main content

Harris Beach PLLC Discover True Engagement image

People

About
  • About Harris Beach
  • Offices
  • Inclusion and Diversity
  • Community and Pro Bono
  • Lateral Opportunities
Careers
  • Careers at Harris Beach
  • Lateral Opportunities

Contact Us

Subsidiaries
  • HB Cornerstone
  • HB Solutions
  • Caetra.io
Industries
Legal Practices
Resources
Automotive and Vehicle Dealerships
Blockchain and Digital Assets
Cannabis
Construction and Surety
Education, K-12
EMS and Fire Protection Providers
Energy
Energy Industry Team
Sectors
Residential Electrical Submetering
Renewable Energy
Financial Institutions and Capital Markets
Food and Beverage
Food and Beverage Industry Team
Sectors
Nutritional Supplements
Health Care
Health Care Industry Team
Sectors
Long-Term Care
Higher Education
Industrial and Consumer Manufacturing
Medical and Life Sciences
Medical and Life Sciences Industry Team
Sectors
Long-Term Care
Nutritional Supplements
Pharmacy Law
Municipalities and Local Agencies
Nanotechnology
Photonics
Racing and Gaming
Real Estate Developers
Real Estate Developers Industry Team
Sectors
Retail Real Estate in New York State
Science and Technology
Telecommunications and Media
Unmanned Aircraft Systems – Drones
Veterinary Medicine
  • Alternative Dispute Resolution
  • Appellate
  • Business and Commercial Litigation
  • Collections
  • Commercial Real Estate
  • Corporate
  • Cybersecurity Protection and Response
  • Diversity Compliance
  • E-Discovery (e-info℠)
  • Employee Benefits
  • Environmental
  • Environmental, Social and Governance (ESG)
  • Financial Restructuring, Bankruptcy and Creditors’ Rights
  • Foreclosure
  • Government Compliance and Investigations
  • Immigration
  • Insurance Coverage
  • Intellectual Property
  • International Trade
  • Internet Commerce
  • Labor and Employment
  • Mass Torts and Industry-Wide Litigation
  • Political Law
  • Product Liability and Comprehensive General Liability
  • Public Finance and Economic Development
  • Residential Real Estate
  • Tax
  • Wills, Trusts and Estates
  • Insights
  • News
  • Events
  • Covid-19 Resources

New Markets Tax Credit

Service

Profile
Services
Experience
People

Since the passage of the New Markets Tax Credit (NMTC) law in December of 2000, Harris Beach has represented CDEs, project borrowers, investors, leveraged lenders and other participants in all aspects of the program. This wealth of experience with all sides of NMTC transactions has given the firm unique insight into the competing interests and transactional issues that typically arise. Our attorneys have extensive experience in structuring and closing NMTC transactions. We assist NMTC participants in creating innovative investment and development strategies to use this credit in combination with other tax incentives to achieve their community, business development and investment goals.

The NMTC program offers federal income tax credits for investment in business and real estate development projects which support the revitalization of eligible distressed and low-income communities. The credit equals 39 percent of the investment and is claimed over a seven-year period. Through a competitive application process, the NMTC program allocates its tax credits to Community Development Entities (CDEs) who act as the conduit between investors and the development projects they enable.

Harris Beach attorneys have closed NMTC transactions aggregating hundreds of millions of dollars of both Qualified Equity Investment (QEI) and Qualified Low-Income Community Investment (QLICI) transactions. In aggregate, these transactions have helped to support billions of dollars of development project costs. Our CDE-level experience includes designing NMTC programs for our CDE clients and providing strategic counsel in all aspects of NMTC transactional and compliance work, including in-house training on program compliance and the nuances of NMTC-financed underwriting. Our transaction-level experience includes structuring of NMTC enhanced financings, coordinating related capitalization sources and coupling these transactions with other incentives, including historic tax credits.

Lenders, credit investors and developers benefit from the NMTC program in many ways. The program’s unique financing structure allows development projects that were previously unfeasible due to the prohibitive cost or lack of available capital, to move forward to successful completion. By offsetting the cost of capital, NMTC eligible projects may potentially realize a reduced cost of capital of up to 50 percent. Investing in CDEs under the NMTC program can benefit a lender, in that such investment generally qualifies for Community Renewal Act credit, as well as offering opportunities to develop new business lines, customers and markets.

CDE Formation and Certification Process

Harris Beach attorneys have considerable experience in the formation and certification of CDEs. Our CDE client base is comprised primarily of municipal and state economic development authorities and agencies, and community and economic development tax-exempt entities. We currently represent these clients in New York, New Jersey, Virginia, Florida, Pennsylvania and California. Through this representation, we have developed unique experience and insight into mission-driven CDEs and in structuring and implementing NMTC programs for our clients.

Closing NMTC Transactions

Harris Beach has closed hundreds of millions of dollars of NMTC structured transactions representing allocated CDE clients, and hundreds of millions more of NMTC transactions representing Qualified Active Low-Income Community Businesses (QALICBs), lenders or investors. Our attorneys’ knowledge and experience in all aspects of NMTC transaction closing requirements, details and structure allows them to provide creative solutions to what often are difficult structures, and find the means to get the deal closed in compliance with strict program requirements. We have worked with all known leveraged capital types, from state and federal grants, HUD 108 and other federal or state loan programs, as well as in transactions coupling the historic tax credit with NMTCs. Our attorneys have earned a reputation for their ability to efficiently close even the most complex NMTC transactions within tight deadlines, and at a cost that is highly competitive in the industry.

Our attorneys’ vast knowledge of federal, state and local economic development financing incentives has proven an invaluable resource. We have experience combining NMTCs with other tax credits and financing sources, including Historic Tax Credits (HTCs) and Brownfield tax credits. Federal HTCs are available to developers and owners of certain certified historic buildings at a rate of up to 20 percent of qualified rehabilitation expenditures, and are often partnered with state HTCs to subsidize real estate investment and community revitalization. We also couple NMTCs with available state tax credits for the restoration of contaminated brownfield sites.

Identifying Potential Investors and Debt Providers

Through our involvement with the NMTC program since its inception, Harris Beach is a recognized industry participant that has developed relationships with all of the national investor groups that have become recognized industry investors and providers of debt in NMTC-structured transactions. We have also successfully added regional-based investors and lenders to our relationship network. Our attorneys have spent considerable time educating these regional investment sources in the NMTC program, as well as the nuances of leveraged lending and credit investing in NMTC program transactions. Our deep relationships with these industry participants has helped us establish a proven track record of attracting investment in connection with development projects, both as leveraged debt and as credit investment providers, for CDEs and QALICBs.

NMTC Program Training

Harris Beach has developed a NMTC training program to educate CDE clients and staff on transactional and compliance matters. Our NMTC compliance training includes CDE-level, transactional level, Allocation Agreement compliance, and the latest guidance, as well as training on CDE certification, CDE amendment process (board roster, service area amendments) and CDE maintenance matters. Training also includes the process of soliciting and intaking project proposals requesting allocation, how best to review and screen such proposals, and best practices in underwriting a NMTC project. Additionally, we train CDEs on the NMTC allocation application process and preparation, and review with clients the latest Notice of Allocation Availability, program guidance, and the scoring and review process.

Preparing Allocation Applications for Subsequent Funding Rounds

We have worked on numerous allocation applications and apply our experience, insight and best practices to help our clients achieve awards on multiple NMTC rounds. Along with assisting clients in developing well-articulated business strategies which conform with clearly defined community impacts, we assist in achieving requisite financing commitments as part of the application to assure implementation of the business strategy over a two-year horizon post-award. We also recommend any changes to the advisory board to facilitate appropriate information sharing with the governing board to document that community impact is achievable.

Program Implementation

We work with our CDE clients to refine their business strategy and its attendant community impacts, articulate those impacts, and coordinate impacts consistent with developed business strategies. We also assist in the development of advisory boards and roles, and how those boards assist in achieving community impacts. Our attorneys leverage their relationships in the NMTC investment community to provide commitments to clients to assure that their investment strategy has the ability to deploy awards within two years of award. We also assist clients with maintaining their CDE status and impart all new guidance, regulatory change, industry trends and approaches as part of our on-going training.

Screening Potential NMTC Transactions for Eligibility

Our attorneys help clients screen potential NMTC transactions for eligibility to build a project pipeline. Eligibility screening includes whether projects are located in a qualified tract, exhibit the requisite distress criteria and align with our clients’ articulated strategies and impacts, consistent with its allocation agreement. We work with advisory boards and governing boards in presenting competing projects and their level of adherence with a CDE’s NMTC program details and specifics.

Our Representative Projects:

Harris Beach has helped many clients realize the benefits of the NMTC program, including the credit investor, the leveraged lender, the CDE and the developer. We have participated in NMTC transactions involving community investments with municipal and state agencies, regional development authorities, not-for-profit organizations, and regional and national companies. Our attorneys have leveraged public funds, private investments and commercial financings in the generation of NMTC investment in support of projects involving:

  • Alternative Energy Projects
  • College and University Projects
  • Healthcare and Hospital Facilities
  • Hotel Development
  • Manufacturing Facility Developments
  • Municipal Facilities
  • Office Building Developments
  • Rehabilitation and Revitalization Projects
  • Retail Developments
  • Technology Centers
  • Waterfront and Pier Development

Government Entity Representative Experience:

New Jersey Community Development Entity, LLC (NJCDE). The NJCDE, organized under the auspices of the New Jersey Economic Development Authority (NJEDA), was awarded a $125 million NMTC allocation in the program’s second round. Since that award, Harris Beach attorneys have worked with NJCDE in developing and designing all aspects of its NMTC program. This has included QLICI product design; negotiation, structure and terms of QEI commitments with third-party investors, including leveraged transactions using a variety of other funding sources; and the coupling of NMTCs with other tax benefits, such as the rehabilitation credit. We have also conducted training programs for NJEDA staff in NMTC transactional and compliance matters; provided counsel on the NMTC program application process to be used by the QALICB-public, and designed QLICI transactional documents to satisfy the strict NMTC program requirements, including the “reasonable expectations” test of QALICB status.

New Jersey Redevelopment Authority (NJRA). The New Jersey Redevelopment Authority (NJRA) invests financial and technical resources into redevelopment projects and plans that will create a positive impact in eligible New Jersey communities. NJRA functions as a comprehensive resource center that focuses on improving New Jersey’s urban communities. Its primary goal is to ensure that projects are urban-focused, neighborhood-based and investment driven. NJRA was awarded a $20 million NMTC allocation in 2014 and selected Harris Beach as its NMTC counsel. Harris Beach attorneys have worked with NJRA in implementing its NMTC program. This has included CDE structure; negotiation, structure and terms of QEI commitments with third-party investors; and the coupling of NMTCs with other tax benefits; staff training; counsel on the NMTC program application process.

Portsmouth Redevelopment and Housing Authority (PRHA). Southside Development Enterprises, under the sponsorship of the PRHA, was awarded a total of $31 million in NMTCs in the program’s second and sixth rounds. Our attorneys handled all aspects of PRHA’s NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal they have accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for PRHA staff in NMTC transactional and compliance matters.

Elizabeth Development Company (EDC). The EDC, the City of Elizabeth, New Jersey’s economic development office, was awarded a total of $35 million in NMTC allocations in the program’s fourth and fifth rounds. As with PRHA, our attorneys coordinated all aspects of the NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal they have accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for staff in NMTC transactional and compliance matters.

Empire State New Market Corporation (ESNMC).  Harris Beach worked as special counsel to Empire State Development Corporation in connection with a pending Round III NMTC Allocation Application. The firm played a central role in forming the ESNMC and securing CDE status in advance of ESNMC’s application for NMTC allocation in the program’s second round. This special counsel representation also entailed the development of ESNMC’s proposed NMTC QLICI funding and deployment structure.

The Port Authority of New York & New Jersey. Our attorneys formed and certified the Authority’s CDE and represented the Authority in its allocation application process, including its NMTC program design. We provided advice on projects that the Authority considered undertaking which incorporate NMTCs as part of the project’s overall financing.

Palm Beach County Economic Development Office (PBC-EDO). Our attorneys advised PBC-EDO on the process, utility and benefits of becoming a CDE. On its behalf, we formed and certified PBC-EDO’s CDE and provided representation in its allocation application process, including its NMTC program design. We provide advice and counsel on potential projects that PBC-EDO’s CDE considers undertaking which incorporate NMTCs as part of the project’s overall financing.

Private Entity Representative Experience:

Metropolitan Community Development Entity (MCDE). The MCDE is an entity comprised of the New York Business Development Corporation (NYBDC) and CenterState Corporation for Economic Opportunity in Syracuse, New York. Our attorneys formed the entity’s CDE and subsidiaries, achieved CDE certification, filed allocation applications, designed its NMTC program, assisted in coordinating projects utilizing the NMTC through deal structure, and participated in allocate identification, credit investment negotiation and leveraged debt negotiation.

Reading’s Future, LLC. Reading’s Future, a CDE sponsored by Boscov’s Department Stores LLC, was awarded a $15 million NMTC allocation in the program’s seventh round. Harris Beach attorneys handled all aspects of Reading’s NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal it has accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for staff in NMTC transactional and compliance matters. We closed an initial QEI transaction and a subsequent QLICI for this Pennsylvania CDE.

General Private Entity Experience. Harris Beach has represented regional bank credit investors in NMTC deals and numbers of QALICBs in a variety of project types, including manufacturing, cultural/theatre projects, broadcasting, office building development, college and university clients, and community-based projects. We typically have a broad range of QALICB-level deal pipeline of projects seeking NMTC financing. For these QALICB clients, we structure their deals in compliance with NMTC requirements and assist in attracting allocation, leveraged debt financing and credit investors, as well as negotiating and closing transactions. Our attorneys work on projects involving industrial development agencies and the applications of various federal, state and local tax incentives which further leverage NMTCs, including taxable and tax-exempt bond financings, Payment-in-Lieu-of- Tax (PILOT) Increment Financings and Tax Increment Financings. This includes such projects as a $70 million NMTC transaction we handled for a plant expansion that quadrupled our client’s production capability.

Leader(s)

Christopher Andreucci

Christopher A. Andreucci

Member
(585) 419-8606
candreucci@harrisbeach.com

Team

Christopher Andreucci

Christopher A. Andreucci

Member
(585) 419-8606
candreucci@harrisbeach.com
Shawn Griffin

Shawn M. Griffin

Member
(585) 419-8614
sgriffin@harrisbeach.com
Justin Miller

Justin S. Miller

Member
(518) 701-2710
jmiller@harrisbeach.com
Robert Murray

Robert G. Murray

Member
(716) 200-5180
bmurray@harrisbeach.com
Harris Beach PLLC, Attorneys at Law, Discover True Engagement

Contact us

  • Privacy Policy
  • Legal Disclaimer
  • Site Map

Attorney Advertising. Prior results do not guarantee a similar outcome.
© 2023 Harris Beach PLLC

Twitter Facebook Linkedin Instagram
Make a Payment
MAke a Payment
TRUSTe
Harris Beach PLLC Discover True Engagement image

New Markets Tax Credit

Service

Since the passage of the New Markets Tax Credit (NMTC) law in December of 2000, Harris Beach has represented CDEs, project borrowers, investors, leveraged lenders and other participants in all aspects of the program. This wealth of experience with all sides of NMTC transactions has given the firm unique insight into the competing interests and transactional issues that typically arise. Our attorneys have extensive experience in structuring and closing NMTC transactions. We assist NMTC participants in creating innovative investment and development strategies to use this credit in combination with other tax incentives to achieve their community, business development and investment goals.

The NMTC program offers federal income tax credits for investment in business and real estate development projects which support the revitalization of eligible distressed and low-income communities. The credit equals 39 percent of the investment and is claimed over a seven-year period. Through a competitive application process, the NMTC program allocates its tax credits to Community Development Entities (CDEs) who act as the conduit between investors and the development projects they enable.

Harris Beach attorneys have closed NMTC transactions aggregating hundreds of millions of dollars of both Qualified Equity Investment (QEI) and Qualified Low-Income Community Investment (QLICI) transactions. In aggregate, these transactions have helped to support billions of dollars of development project costs. Our CDE-level experience includes designing NMTC programs for our CDE clients and providing strategic counsel in all aspects of NMTC transactional and compliance work, including in-house training on program compliance and the nuances of NMTC-financed underwriting. Our transaction-level experience includes structuring of NMTC enhanced financings, coordinating related capitalization sources and coupling these transactions with other incentives, including historic tax credits.

Lenders, credit investors and developers benefit from the NMTC program in many ways. The program’s unique financing structure allows development projects that were previously unfeasible due to the prohibitive cost or lack of available capital, to move forward to successful completion. By offsetting the cost of capital, NMTC eligible projects may potentially realize a reduced cost of capital of up to 50 percent. Investing in CDEs under the NMTC program can benefit a lender, in that such investment generally qualifies for Community Renewal Act credit, as well as offering opportunities to develop new business lines, customers and markets.

■ All Services

CDE Formation and Certification Process

Harris Beach attorneys have considerable experience in the formation and certification of CDEs. Our CDE client base is comprised primarily of municipal and state economic development authorities and agencies, and community and economic development tax-exempt entities. We currently represent these clients in New York, New Jersey, Virginia, Florida, Pennsylvania and California. Through this representation, we have developed unique experience and insight into mission-driven CDEs and in structuring and implementing NMTC programs for our clients.

Closing NMTC Transactions

Harris Beach has closed hundreds of millions of dollars of NMTC structured transactions representing allocated CDE clients, and hundreds of millions more of NMTC transactions representing Qualified Active Low-Income Community Businesses (QALICBs), lenders or investors. Our attorneys’ knowledge and experience in all aspects of NMTC transaction closing requirements, details and structure allows them to provide creative solutions to what often are difficult structures, and find the means to get the deal closed in compliance with strict program requirements. We have worked with all known leveraged capital types, from state and federal grants, HUD 108 and other federal or state loan programs, as well as in transactions coupling the historic tax credit with NMTCs. Our attorneys have earned a reputation for their ability to efficiently close even the most complex NMTC transactions within tight deadlines, and at a cost that is highly competitive in the industry.

Our attorneys’ vast knowledge of federal, state and local economic development financing incentives has proven an invaluable resource. We have experience combining NMTCs with other tax credits and financing sources, including Historic Tax Credits (HTCs) and Brownfield tax credits. Federal HTCs are available to developers and owners of certain certified historic buildings at a rate of up to 20 percent of qualified rehabilitation expenditures, and are often partnered with state HTCs to subsidize real estate investment and community revitalization. We also couple NMTCs with available state tax credits for the restoration of contaminated brownfield sites.

Identifying Potential Investors and Debt Providers

Through our involvement with the NMTC program since its inception, Harris Beach is a recognized industry participant that has developed relationships with all of the national investor groups that have become recognized industry investors and providers of debt in NMTC-structured transactions. We have also successfully added regional-based investors and lenders to our relationship network. Our attorneys have spent considerable time educating these regional investment sources in the NMTC program, as well as the nuances of leveraged lending and credit investing in NMTC program transactions. Our deep relationships with these industry participants has helped us establish a proven track record of attracting investment in connection with development projects, both as leveraged debt and as credit investment providers, for CDEs and QALICBs.

NMTC Program Training

Harris Beach has developed a NMTC training program to educate CDE clients and staff on transactional and compliance matters. Our NMTC compliance training includes CDE-level, transactional level, Allocation Agreement compliance, and the latest guidance, as well as training on CDE certification, CDE amendment process (board roster, service area amendments) and CDE maintenance matters. Training also includes the process of soliciting and intaking project proposals requesting allocation, how best to review and screen such proposals, and best practices in underwriting a NMTC project. Additionally, we train CDEs on the NMTC allocation application process and preparation, and review with clients the latest Notice of Allocation Availability, program guidance, and the scoring and review process.

Preparing Allocation Applications for Subsequent Funding Rounds

We have worked on numerous allocation applications and apply our experience, insight and best practices to help our clients achieve awards on multiple NMTC rounds. Along with assisting clients in developing well-articulated business strategies which conform with clearly defined community impacts, we assist in achieving requisite financing commitments as part of the application to assure implementation of the business strategy over a two-year horizon post-award. We also recommend any changes to the advisory board to facilitate appropriate information sharing with the governing board to document that community impact is achievable.

Program Implementation

We work with our CDE clients to refine their business strategy and its attendant community impacts, articulate those impacts, and coordinate impacts consistent with developed business strategies. We also assist in the development of advisory boards and roles, and how those boards assist in achieving community impacts. Our attorneys leverage their relationships in the NMTC investment community to provide commitments to clients to assure that their investment strategy has the ability to deploy awards within two years of award. We also assist clients with maintaining their CDE status and impart all new guidance, regulatory change, industry trends and approaches as part of our on-going training.

Screening Potential NMTC Transactions for Eligibility

Our attorneys help clients screen potential NMTC transactions for eligibility to build a project pipeline. Eligibility screening includes whether projects are located in a qualified tract, exhibit the requisite distress criteria and align with our clients’ articulated strategies and impacts, consistent with its allocation agreement. We work with advisory boards and governing boards in presenting competing projects and their level of adherence with a CDE’s NMTC program details and specifics.

Our Representative Projects:

Harris Beach has helped many clients realize the benefits of the NMTC program, including the credit investor, the leveraged lender, the CDE and the developer. We have participated in NMTC transactions involving community investments with municipal and state agencies, regional development authorities, not-for-profit organizations, and regional and national companies. Our attorneys have leveraged public funds, private investments and commercial financings in the generation of NMTC investment in support of projects involving:

  • Alternative Energy Projects
  • College and University Projects
  • Healthcare and Hospital Facilities
  • Hotel Development
  • Manufacturing Facility Developments
  • Municipal Facilities
  • Office Building Developments
  • Rehabilitation and Revitalization Projects
  • Retail Developments
  • Technology Centers
  • Waterfront and Pier Development

Government Entity Representative Experience:

New Jersey Community Development Entity, LLC (NJCDE). The NJCDE, organized under the auspices of the New Jersey Economic Development Authority (NJEDA), was awarded a $125 million NMTC allocation in the program’s second round. Since that award, Harris Beach attorneys have worked with NJCDE in developing and designing all aspects of its NMTC program. This has included QLICI product design; negotiation, structure and terms of QEI commitments with third-party investors, including leveraged transactions using a variety of other funding sources; and the coupling of NMTCs with other tax benefits, such as the rehabilitation credit. We have also conducted training programs for NJEDA staff in NMTC transactional and compliance matters; provided counsel on the NMTC program application process to be used by the QALICB-public, and designed QLICI transactional documents to satisfy the strict NMTC program requirements, including the “reasonable expectations” test of QALICB status.

New Jersey Redevelopment Authority (NJRA). The New Jersey Redevelopment Authority (NJRA) invests financial and technical resources into redevelopment projects and plans that will create a positive impact in eligible New Jersey communities. NJRA functions as a comprehensive resource center that focuses on improving New Jersey’s urban communities. Its primary goal is to ensure that projects are urban-focused, neighborhood-based and investment driven. NJRA was awarded a $20 million NMTC allocation in 2014 and selected Harris Beach as its NMTC counsel. Harris Beach attorneys have worked with NJRA in implementing its NMTC program. This has included CDE structure; negotiation, structure and terms of QEI commitments with third-party investors; and the coupling of NMTCs with other tax benefits; staff training; counsel on the NMTC program application process.

Portsmouth Redevelopment and Housing Authority (PRHA). Southside Development Enterprises, under the sponsorship of the PRHA, was awarded a total of $31 million in NMTCs in the program’s second and sixth rounds. Our attorneys handled all aspects of PRHA’s NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal they have accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for PRHA staff in NMTC transactional and compliance matters.

Elizabeth Development Company (EDC). The EDC, the City of Elizabeth, New Jersey’s economic development office, was awarded a total of $35 million in NMTC allocations in the program’s fourth and fifth rounds. As with PRHA, our attorneys coordinated all aspects of the NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal they have accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for staff in NMTC transactional and compliance matters.

Empire State New Market Corporation (ESNMC).  Harris Beach worked as special counsel to Empire State Development Corporation in connection with a pending Round III NMTC Allocation Application. The firm played a central role in forming the ESNMC and securing CDE status in advance of ESNMC’s application for NMTC allocation in the program’s second round. This special counsel representation also entailed the development of ESNMC’s proposed NMTC QLICI funding and deployment structure.

The Port Authority of New York & New Jersey. Our attorneys formed and certified the Authority’s CDE and represented the Authority in its allocation application process, including its NMTC program design. We provided advice on projects that the Authority considered undertaking which incorporate NMTCs as part of the project’s overall financing.

Palm Beach County Economic Development Office (PBC-EDO). Our attorneys advised PBC-EDO on the process, utility and benefits of becoming a CDE. On its behalf, we formed and certified PBC-EDO’s CDE and provided representation in its allocation application process, including its NMTC program design. We provide advice and counsel on potential projects that PBC-EDO’s CDE considers undertaking which incorporate NMTCs as part of the project’s overall financing.

Private Entity Representative Experience:

Metropolitan Community Development Entity (MCDE). The MCDE is an entity comprised of the New York Business Development Corporation (NYBDC) and CenterState Corporation for Economic Opportunity in Syracuse, New York. Our attorneys formed the entity’s CDE and subsidiaries, achieved CDE certification, filed allocation applications, designed its NMTC program, assisted in coordinating projects utilizing the NMTC through deal structure, and participated in allocate identification, credit investment negotiation and leveraged debt negotiation.

Reading’s Future, LLC. Reading’s Future, a CDE sponsored by Boscov’s Department Stores LLC, was awarded a $15 million NMTC allocation in the program’s seventh round. Harris Beach attorneys handled all aspects of Reading’s NMTC program, including program design and implementation, its application process, participating in underwriting, negotiating and structuring every deal it has accomplished, managing all aspects of its CDE compliance and reporting requirements, and conducting training programs for staff in NMTC transactional and compliance matters. We closed an initial QEI transaction and a subsequent QLICI for this Pennsylvania CDE.

General Private Entity Experience. Harris Beach has represented regional bank credit investors in NMTC deals and numbers of QALICBs in a variety of project types, including manufacturing, cultural/theatre projects, broadcasting, office building development, college and university clients, and community-based projects. We typically have a broad range of QALICB-level deal pipeline of projects seeking NMTC financing. For these QALICB clients, we structure their deals in compliance with NMTC requirements and assist in attracting allocation, leveraged debt financing and credit investors, as well as negotiating and closing transactions. Our attorneys work on projects involving industrial development agencies and the applications of various federal, state and local tax incentives which further leverage NMTCs, including taxable and tax-exempt bond financings, Payment-in-Lieu-of- Tax (PILOT) Increment Financings and Tax Increment Financings. This includes such projects as a $70 million NMTC transaction we handled for a plant expansion that quadrupled our client’s production capability.

■ People

Christopher A. Andreucci

Member
(585) 419-8606
candreucci@harrisbeach.com

Shawn M. Griffin

Member
(585) 419-8614
sgriffin@harrisbeach.com

Justin S. Miller

Member
(518) 701-2710
jmiller@harrisbeach.com

Robert G. Murray

Member
(716) 200-5180
bmurray@harrisbeach.com

Harris Beach and its subsidiaries provide a full range of legal and professional services for clients across New York state, as well as nationally and internationally. Harris Beach is among the country’s top law firms as ranked by The National Law Journal and is among the BTI Elite law firms based on in-depth interviews of more than 600 corporate counsel at the world’s largest and most influential companies. Our clients include Fortune 100 corporations, privately-held companies, emerging businesses, public sector entities, not-for-profit organizations and individuals. Principal industries we represent include education, energy, financial, food and beverage, health care, insurance, manufacturing, medical and life sciences, real estate developers, and state and local governments and authorities.

Industry Teams
Automotive and Vehicle Dealerships
Blockchain and Digital Assets 
Cannabis
Construction and Surety
Educational Institutions Higher Ed
Educational Institutions K-12
EMS and Fire Protection Providers
Energy
Financial Institutions and Capital Markets
Food and Beverage
Health Care
Industrial and Consumer Manufacturing
Medical and Life Sciences
Municipalities and Local Agencies
Nanotechnology
Photonics
Racing and Gaming
Real Estate Developers
Science and Technology
Telecommunications and Media
Unmanned Aircraft Systems
USA Collegiate Sports
Veterinary Medicine

Practices
Alternative Dispute Resolution
Appellate
Business and Commercial Litigation
Collection Law
Commercial Real Estate
Corporate
Cybersecurity Protection and Response
Diversity Compliance
E-Discovery (e-infoSM)
Employee Benefits
Employment Litigation
Environmental Law
Environmental, Social and Governance (ESG)
Financial Restructuring, Bankruptcy and Creditors’ Rights
Government Compliance and Investigations
Health Law
Immigration Law
Insurance Coverage
Intellectual Property Law
International Trade Law
Internet Law
Labor and Employment Law
Mass Torts and Industry-Wide Litigation
New Markets Tax Credit
Patent, Trademark and Copyright Law
Product Liability and Comprehensive General Liability
Public Finance and Economic Development
Real Property Valuation Litigation
Residential Real Estate
Tax Law
White Collar Crime
Wills, Trusts and Estates

Consulting Services
HB Solutions LLC
Collegiate Sports Compliance
Data Privacy and Cybersecurity
Economic Development and Public Affairs
Educational Institution Assistance
EMRG® (E-Discovery Management Resources Group)
Energy
Health and Human Services
Human Resources
Information Technology
Marketing and Communication Services
Municipal and Local Agency Assistance

HB Cornerstone LLC
Owner Representation
Design Services
Facilities Consulting
Move Management

Caetra.io
CyMetric (Cybersecurity Regulation Compliance Software)

Offices throughout New York:

Albany
677 Broadway
Albany, NY 12207
518-427-9700

Buffalo
726 Exchange Street
Buffalo, NY 14210
716-200-5050

Ithaca
119 East Seneca Street
Ithaca, NY 14850
607-273-6444

Long Island
333 Earle Ovington Boulevard
Uniondale, NY 11553
516-880-8484

New York City
100 Wall Street
New York, NY 10005
212-687-0100

Rochester
99 Garnsey Road
Pittsford, NY 14534
585-419-8800

Saratoga Springs
513 Broadway
Saratoga Springs, NY 12866
518-587-0551

Syracuse
333 West Washington Street
Syracuse, NY 13202
315-423-7100

White Plains
445 Hamilton Avenue
White Plains, NY 10601
914-683-1200

Offices also in:

New Haven, CT
195 Church Street
New Haven, CT 06510
203-784-3159

Newark, NJ
One Gateway Center
Newark, NJ 07102
973-848-1244

Washington, DC
800-685-1429

Attorney Advertising. Prior results do not guarantee a similar outcome.
© 2022 Harris Beach PLLC

Content current as of March 28, 2023 11:56 am
Cookies
This website uses cookies as specified in our privacy policy. You consent to the use of cookies by clicking accept or by using our site. We do not sell your personal information.
.
Cookie settingsACCEPT
Manage cookies

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT