Delphine’s practice focuses on tax credit finance, affordable housing and community development. She represents public housing agencies, developers and lenders in connection with all aspects of housing and commercial development and redevelopment initiatives, with an emphasis on transactions using Low-Income Housing Tax Credits (“LIHTC”), New Markets Tax Credits (“NMTC”), state and federal historic rehabilitation tax credits (“HTC”), tax-exempt bonds, HUD financing, grant funds, conventional loans, and/or subordinated debt. She advises redevelopment and housing authorities in complex revitalization efforts, including mixed-finance transactions using Choice Neighborhood Initiative (“CNI”) grants, HOPE VI funds, LIHTC, and public and private sources of capital. She also assists housing authorities with the conversion of public housing units to project-based Section 8 programs through the Rental Assistance Demonstration (“RAD”) initiative. Delphine has been involved in the NMTC program since its inception, representing Community Development Entities, financial institutions and developers in transactions that often combine federal and state tax incentives with other financing sources.
Delphine G. Carnes
Businesses & Industries
- Affordable Housing
- Bond Financing
- Commercial and Residential Developers
- Community Development
- Financial Institutions
- Public Finance
- Real Estate Finance
- Redevelopment and Housing Authorities
- Tax Credit Finance
Honors & Awards
- AV® Preeminent™ Peer Review Rating by LexisNexis Martindale-Hubbell
- Listed in Best Lawyers of America® – Project Finance Law and Public Finance Law, 2013-2018
- Listed in Virginia Super Lawyers, Tax, 2017
- Listed in Virginia Super Lawyers “Rising Stars”, Tax, 2007-2016
- Listed in Virginia’s “Legal Elite” by Virginia Business Magazine; Young Lawyer Under 40, 2008
- T.C. Williams School of Law at The University of Richmond, J.D., magna cum laude, 2002
- Nanterre University, Paris, France, Law Graduate Degree, European Union Law, Valedictorian, with high honors, 2000
- Sorbonne University, Paris, France, Law Graduate Degree, English and American Business Law, with honors, 1999
- Nanterre University, Paris, France, Diploma in English and American Law, B.A. in French Law, with high honors, 1998
- Virginia State Bar
- District of Columbia Bar
- Virginia Supreme Court
- United States Supreme Court
- District of Columbia Court of Appeals
- United States Court of Appeals for the Fourth Circuit
- United States District Court, Eastern District of Virginia
- Virginia Bar Association
- American Bar Association (Section of Taxation; Forum on Affordable Housing & Community Development Law)
- Norfolk & Portsmouth Bar Association (Executive Committee, 2012-2016)
- Norfolk Society for the Prevention of Cruelty to Animals (President)
Experience & Presentations
- Represents Community Development Entities (CDEs), financial institutions and Qualified Active Low-Income Community Businesses (QALICBs) in connection with the New Markets Tax Credits program.
- Represents redevelopment & housing authorities, developers and lenders in connection with projects using HOPE VI, Low-Income Housing Tax Credits (LIHTC), and mixed-finance transactions.
- Represents redevelopment & housing authorities in connection with the Rental Assistance Demonstration (RAD) initiative.
- Represents public entities as Issuer’s counsel in transactions involving tax-exempt and taxable bond financing.
- Structured the first NMTC transaction that uses the proceeds of tax-exempt bonds as leveraged debt.
- Structured the first NMTC transaction that utilizes HUD public housing development funds as the source of leveraged debt.
- Experience in HOPE VI, Low-Income Housing Tax Credits (LIHTC), Rehabilitation Tax Credits (state and federal) and mixed-finance transactions.
- Represents developers and lenders in connection with the use of historic rehabilitation tax credits (federal and state) for the redevelopment of residential and commercial buildings.
- Represents entities in the acquisition, financing, development and disposition of real estate.
- Experience in general corporate counseling, including corporate formation and reorganization, acquisition and disposition of corporate assets, tax exemptions and commercial transactions.
- Presenter, “Working with your BoardLegal and Ethical Considerations”, 2019 Legal Seminar at the Virginia Association of Housing and Community Development Officials (“VAHCDO”), Richmond, Virginia (December 6, 2019)
- Presenter, “Low Income Housing Tax Credit (LIHTC) Exit Strategies – Planning for a Smooth Transition”, 2017 Virginia Association of Housing and Community Development Officials (“VAHCDO”) Annual Conference, Richmond, Virginia (April 27, 2017)
- Presenter, 2016 Legal Seminar, Virginia Association of Housing and Community Development Officials (“VAHCDO”), Richmond, Virginia (December 2, 2016)
- Presenter, “HUD’s Rental Assistance Demonstration Program” webinar by Clear Law Institute (August 10, 2015)
- Presenter, “Using Low Income Housing Tax Credits (LIHTC) with RAD”, Leveraging Affordable Housing HUD Financing: RAD and Other Mixed-Finance Development Programs, Strafford Publications Webinar (June 4, 2015)
- Presenter, “RAD Conversion and Rehabilitation using LIHTC: Key Considerations for PHAs”, VAHCDO Legal Seminar (December 5, 2014)
- 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)
- 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)
- “Bringing Capital to Underserved Communities: An Introduction to New Markets Tax Credits”, The Fee Simple, Virginia State Bar, Real Estate Section (Spring, 2012)
- 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)
- Presenter, “Effective Higher Education Partnerships,” 2011 Virginia Governor’s Housing Conference (November 17, 2011)
- Presenter, “Creative Leveraging to Create Mixed Use: East St. Louis Housing Authority’s Approach,” NAHRO 2011 National Conference & Exhibition (October 25, 2011)
- Presenter, “Money, Money, Money: Raising it, Making it and Hanging on to it,” Cox Business Executive Discussion (March 15, 2011)
- Presenter, “Using NMTC to Revitalize Neighborhoods Near HBCUs,” HBCU CDAC Conference (September 14, 2010)
- Presenter, “Financing Tools for Norfolk Developments,” Governor’s Housing Conference Tour of Norfolk Neighborhoods, 2009 Virginia Governor’s Housing Conference (November 19, 2009)
- Presenter, “Community Revitalization Tax Hot Topics,” 2009 Fall Conference, ABA Forum on Affordable Housing and Community Development Law (October 9, 2009)
- Presenter, “New Road for Public Housing Authorities,” 2008 Governor’s Housing Conference (November 13, 2008)
- Presenter, “Preserving Affordability,” VAAD Seminar (July 14, 2006)