Marks Paneth Expands Specialist Team

New York-based Marks Paneth LLP (FY13 net revenue of $96.6 million) has expanded its team of professionals within the firm’s real estate group to help affordable housing developers and owners meet the requirements for and realize low-income housing tax credits. Some 30 professionals at Marks Paneth now have this expertise, including a number who have Housing Credit Certified Professional (HCCP) certification.

The low-income housing tax credit (LIHTC) program was part of the Tax Reform Act of 1986 and provides incentives to developers and owners utilizing private capital to develop affordable housing for low-income Americans.

Computation of the allowable tax credit and staying in compliance with the program is a complex, multi-year undertaking. And the fact that most affordable housing developers, owners and professionals opt to sell the credits to banks or other institutions creates another level of requirements, according to William Jennings, PIC of Marks Paneth’s real estate group.

“We have been helping clients with low-income housing tax credits since 1986. In recent years we have redoubled this commitment as the affordable housing industry in the New York area has grown even more robust and the tax credit compliance challenges have, naturally, increased in complexity,” says Jennings. “Our clients appreciate our expanded team’s expertise and qualifications, and we are committed to building on those.”