Several attorneys in the Real Estate Section are experienced in tax exempt finance, low-income housing, historic tax credits, and real estate tax abatement. These alternative financing vehicles enable borrowers to reduce debt service costs, raise equity and reduce operating expenses, all of which enhance a project's feasibility.
David Belkowitz is an active bond counsel and underwriter counsel in tax-free bond financing. Dave and other attorneys in the Section have been active as issuer's counsel in numerous transactions. Dave is included as bond counsel in The Bond Buyer's Municipal Market Place (the "Red Book").
Other attorneys have been active in the representation of owners, developers and consultants in connection with the structure and sale of low-income housing and historic tax credits. Our historic tax credit practice and its adjunct historic preservation law are very active as we see considerable investment in historic Richmond and other towns in the region, including Petersburg, Norfolk, Roanoke and Fredericksburg. We handle these matters with a team approach involving our tax and finance lawyers to help structure transactions that are profitable and marketable to tax credit purchasers.
We recently represented a client who converted a vacant dairy building into affordable housing apartments combining VHDA tax exempt bonds, low income housing tax credits and state historic tax credits. Additionally, we have been active in the historic rehabilitation of the several block area near downtown Richmond known as "Tobacco Row", a former warehouse district. This mixed use project developed by a national developer combined tax-free bond financing with the sale of tax credits. We have also represented the developer-consultant working with non-profit corporations to complete the historic adaptations of existing properties financed through the sale of historic tax credits. We represent several developers actively engaged in the acquisition and rehabilitation of multi-family properties financed through the issuance and sale of low income housing tax credits. In part to show our commitment to the rehabilitation of downtown Richmond, we moved our offices to a renovated warehouse in Tobacco Row in 2007.