Charlotte, NC – Parker Poe is pleased to announce its New Markets Tax Credit (NMTC) team to assist qualifying businesses, both profit and nonprofit, in financing or reimbursing eligible expenditures on a highly subsidized basis. These transactions typically include a seven-year reduced rate interest only loan with forgiveness of up to 25% or more of the total loan amount at the end of such seven year period. The program is available to virtually any type of business in a qualifying low income community or serving / employing low income persons. Parker Poe‘s team has substantial experience and deep knowledge of the process to assist clients through these complex transactions.
Parker Poe’s strong background with multiple transaction roles and a reach beyond its North Carolina, South Carolina, and Georgia footprint enables the firm to assist in the New Markets Tax Credit process in various aspects of a transaction including the following:
- Full counsel for Project Sponsor/Project Borrower (QALICB)
- Special tax counsel to the QALICB
- Community Development Entity (CDE)
- Leverage Lenders
The Parker Poe NMTC team, capable of serving as special counsel to all types of borrowers in every state of the country, is experienced in working with the borrower’s regular counsel to provide education and bring efficiencies to a transaction in terms of time and expense, as well as delivering the multiple complex legal opinions required in these transactions.
“With the federal government’s $7 billion recent award of New Markets allocation authority, it is an exciting and highly opportune time for those eligible to benefit from this highly attractive means of obtaining capital. It is also a pleasure to be a part of the Parker Poe New Markets Tax Credit group, composed of highly experienced professionals who are ready, willing and able to assist parties to these transactions on a local, regional and nationwide basis,” stated Tyler Smith, Special Counsel in Parker Poe’s Greenville, South Carolina office.
Additional team members of the Parker Poe NMTC team include Ray Jones, Richard Few, Michael Kozlarek and Scott Manning – each with their own set of skills to help clients through the process.
To learn more about Parker Poe’s New Markets Tax Credit team, please click here.
To learn more about the New Markets Tax Credit program, please click here.
About Parker Poe
Parker Poe Adams & Bernstein LLP has approximately 200 lawyers in seven offices located in major markets across North Carolina, South Carolina, and Georgia. The firm provides legal counsel to large commercial and public organizations on litigation, corporate and regulatory matters.
Parker Poe is a member of TerraLex, one of the world’s leading international legal networks. With 155 member law firms and 19,000 attorneys in 100 countries, TerraLex members provide the legal resources and expertise needed to conduct seamless business worldwide.