Case Study

Counsel to New York Equity Fund, providing Low Income Housing Tax Credits Investments in New York City

ShermanLaw represents New York Equity Fund (NYEF), a partnership with Local Initiatives Support Corporation and The Enterprise Foundation, which makes high-impact tax-credit investments that have fueled the construction and preservation of 100,000 affordable rental homes in New York City. NYEF has invested in projects through programs of NYC Department of Housing Preservation and Development to develop affordable housing through locally based for-profit and not-for-profit developers. Though these programs, NYEF purchases low income housing tax credits in many of New York City low income and mixed income housing developments.

Over many years, ShermanLaw has represented NYEF in investing hundreds of millions of dollars in low income housing tax credit transactions in the New York City area. ShermanLaw counsels NYEF on the due diligence required to secure investor consent to fund specific tax credit transactions, reviews the tax credit underwriting and drafts the limited partnership agreement, which documents all the investor’s and developer’s rights and responsibilities with respect to each tax credit transaction, and reviews all real estate matters necessary to protect the investors interests.

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