NMTC Compliance and Monitoring Update
Brad Elphick
Partner
Novogradac & Company LLP
Brad Elphick is a partner in the metro Atlanta office of Novogradac & Company LLP. He has extensive experience in the low-income housing tax credit (LIHTC), historic tax credit (HTC) and new markets tax credit (NMTC) programs. Mr. Elphick specializes in developer consulting with an emphasis in forecasting and partnership taxation. He also works extensively with real estate partnership audits and compliance audits, as well as the structuring of LIHTC and NMTC applications. Mr. Elphick also leads and coordinates the NMTC Working Group, a membership organization that is highly regarded for the work it does addressing technical programmatic issues surrounding the NMTC industry. He is a regular contributor to the Novogradac Journal of Tax Credits’ NMTC content, a frequent speaker at industry events and serves as chairman of Novogradac & Company’s annual fall New Markets Tax Credit Conference. Mr. Elphick received a bachelor’s degree in business administration with an emphasis in finance from Emory University and a master’s degree in taxation from Georgia State University. He is licensed in Georgia, Puerto Rico and the District of Columbia as a certified public accountant.
Neil S. Faden
Partner
Manatt, Phelps & Phillips LLP
Neil S. Faden focuses on finance matters related to the New Markets Tax Credit (NMTC) program and renewable energy tax credit (RETC) projects. His practice includes the representation of community development entities (CDEs), investors, lenders and borrowers. Mr. Faden advises sponsors of collective investment vehicles, organized as limited liability companies and partnerships, ranging from hedge funds to real estate private equity funds. He regularly handles transactions structured in non‐U.S. jurisdictions to enable investment by foreign investors and acquisitions of securities in compliance with U.S. law. Mr. Faden has lead responsibility for dozens of affordable housing finance transactions, including the formation of limited partnerships designed to invest in affordable housing generating federal low-income housing tax credits (LIHTCs), negotiation with institutional investors in such partnerships, negotiation with lenders and negotiation of equity investments in partnerships constructing or rehabilitating affordable housing. Mr. Faden has extensive experience representing developers of assisted-living facilities including the formation of joint ventures for the development or ownership of assisted-living facilities, compliance with regulatory requirements and the financing and sale of such facilities.
David Gibson
Senior Vice President, NMTC Acquisitions
PNC Bank
David Gibson is responsible for managing PNC’s national new markets tax credit (NMTC) practice within PNC’s tax credit investment group. In this role, Mr. Gibson is responsible for his team’s execution and oversight of all new NMTC acquisition activity. This includes PNC’s $493 million in NMTC allocations and an active portfolio of NMTC investments totaling more than $1.5 billion of qualified equity investments (QEIs). Additionally, Mr. Gibson authors PNC’s NMTC allocation applications. Before joining PNC’s tax credit investment group, Mr. Gibson worked for nine years in PNC’s community development banking group, including the final five years as manager of PNC’s community development financing business, providing specialized debt and equity financing throughout PNC’s retail banking footprint. During this time, Mr. Gibson created and grew PNC’s NMTC platform. Mr. Gibson has served on several community and economic development boards and commissions in the Pittsburgh area and is a member of the executive committee of the New Markets Tax Credit Coalition.
Laurel Tinsley
Senior Vice President
McCormack Baron Salazar
As a senior vice president of finance, director of new markets, Laurel Tinsley focuses specifically on the firm’s new markets and renewable energy investments, managing projects from concept through completion and continuing to monitor them throughout the compliance period. Mrs. Tinsley works on projects across the company’s diverse portfolio, specializing in closing new markets tax credit (NMTC) and renewable energy credit (solar) transactions. This involves taking a deal from an idea to a reality, bringing together the various sources necessary to finance NMTC and solar projects, developing the legal and financial structures that meet the requirements of each of the tax credit and incentive programs used in the finance package, managing the financial and legal aspects of the financial closing and overseeing the close-out process upon project completion. Mrs. Tinsley brings to this role a mixture of investment, strategic and legal experience. She also works on projects involving a broad spectrum of other development incentives and tax credits, providing analysis of available federal, state and local tax credits and incentives and structuring complex transactions involving, in addition to those previously mentioned: historic rehabilitation tax credits (HTCs), low-income housing tax credits (LIHTCs), brownfield tax credits and affordable housing assistance program tax credits. In addition, Mrs. Tinsley oversees compliance with the tax credit programs from the application process through the financial closing and operations phases and manages the day-to-day operations of MBS Urban Initiatives CDE. Before joining MBS, Mrs. Tinsley was a partner at Husch Blackwell Sanders LLP and has more than 10 years of legal experience handling complex real estate, tax credit and tax transactions.
Jerome A. Breed
Partner
Bryan Cave LLP
Jerome Breed focuses his practice on tax planning and the structuring of low-income housing tax credit (LIHTC), historic rehabilitation tax credit (HTC), new markets tax credit (NMTC) and renewable energy tax credit (RETC) transactions. Mr. Breed has closed many LIHTC, HTC, NMTC and RETC that permit his clients to maximize tax benefits and investment returns, all within the framework of the client's business goals. He has substantial experience in the taxation of community development and NMTC investments. Mr. Breed also has represented clients with respect to audits of tax credit investments. Clients of Mr. Breed include syndicators and investors in LIHTC, HTC, NMTC and RETC transactions as well as developers of these tax credit developments. In the NMTC area, Mr. Breed represents the owners of qualified active low-income community businesses (QALICBs) and community development entities (CDEs). Mr. Breed also represents state housing authorities that allocate LIHTCs. Frequently, these federal credits include state credits and other federal, state and local subsidies. Mr. Breed has given presentations at numerous seminars and conferences on the LIHTC, HTC, NMTC and RETC including presentations on partnership taxation and real estate tax issues. He also is author of a number of articles on tax credits and other federal income tax matters.