Broad and Cassel Tax Credit Department Scores $35M NMTC Allocation for Client

March 1, 2011 - PRLog -- ORLANDO, Fla.; March 1, 2011 — Roman Petra, an attorney with the Orlando office of Broad and Cassel and a member of the firm’s tax credit department, recently helped coordinate the Fresno New Market Tax Credit (NMTC) application, in which they won a $35M allocation, despite the fact that they were a first time applicant and that there was $1.5B less in allocation to go around.

The United States Department of the Treasury Community Development Financial Institutions Fund’s (CDFI) New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). To date, the Fund has made 594 awards totaling $29.5 billion in allocation authority.

Broad and Cassel’s Affordable Housing and Tax Credit Practice Group is a leader among law firms in the United States in this complex and highly specialized area of law. The firm represents a variety of clients in the planning and development of affordable housing projects in 35 states, closing more than a thousand transactions involving more than $5 billion in tax-credit syndications, tax-exempt bond financings, New Market Tax Credits (NMTC), numerous subsidies from HUD Mixed Finance and HOPE VI transactions to HOME loans, SAIL loans, SHIP loans and other complex real estate financings and projects.

Broad and Cassel is one of Florida’s most prestigious corporate law firms, serving clients worldwide from Boca Raton, Destin, Fort Lauderdale, Miami, Orlando, Tallahassee, Tampa and West Palm Beach. Founded by Alvin Cassel and Shepard Broad in 1946, the Firm has more than 175 attorneys with extensive experience in a wide variety of practice areas including: Corporate and Securities; Construction Law and Litigation; Real Estate Development; Estate Planning and Trusts; Commercial Litigation; Health Law; Law Use and Environmental Law; Taxation; Bankruptcy and Creditors’ Rights; Labor and Employment; Eminent Domain; Auto Dealership/Repair Shop Defense and Regulatory Compliance; Appellate Law; Public Finance and Capital Projects; and White Collar Crime and Civil Fraud Defense. For more information, please visit us online at www.broadandcassel.com.

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Broad and Cassel offers full-service legal representation for individuals, public entities and private enterprises — from start-ups to Fortune 500 companies. Founded in 1946, we have eight office locations throughout Florida to serve your legal needs.