Alan L. KennardAlan Kennard Clark Hill
Alan L. Kennard
Alan L. Kennard is Senior Counsel in the firm’s Real Estate Practice Group. He has a nationwide practice, and is experienced in facilitating complex transactions utilizing various financing scenarios to effectively and efficiently maximize the benefits for his each of clients.
He specializes in federal and state tax credit finance, including new markets tax credits, low-income housing tax credits, historic tax credits, renewable energy tax credits, and the combining the foregoing, as permitted. His multi-disciplinary experience involves specialized knowledge and proactively advocating creative techniques to structure, document and close transactions in a timely and cost-efficient manner, as well as assisting his clients in handling post-closing asset management, and exit issues and strategies.
Alan’s clients include real estate developers, nonprofits, manufacturers, healthcare providers, community development entities, state and local governments, and financial institutions. He has participated in closing approximately $2.2 Billion of tax credit transactions.
His practice also includes federal and state income taxation related to taxable and tax-exempt finance, partnerships, corporations, S-corporations, nonprofits, real estate investment trusts, regulated investment companies, like-kind exchanges, and debt/equity issues.
Alan has practiced as a Certified Public Accountant, Certified Managerial Accountant, Certified Internal Auditor and Certified Fraud Examiner, and has been Certified in Financial Management.
Historic Tax Credit Practice
Mr. Kennard and Clark Hill have represented developers, syndicators, investors and lenders in connection with federal and state historic tax credit financing (and related incentives) for over 25 years. Such financing involves the rehabilitation of various types of projects, including those involving commercial, retail, hotel, office, residential uses, and nonprofits.
Such financings include using the IRS-approved “direct partnership” and “master lease” structures to facilitate the allocation of such credits. These structures are the basis of facilitating the transfer of historic tax credits. However, often there are other sources of financing, such as grants, loans, and other subsidies which require complex tax analysis to ensure compliance with such IRS-approved structures.
Our clients benefit from our expansive knowledge of the federal and state historic tax credit programs and the rules and regulations of the U.S. Department of the Interior and National Park Service. We combine our legal and tax skills with investor market experience to effectively negotiate, document, and close these financings.
Mr. Kennard and Clark Hill handle all aspects of historic tax credit projects by providing, for example: (a) transactional and structuring advice; (b) draft transaction documents; federal and state tax advice; (c) issuance of federal and state tax opinions; (d) review of projects for compliance with the Department of the Interior's Standards for Rehabilitation; and (e) facilitating communication with the National Park Service, state historic preservation offices, historic consultants, and accountants to leverage available federal and state tax benefits.
Moreover, we have substantial experience in structuring transactions involving tax-exempt organizations and governmental agencies to comply with the tax-exempt use restrictions contained in Sections 50 and 168(h) of the Internal Revenue Code. Unique structuring is required for historic tax credit projects involving tax-exempt owners and/or tenants.
Finally, what we provide can identify other sources of financing in connection with historic tax credit financings.