Ice Miller’s LIHTC team brings decades of national, transaction-tested experience as bond and developer counsel, and in a differentiated hybrid role that integrates both perspectives.

We advise and represent:

• For-profit and nonprofit affordable housing developers
• Syndicators and equity investors
• State and local housing finance agencies (HFAs)
• Municipalities and other public agencies
• Institutional lenders and underwriters

Our team guides clients through the full lifecycle of tax credit financings — from initial structuring through closing and long-term Section 42 compliance.

Why Clients Choose Ice Miller as LIHTC Counsel

Our multidisciplinary approach integrates tax, real estate, public finance, environmental, and regulatory counsel — resulting in streamlined execution and resilient structures designed for long-term success.

Throughout the entire process, we help clients:

• Increase access to capital through financing structures
• Strengthen financial outcomes across the capital stack
• Mitigate regulatory and recapture risk in an increasingly complex housing finance landscape
• Accelerate closings across multi-party, multi-funding source transactions

Our LIHTC & Affordable Housing Capabilities

Structuring & Financing

• Structuring 4% and 9% LIHTC transactions, including bond-financed deals
• Layering federal and state incentives, including LIHTC, New Markets Tax Credits (NMTC), Historic Tax Credits (HTC), tax-exempt bonds, tax abatements, and Tax Increment Financing (TIF)
• Designing creative capital stacks optimized for eligible basis, investor requirements, and long-term feasibility
• Advising on entity formation, partnership agreements, and equity investor/syndicator requirements
• Supporting twinned transactions and complex, multi-phase developments
• Negotiating purchase and development agreements to address timing, site control, and closing considerations unique to tax credit projects

Regulatory & Agency Navigation

• Guiding clients through HUD programs, including RAD conversions, FHA-insured loans, and Section 8 programs
• Interfacing with state housing finance agencies on allocations, underwriting standards, compliance, and closing protocols
• Advising on federal, state, and local regulatory frameworks impacting LIHTC transactions and ongoing compliance obligations

Due Diligence & Risk Mitigation

• Conducting tax, real estate, and regulatory diligence to ensure compliance with Section 42 requirements
• Structuring transactions to minimize risk of credit recapture and preserve tax benefits for investors
• Title and survey review, along with preparation of conveyance and closing documentation
• Evaluating layered financing programs and long-term affordability restrictions
• Analyzing and supporting competitive allocation processes, including QAP scoring, volume cap constraints, and assistance with navigating LIHTC, HOME Loan, and other tax credit and subsidy applications

Closing & Execution

• Managing and coordinating all aspects of complex, multi-party closings
• Working with institutional investors, lenders, underwriters, and public funding sources
• Preparing opinion letters, investor deliverables, and compliance certifications
• Driving efficient, on-time execute on across multiple funding sources and stakeholders

Contact Ice Miller's LIHTC Team

Whether you're structuring your first LIHTC transaction or your fiftieth, Ice Miller's affordable housing tax credit attorneys deliver the multidisciplinary counsel needed to close efficiently and preserve long-term value. Contact our LIHTC team to learn how we can support your next affordable housing development or preservation project.

Frequently Asked Questions About LIHTC Transactions

What is the Low-Income Housing Tax Credit (LIHTC)?

LIHTC is the nation's primary tool for financing affordable rental housing, providing developers a dollar-for-dollar federal tax credit to raise equity for new construction, acquisition, or rehabilitation. Ice Miller helps clients navigate the 4% and 9% credit structures to fit their project goals.

How does Ice Miller support clients on LIHTC transactions?

We provide integrated counsel from structuring through closing, compliance, and disposition — serving as bond counsel, developer counsel, issuer counsel, or in hybrid roles alongside lenders, investors, and public agencies.

Why is experienced LIHTC counsel important?

LIHTC deals involve complex tax rules, state allocation processes, and long-term compliance obligations where missteps can jeopardize credits. Ice Miller's cross-disciplinary strength in affordable housing, public finance, tax credit, and real estate helps clients close successful, compliant projects.