The recent recession and housing crises have fueled a strong demand for affordable housing. Development of projects taking advantage of historic, new markets and low-income housing tax credits (LIHTC) has continued at a vibrant pace in most markets. The historic tax credit market, which slowed dramatically following the Historic Boardwalk decision, has once again flourished after the IRS offered “safe-harbor” guidance to market participants in January 2014.
Troutman Sanders’ lawyers have extensive experience representing lenders and borrowers in a wide range of projects that utilize tax credits. We often counsel one or more of the parties providing taxable or tax-exempt construction, bridge or permanent, “take-out” financing. Our lawyers are skilled at negotiating the intercreditor, subordination and other agreements that govern the lien priorities, rights and remedies of the often numerous parties included in the financing stack.