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Carreden's Tax Credit Advisory Group ("TCAG") is a recognized market leader in structuring, marketing and closing Section 42 low-income housing tax credit ("LIHTC") investments with institutional investors, having raised over $5 billion in tax credit equity since 1995. A key focus of TCAG is advising credit enhancers on the optimal portfolio build-up, financial/legal structure and placement strategy to maximize credit enhancer economics and minimize credit enhancer risk. Additional areas of emphasis include advising institutions on secondary market sales, state tax credit offerings and capital relief structures.
The TCAG's members have demonstrated expertise in advising clients on how to effectively and efficiently raise tax credit equity, which has been validated by its market success:
- TCAG members have been retained as exclusive financial advisor by 14 different tax credit guarantors and have raised over $3 billion in guaranteed tax equity since 1995.
- TCAG members are a leading advisor in the LIHTC secondary market having raised approximately $2 billion in tax credit equity since 1998.
- TCAG members are a leading advisor on state tax credit transactions having raised over $300 million in state tax credit equity since 2000.
TCAG's value added services stem from the following three qualities:
Experience
TCAG is comprised of five full-time tax credit specialists capable of assuming all day-to-day functions that are geared towards serving their clients in the most effective and efficient manner. These functions include conducting market surveys, providing pricing/structuring services, assisting with the management of counter-parties, preparation of term sheets, review of documentation, coordinating the management of the due diligence process and coordinating all of the above activities together on a timely basis for closing the respective transactions.
Advisors, not Brokers
TCAG takes pride in its philosophy which emphasizes advocating its client's interest ahead of any transaction. We are long-term relationship-oriented advisors and this philosophy is well regarded by our clients. Our goal is to understand our client's goals and objectives so as to assist them in achieving their success.
Institutional Relationships
TCAG enjoys very high transaction confidence with institutional tax credit investors which, we believe, generates efficient pricing and promotes successfully executed transactions. With a collective 100 plus years of experience with institutional investors and credit enhancers we have the depth of relationships necessary to achieve smooth closings.
Selected Recent Advisory Successes
- 2008-2009:
- Engaged by major financial institution to act as exclusive advisor on the development and placement of a regulatory capital relief structure involving over $3 billion in LIHTC credits;
- Engaged by multiple financial institutions for the placement of guaranteed federal and state LIHTC credits;
- 2004-2008:
- Engaged by major utility in the successful placement and closing of approximately $75 million in secondary market LIHTC credits and by a major financial institution in the successful placement and closing of approximately $53 million in new production non-guaranteed LIHTC tax equity;
- Engaged by a major financial institution in the successful placement and closing of numerous state historic rehabilitation and LIHTC transactions involving California, Hawaii, Georgia, Massachusetts, Missouri, North Carolina, Utah and Virginia credits with eleven different state tax equity investors;
- Engaged by seven different credit enhancers we have advised and placed over $1.5 billion in federal LIHTC guaranteed tax equity since 2004 with fourteen different federal tax equity investors;
- Engaged by a major financial institution to advise on a secondary market purchase of approximately $700 million in LIHTC interests.
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