetteville, Arkansas) – Hotel Facility:

Represented Heartland Renaissance Fund, LLC in the NMTC financing of the development of the Mountain Inn hotel facility in Fayetteville, Arkansas. The hotel condominium will include 154 hotel guest rooms, retail space, meeting rooms, restaurants, and a ballroom.

Steelyard Commons (Cleveland, Ohio) - Retail:

Represented 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) -HTC-Office/Retail/Performing Arts :

Plaza Verde Represented 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.

Mulberry Lofts (Des Moines, Iowa) – For Sale Residential Condominiums:

Represented Heritage Affordable Housing, a Seattle-based nonprofit developer in the NMTC financing of the rehabilitation of the Harger-Blish building consisting of 48 loft condominiums. Financing included a NMTC-enhanced construction loan provided by Commercial Federal Bank, mezzanine financing and state tax credits.

Summit Place (West Allis, Wisconsin) – Office/Parking:

Represented 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.