Project Finance

Project Finance

Project Finance

DCLG offers a full range of services to coordinate, structure and close transactions in a variety of industries. We have significant expertise in the development, financing, acquisition and disposition of the following types of facilities:

  • Community Facilities
  • Health Care
  • Hospitality
  • Manufacturing
  • Mixed-Use
  • Rental and for-sale housing
  • Theatres

We combine our experience in the fields of commercial law, real estate, environmental law, public sector finance, housing, tax and banking law to provide the best services to our clients. The guidance and counsel of our team ensures that our clients’ interests are protected during all stages of a project, from land assembly to negotiations with other parties, documentation and closing. Our team is recognized for its creativity, its ability to exceed clients’ expectations and its innovative strategies. We routinely advise public and private entities in connection with the use of the following programs:

  • Choice Neighborhoods Initiative (CNI)
  • Community Development Block Grant (CDBG)
  • Historic Tax Credits (Federal and VA State Credits)
  • HOME
  • HOPE VI
  • Low-Income Housing Tax Credits (LIHTC) (9% and 4%)
  • Mixed-Finance Transactions
  • Neighborhood Stabilization Program (NSP)
  • New Markets Tax Credits (NMTC)
  • Public Housing Capital Fund Financing Program (CFFP)
  • Public Housing Capital Funds (including Replacement Housing Factor Funds/DDTF)
  • Program
  • Public Housing Operating Funds Program
  • Rental Assistance Demonstration (RAD)
  • Revolving Loan Funds
  • Small Business Administration (SBA) Financing
  • Tax Increment Financing (TIF)
  • Taxable and Tax-Exempt Bonds

Our attorneys have structured and closed complex transactions, including the first transaction in the nation using the proceeds of tax-exempt bonds as leveraged debt in a NMTC structure and the first transaction using HUD public housing development funds as leveraged debt in a NMTC structure.

  • Presenter, “Using Low Income Housing Tax Credits (LIHTC)”, Financing Multi-family Housing: Structuring the Low Income Housing Tax Credit and Tax Exempt Bonds, Documenting Transactions for Investors and Developers, Strafford Publications Webinar (November 21, 2017)
  • Delphine Carnes, presenter, “HUD’s Rental Assistance Demonstration Program” webinar by Clear Law Institute (August 10, 2015)
  • Delphine Carnes, presenter, “Using Low Income Housing Tax Credits (LIHTC) with RAD”, at the Leveraging Affordable Housing HUD Financing: RAD and Other Mixed-Finance Development Programs webinar by Strafford Publications (June 4, 2015)
  • Delphine Carnes, Chair of the firm’s Project Finance Practice Group, presented “RAD Conversion and Rehabilitation using LIHTC: Key Considerations for PHAs“, at the Virginia Association of Housing and Community Development Officials (“VAHCDO”) 2014 legal Seminar held in Richmond, Virginia (December 5, 2014)
  • Delphine Carnes, Presenter, “New Markets Tax Credits“, The Governor’s Conference on Economic Development-Increasing the Odds: Deal-Making in the New Economy, 2014 VEDA Fall Conference (October 8, 2014)
  • Delphine Carnes, Presenter, “Legal Strategies for Effectively Implementing the Rental Assistance Demonstration Program, to Include Incorporation of Tax Credits; Project Based Vouchers; and Post-Conversion Concerns“, VAHCDO, Annual Legal Seminar (December 6, 2013)
  • Delphine Carnes, “Bringing Capital to Underserved Communities: An Introduction to New Markets Tax Credits”, The Fee Simple, Virginia State Bar, Real Estate Section (Spring, 2012)
  • Delphine Carnes, Presenter, “Access to Capital: The Role of Community Development Financial Institutions,” White House and Small Business Administration Faith and Neighborhoods in Action Symposium to Address Economic Recovery Through Strong Communities and Job Creation (March 20, 2012)
  • Delphine Carnes, Presenter, “Effective Higher Education Partnerships,” 2011 Virginia Governor’s Housing Conference (November 17, 2011)
  • Delphine Carnes, Presenter, “Creative Leveraging to Create Mixed Use: East St. Louis Housing Authority’s Approach,” NAHRO 2011 National Conference & Exhibition (October 25, 2011)
  • Delphine Carnes, Presenter, “Money, Money, Money: Raising it, Making it and Hanging on to it,” Cox Business Executive Discussion (March 15, 2011)
  • Delphine Carnes, Presenter, “Using NMTC to Revitalize Neighborhoods Near HBCUs,” HBCU CDAC Conference (September 14, 2010)
  • Delphine Carnes, Presenter, “Financing Tools for Norfolk Developments,” Governor’s Housing Conference Tour of Norfolk Neighborhoods, 2009 Virginia Governor’s Housing Conference (November 19, 2009)
  • Delphine Carnes, Presenter, “Community Revitalization Tax Hot Topics,” 2009 Fall Conference, ABA Forum on Affordable Housing and Community Development Law (October 9, 2009)
  • Delphine Carnes, Presenter, “New Road for Public Housing Authorities,” 2008 Governor’s Housing Conference (November 13, 2008) Delphine Carnes, Presenter, “Preserving Affordability,” VAAD Seminar (July 14, 2006)

Sample Transactions

Representative Clients

  • Banks, Leverage Lenders, Financial Institutions
  • Commercial and Residential Developers
  • Community Development Entities (CDEs)
  • Investment Funds
  • Landowners
  • Municipal and Quasi-Municipal Organizations
  • Qualified Active Low-Income Community Businesses (QALICBs)
  • Redevelopment and Housing Authorities
  • Small Business Administration (SBA) Lenders
  • Tax-Exempt Organizations

Practice Contacts