New Markets Tax Credits
The New Markets Tax Credit Program (NMTC) is designed to improve the flow of private sector investment capital to eligible businesses in qualifying low income communities to spur job growth and economic development.
Through our work with the NMTC program, we:
- Assist clients with completion and submission of the application to qualify an entity as a Community Development Entity (CDE)
- Form entities that operate as Qualified Active Low Income Community Businesses to meet NMTC requirements
- Negotiate and draft NMTC syndication transactional documents
- Negotiate NMTC Qualified Low Income Community Investment (QLICI) loans and investments in CDEs
- Effectively structure and dovetail the NMTC with other tax credits such as the Historic Rehabilitation Tax Credit
- Advise clients on combining NMTC with other public and private funding and financing sources
Related Attorneys
Amy DeVaudreuil
Contact Information
Attorney
Amy DeVaudreuil practices in the areas of corporate, partnership, real estate and tax matters relating to affordable housing and tax credit syndications, as well as tax-exempt organizations. Ms. DeVaudreuil’s work encompasses Low-Income Housing Tax Credits, Historic Tax Credits, and New Markets Tax Credits. In addition, Ms. DeVaudreuil’s practice includes affordable housing and community economic development. Ms. DeVaudreuil represents a wide variety of nonprofit entities, public agencies, counties, cities and housing authorities in the development, financing and management of low-income housing. Ms. DeVaudreuil has extensive experience in the formation of nonprofit corporations and other entities, and the Federal and State tax exemption application process. Ms. DeVaudreuil also has particular expertise in the field of property tax exemption.
Ms. DeVaudreuil in her syndication practice advises clients on transactional structures using joint venture, limited partnership, and other pass-through vehicles. Her work also includes financial pro-forma analysis, advice on limited partnership creation and tax issues related to financing, issuing tax opinions to investors, and facilitating compliance with IRS tax requirements applicable to the syndication of tax credits.
Education
- B. A., highest honors, University of Rhode Island. Phi Beta Kappa
- J.D., University of California, Berkeley School of Law
- Diversity Editor, California Law Review
Professional and Volunteer Affiliations
- State Bar of California, Real Property and Taxation Sections
- American Bar Association, Forum on Affordable Housing and Community Development Law
- San Diego Housing Federation, Education Committee
Colleen Wisel
Contact Information
Attorney
Colleen Wisel practices in the areas of affordable housing, real estate investments, syndication, and community economic development. She represents public agencies and developers in the development, syndication and management of low and moderate-income housing and related programs. Her practice involves representing clients in all phases of affordable housing development, including purchase and sale transactions, affordable housing finance and assisting the firm’s public agency clients in implementing a wide variety of community economic development programs.
Education
- B.A., University of California, Santa Cruz
- J.D., University of California, Irvine
- Staff Editor, UC Irvine Law Review
- Dean’s Award: Procedural Analysis, Lawyering Skills
Professional and Volunteer Affiliations
- State Bar of California
Elizabeth Klueck
Contact Information
Attorney
Ms. Klueck advises clients on a range of issues relating to real estate transactions, financing, and syndication. She practices in the areas of affordable housing, Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), tax-exempt entity law, and public finance.
Ms. Klueck represents nonprofit housing developers in the development, financing, and management of low-income housing developments, including year 15 dispositions. In addition, Ms. Klueck represents public agencies, philanthropic foundations, and housing authorities in the structuring and financing of housing and mixed-use developments and has extensive experience drafting and negotiating loan documents. Ms. Klueck has worked on transactions utilizing a variety of federal and state funding sources, including LIHTC, tax-exempt bond financing, the HOME Investment Partnership Program (HOME), Housing Opportunities for Persons With AIDS Program (HOPWA), Community Development Block Grant (CDBG) funds, Rental Assistance Demonstration Program (RAD), Affordable Housing and Sustainable Communities Program (AHSC), as well as other federal and state programs.
Ms. Klueck represents both qualified active low-income community businesses (QALICBs) and community development entities (CDEs) in NMTC transactions financing a broad range of projects, including educational facilities, performing arts facilities, healthcare centers, event spaces, nonprofit commercial offices and programming spaces, and mixed-use buildings.
Ms. Klueck also serves as an advisor to nonprofit housing developers in the areas of landlord-tenant law, property management, and compliance with federal and state funding sources regulations.
In addition, Ms. Klueck has considerable experience in forming nonprofit corporations, limited partnerships, and limited liability companies, the federal and state tax exemption application process, and the state welfare exemption process.
Education
- B.A., cum laude, University of California, Berkeley
- J.D., University of California, Davis
- Recipient of Witkin Award (highest grade) for Academic Excellence
- The Order of Barristers. CEB/UC Award for Excellence in Legal Writing
- Competitions Chair, UC Davis Moot Court Board
- Executive Board of Directors, King Hall Legal Foundation
- American Inns of Court Scholarship Recipient
- Finalist, Martin Luther King, Jr. Public Service Award
Professional and Volunteer Affiliations
- State Bar of California
Jeff Streiffer
Contact Information
Attorney
Jeff Streiffer’s practice emphasizes commercial and real estate transactions, secured lending, cooperative law, affordable housing, and community economic development. He has represented nonprofit and for-profit developers and public agencies in low-income housing tax credit transactions in several states. Mr. Streiffer also advises clients on issues related to financial assistance programs administered by the United States Department of Agriculture (USDA), including Rural Development’s Community Facilities program, housing programs under Sections 514, 515, 516, 521, and 538 of the Housing Act, programs for businesses and cooperatives, Water & Wastewater programs, and other funding mechanisms authorized under the various reauthorizations of the Farm Bill and related legislation.
Mr. Streiffer has worked on numerous transactions involving state and local governments, public and quasi- public agencies, nonprofits, cooperatives, homeowners associations, Native American tribes, tribal entities, and a variety of agencies of the federal government. In addition to closing deals, Mr. Streiffer has significant experience in servicing and workout situations, having practiced in the areas of alternative dispute resolution, administrative appeals, bankruptcy, and debtor-creditor relations.
In the cooperative realm, Mr. Streiffer has over 30 years of experience working with cooperatives and credit unions and has provided training and education for staff, board members, and their attorney counsel on strategic planning, governance, operations, compliance, supervisory, and audit issues.
Education
- B.A. Honors, Phi Beta Kappa, Earlham College
- J.D., magna cum laude, Hamline-Mitchell School of Law
Previous Employment
- Senior Counsel, USDA Office of the General Counsel, Pacific Regional Office
- Attorney Advisor, USDA Office of the General Counsel, Central Region, St. Paul Office
- Associate Attorney, Educational Credit Management Corporation
- Judicial Law Clerk, Minnesota Court of Appeals
Professional and Volunteer Affiliations
- State Bar of California
- State Bar of Minnesota
- U.S. Court of Appeals for the Eighth Circuit
- United States Supreme Court
- California Lawyers Association (Real Property Section; Business Law Section)
- American Bar Association (Forum on Affordable Housing and Community Development; Business Law Section; Real Property, Trusts, and Estates Section)
Karen M. Tiedemann
Contact Information
Attorney
Karen Tiedemann practices in the areas of real estate transactions, affordable housing, nonprofit organization, and environmental law.
Ms. Tiedemann advises public agencies and nonprofit housing developers on affordable housing matters. She represents numerous agencies and nonprofit corporations on the development, financing and management of low- and moderate-income projects and programs. Her affordable housing work includes advising clients on compliance with fair housing laws. Ms. Tiedemann is a frequent speaker on relocation and fair housing issues. She is also a co-author of Between the Lines, a Question and Answer Guide on Fair Housing in Supportive Housing, which was updated in 2010.
Ms. Tiedemann represents numerous housing cooperatives, providing advice on compliance with Davis-Stirling, the limited equity cooperative law, HUD financing, Department of Real Estate regulations, and other laws and regulations impacting cooperatives. She has also formed numerous limited equity cooperatives. Ms. Tiedemann is a frequent speaker on the formation and management of cooperatives.
Ms. Tiedemann has negotiated and drafted transaction documents for complex developments involving multiple uses, including transactions that involved the acquisition of numerous properties and the relocation of business and residential tenants. She also advises clients on compliance with environmental laws, including shepherding developments through CEQA.
Additionally, as general or special counsel to several public agencies, Ms. Tiedemann provides advice on compliance with the Brown Act, the Fair Political Practices Act and Public Records Act, as well as general law questions.
Education
- A.B., University of California, Berkeley
- Masters in City Planning, University of California, Berkeley
- J.D., University of California, Berkeley School of Law, Order of the Coif honors
- Associate Editor, Ecology Law Quarterly
Professional and Volunteer Affiliations
- State Bar of California
- California Center for Cooperative Development, Board Member
Katie Dahlinghaus
Contact Information
Attorney
Katie Dahlinghaus practices in the areas of affordable housing development, real estate transactions, and non-profit governance.
Ms. Dahlinghaus represents nonprofit clients, housing authorities, and public agencies in all aspects of the real estate development process including the negotiation and drafting of loan documents, easement agreements, purchase and sale agreements, ground leases, construction contracts, and service agreements. She has experience working on real estate developments utilizing funding from tax-exempt bonds, low-income housing tax credits, state and local financing programs, and HUD and USDA programs. In addition, Ms. Dahlinghaus advises clients on matters pertaining to corporate formation and governance, and federal and state tax exemption issues.
Education
- A.B., cum laude, Harvard University
- J.D., University of California, Berkeley, School of Law
Professional and Volunteer Affiliations
- State Bar of California
- American Bar Association Forum on Affordable Housing and Community Economic Development
- Nonprofit Housing Association of Northern California Emerging Leaders Peer Network
M David Kroot
Contact Information
Attorney
M David Kroot has more than 30 years of extensive experience in complex real estate transactions and affordable housing. He has represented developers, nonprofits and housing authorities on projects involving tax-exempt bond financing, HOME funds, public housing funds, Section 8 assistance, low-income housing tax credits, HOPE I and VI, and Mortgage Credit Certificates.
His practice includes nonprofit entity formation and tax exemption, housing finance and development, government-assisted housing programs, and tax-exempt financing. In addition, Mr. Kroot advises many nonprofit and public agencies on property development transactions involving multiple forms of development, including mixed-use developments.
Mr. Kroot acts as corporate counsel for nonprofit organizations regarding corporate governance, tax exemption issues, contracts, fair housing and employment issues. He has developed loan documents for homeownership programs financed by public agencies, provided advice regarding requirements for HOME and CDBG programs, and represented nonprofits in the use of various funding sources for housing.
Education
- B. A., University of Michigan
- J.D., University of Chicago Law School
Previous Employment
- U.S. Department of Housing and Urban Development (HUD), Office of Area Counsel, San Francisco, California, Attorney
Professional and Volunteer Affiliations
- State Bar of California
- American Bar Association, Forum on Affordable Housing & Community Development Law
M. Hickey
Contact Information
Attorney
Ms. Hickey supports several practice areas of Goldfarb & Lipman LLP, including affordable housing development, real estate transactions, property management, landlord-tenant law, community economic development and tax-exempt financing, entity formation, land use, state and municipal law, and serves as a secondary support to the firm’s litigation team. She represents public agencies, nonprofit entities, and both private and nonprofit affordable housing developers.
Education
- B.A., University of California, Berkeley
- J.D., University of California, Davis School of Law
Professional Volunteer and Affiliations
- State Bar of California
- Member, American Bar Association, Forum on Affordable Housing and Community Development Law
- Member, Asian American Bar Association of the Greater Bay Area (AABA)
- Former Board Member/Secretary, East Bay Sanctuary Covenant
Margaret F. Jung
Contact Information
Attorney
Margaret Jung practices in the areas of real estate tax matters and syndications. Ms. Jung represents nonprofit corporations and public agencies in the development, financing and management of low- and moderate-income projects and programs.
Ms. Jung’s work encompasses Low Income Housing Tax Credits, Historic Tax Credits, Renewable Energy Credits, and New Markets Tax Credits.
Ms. Jung’s practice includes structuring syndications using for-profit/nonprofit joint ventures, limited partnerships and other pass-through entities, the formation of limited partnerships, analyzing financial projections for tax credit investments, providing tax advice on the structuring of financing, issuing tax opinions to investors, and assisting clients in complying with all federal tax requirements for tax credit syndications.
Education
- B.A., magna cum laude, University of California, Los Angeles Phi Beta Kappa
- J.D., University of California, Berkeley School of Law
Previous Employment
- Public Accountant, Ernst & Young, LLP
Professional and Volunteer Affiliations
- State Bar of California
- Member, American Bar Association, Forum on Affordable Housing and Community Development Law
- Member, National Coalition for Asian Pacific American Community Development
- Former Board Member, Chinatown Community Development Center
- Certified Public Accountant (inactive), California Board of Accountancy
Rafael Yaquian
Contact Information
Attorney
Mr. Yaquian practices in the areas of community economic development, affordable housing, tax credit syndication and real estate finance. His practice includes advising a variety of developers, nonprofit entities, housing authorities, municipalities and other public agencies in the development, financing, disposition, and management of affordable housing and economic development projects.
Mr. Yaquian assists clients in structuring, negotiating and drafting acquisition and financing documents for complex affordable housing projects, tax credit transactions and other commercial and mixed-use developments. He has experience with the formation of special purpose entities, analyzing financial projections for tax credit investments, and assisting clients in complying with all federal and state regulatory requirements.
Mr. Yaquian also has extensive experience assisting clients in interpreting and implementing the redevelopment dissolution and unwind statues.
Education
- B.S. in Community and Regional Development, University of California, Davis
- Jesse Marvin Unruh Assembly Fellow, California State University of Sacramento Center for California Studies
- Masters in Urban Planning, University of California, Los Angeles School of Public Affairs
- J.D., University of California, Los Angeles School of Law, Epstein Program in Public Interest Law and Policy
Professional and Volunteer Affiliations
- State Bar of California, Real Property and Taxation Sections
- American Bar Association
- Forum on Affordable Housing and Community Development Law
Thomas H. Webber
Contact Information
Attorney
Thomas Webber’s practice is focused on community economic development, real estate, affordable housing, nonprofit and municipal law.
Mr. Webber represents numerous public agencies and nonprofit developers on mixed-use and commercial projects. He has negotiated and drafted disposition and development agreements, loan documents, and ground leases for complex mixed-use developments, including finance documents for new markets tax credit transactions. Mr. Webber’s work in this area involves structuring complex development transactions involving public and private partnerships, advising clients on public and private financing structures and all aspects of development issues, including CEQA-related and real property security issues.
Mr. Webber represented the Community Redevelopment Agency of the City of Los Angeles on various aspects in the development of Staples Center, the Marriott Convention Center Hotel, and the new Broad Museum. He represents the City of Santa Clara in development of the new stadium to be home to the San Francisco 49ers, providing advice on financing, construction and operation issues related to the stadium.
He also represents public agencies and nonprofit organizations on the development, financing and management of affordable housing and mixed-use projects and programs that utilize state assistance, including MHP and MHSA financing, and federal assistance, including, tax credits and CDBG, NSP and HOME financing.
Mr. Webber also works with a wide variety of nonprofit entities, including school districts, affordable housing developers, and other charitable organizations providing legal guidance regarding nonprofit operations and administration, tax issues, as well as matters related to property, real estate, and other corporate and organizational matters.
Education
- B.A., University of Massachusetts, Amherst
- J.D., Golden Gate University School of Law
Previous Employment
- Assistant to the City Attorney, Office of City Attorney, City of Oakland
- Planner, Office of Economic Development and Employment, City of Oakland
Professional and Volunteer Affiliations
- State Bar of California