New Markets Tax Credits

Attorneys at our firm have represented clients who have served in different capacities in new markets tax credits and historic preservation tax credits transactions.

New markets tax credits were utilized to finance the redevelopment of historic Douglas Block in Rocky Mount, North Carolina. Douglas Block was a thriving African-American business district in downtown Rocky Mount in the early to mid-1900’s. This $8 million redevelopment project, which involved the renovation of existing historic buildings into a mixed-use project, was a joint effort between the City of Rocky Mount and the Rocky Mount/Edgemont Community Development Corporation. Our firm represents Rocky Mount/Edgemont Community Development Corporation, who serves as managing member of the Qualified Active Low-Income Community Business (“QALICB”), the co-general partner of the Master Tenant, the guarantor of the transaction, as well as property management agent of the redeveloped project. The project was completed in 2010.

The Firm was special counsel to the Columbia Housing Authority (SC) for the development of Celia Saxon Center, a retail center including a bank and the first grocery store in this community in 20 years. The grocery store has a RETAIL component, which is an acronym for Retail Employment Training Aimed at Influencing Lives. The RETAIL program is modeled on a successful job training program for community residents in Nashville Tennessee that was featured in the Wall Street Journal in 1995. The retail center was developed with new markets tax credits pursuant to Section 45D of the Internal Revenue Code.