Alan Kennard is the Chair of the New Markets Tax Credit Practice and a member in the Tax, Public Finance and Real Estate practices of the Firm. He has substantial experience in federal, international, state and local tax matters involving corporations and partnerships, innovative investment structures and tax-exempt entities, and focuses on tax credit financing, including new markets tax credits, historic tax credits, low-income housing tax credits and energy tax credits, as well as public finance. He counsels and represents investors, lenders, community development entities and borrowers, including more than $1.5 billion of new market tax credit transactions, $375 million of historic tax credit transactions and $400 million of low-income housing tax credit transactions.
Education
- J.D., cum laude, The Ohio State University College of Law, 1991
- B.A./B.S., cum laude, The Ohio State University, 1986
Bar Admissions
Representative Experience
- Counsels and represents investors, lenders, community development entities and borrowers, including more than 120 transactions totaling more than $1.5 billion of federal and state new market transactions, more than 130 transactions totaling more than $375 million of federal and state historic tax credit transactions and more than 80 transactions totaling more than $400 million of low-income housing tax credit transactions (closing one of the first two deals involving the new Tax Credit Assistance Program, "TCAP").
- Counsels and represents governmental entities, nonprofits and other entities to qualify as community development entities and apply for an allocation of new markets tax credit authority to the Community Development Financial Institutions Fund.
- Counsels and represents investors, lenders, borrowers and other transaction participants with respect to renewable energy tax credits.
- Lead tax attorney with respect to the rare "80/20" transaction with respect to a 45-story historical building in downtown Chicago that involved approximately $150 million of financing including, historic tax credits, low-income housing tax credits, tax increment financing, 1602 grant money, tax-exempt and taxable bond financing and multiple bridge financings.
- Served as bond counsel, special tax counsel, underwriter's counsel and trustee counsel in over $2.5 billion of public and private tax and tax-exempt public finance transactions.
- Structures and facilitates corporate, partnership and other entity formation, organization, initial and ongoing capital structuring, distributions and redemptions as well as taxable and tax-free dispositions, liquidations, reorganizations, restructurings, divestitures, recapitalizations, joint ventures and leveraged buyouts.
- Counsels hedge funds, mutual funds, real estate investment trusts, real estate mortgage investment conduits, private equity funds, venture funds and commodity pools, domestic and foreign individuals, public and private companies and tax-exempt entities with respect to various issues including pass-through, allocation, profits interest, vesting and non-vesting, bifurcation, management fees, interest expense, trade or business, carried interest, passive losses, “at risk” rules, mark-to-market rules, swaps/swaptions, straddles, short sales, collateralized debt obligations, original issue discount, conversion, forwards/futures contracts and calls/puts.
- Counsels developers, nonprofits, investors, lenders, borrowers in business and real estate transactions.
Publications & Presentations
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Author,
"Example of New Markets Tax Credit Leverage Transaction,"
Locke Lord
(February 2013)
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Author,
"Leveraging Lending in New Markets Tax Credits Transactions"
(August 22, 2012)
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Speaker,
"Cutting-Edge Layered Tax Credit Financed Projects,"
Council of Development Finance Agencies’ 2012 CDFA National Development Finance Summit, Washington D.C.
(August 2012)
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Panelist,
"New Markets Tax Credits and Other Tax Incentives for Real Estate Development: Qualifying, Applying for and Using Tax Credits to Structure Real Estate Projects,"
Strafford Publications Webinar
(July 31, 2012)
-
Speaker,
"Overview of New Markets Tax Credits - Residential Retail and For-Sale Housing,"
Texas Housing Conference
(July 23, 2012)
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Author,
"
New Markets Tax Credits Available to Mixed-Use Projects and For-Sale Housing
,"
Locke Lord
(June 5, 2012)
-
Speaker,
"Closing A Deal,"
Reznick’s 2012 New Markets Tax Credit Summit, Miami
(April 2012)
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Author,
"CDE Permitted Transactions,"
Locke Lord
(March 28, 2012)
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Author,
"New Markets Tax Credit Financing Program,"
Locke Lord
(March 28, 2012)
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Contributor,
"Affordable Housing: Putting All The Pieces Together,"
Locke Lord
(March 2012)
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Author,
"New Markets Tax Credit Financing Available for Manufacturers,"
Illinois Manufacturer
(Winter 2012)
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Speaker,
"Introduction to Community Development Entities" and "Qualified Equity Investments and Substantially-All Requirement,"
Novogradac New Markets Tax Credits Investors Conference, San Diego
(January 2012)
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Author,
"Final New Market Tax Credit Regulations (Targeted Populations),"
Locke Lord LLP
(December 2011)
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"New Markets Tax Credits,"
Green Pearl Seminar, New York City
(September 22, 2011)
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"New Market Tax Credits Financing,"
Practical Law
(June 2011)
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Speaker,
"Introduction to New Markets Tax Credits,"
Fundamentals of Economic Development Finance Webcourse, Council for Development Finance Agencies
(June 22-24, 2010)
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Speaker,
"Recent Developments in New Markets Tax Credits,"
National Housing & Rehabilitation Association's Annual Meeting & New Markets Tax Credits Symposium, Miami
(March 2010)
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"Stimulus Targeting Investments In Community Development and Housing,"
Corporate Taxation , Vol 37, No. 1
(January/February 2010)
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"Introduction to QLICIs" and "Low Income Communities,"
Novogradac New Markets Tax Credits Investors Conference, Chicago
(October 2009)
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"Tax Credit for Proposed Real Estate Projects,"
Real Estate Taxation, Vol.36, No.3
(2nd Quarter 2009)
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Speaker,
"Investment Tools: Tax Credits and Innovation Finance,"
Texas Economic Development Council Fundamentals of Economic Development Finance Seminar, Austin, Texas
(April 3, 2009)
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"American Recovery and Reinvestment Act of 2009 Provides New Business Tax Incentives,"
Corporate Business Taxation Monthly, Vol. 10, No. 7
(April 2009)
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"NMTCs: An Opportunity In A Bad Economy,"
Law 360
(April 1, 2009)
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"Bond Issuers Should Apply for New Markets Tax Credits,"
The Bond Buyer
(February 2009)
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"Historic Tax Credit: An Opportunity for Corporate Investors,"
Corporate Taxation, Vol. 32, No. 4
(July/August 2005)
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"Nonqualified Deferred Compensation Plans Under New Code Section 409A,"
Corporation Business Taxation Monthly, Vol. 6, No. 6
(March 2005)
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"Charities and Politics: Permitted, Restricted and Prohibited Activities,"
The Exempt Organization Tax Review, Vol. 46, No.2
(November 2004)
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"New Markets Tax Credit: A New Investment Opportunity,"
Journal of Taxation of Investments, Vol. 22, No. 1
(Autumn 2004)
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"Golden Parachute Payments to Disqualified Individuals,"
Corporation Business Taxation Monthly, Vol. 5, No. 12
(September 2004)
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"Split-Dollar Life Insurance: Analysis Under the Equity and the Loan Regimes,"
Tax Management Compensation Planning Journal, Vol. 32, No. 9
(September 2004)
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"Golden Parachute Payments: ‘In the Nature of Compensation,"
Corporate Business Taxation Monthly, Vol. 5, No. 11
(August 2004)
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"Constructive Sales and Gains from Constructive Ownership Transactions: An Overview,"
Journal of Taxation and Regulation of Financial Institutions, Vol. 17, No. 2
(November/December 2003)
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"Final Corporate Tax Shelter Regulations: Corporations Take Note,"
Corporate Taxation
(October/November, 2003)
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"The Hedge Fund Verses the Mutual Fund,"
The Tax Lawyer, Vol. 57, No. 1
(Fall 2003)
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"Avoidance of Termination of a Partnership,"
Tax Notes’ Special Report, Vol. 100, No. 11
(September 15, 2003)
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"Statutory Options: The New Proposed Regulations,"
Tax Management Compensation Planning Journal, Vol. 39, No. 9
(September 5, 2003)
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"Unresolved Corporate Tax Issues,"
Corporate Business Taxation Monthly, Vol. 4, No. 12
(September 2003)
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"Section 501(j): Qualified Amateur Sports Organizations and Related Issues,"
The Exempt Organization Tax Review, Vol. 41, No. 3
(September 2003)
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"Unresolved Corporate Tax Shelter Issues,"
Corporate Business Taxation Monthly, Vol. 4, No. 13
(September 2003)
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"Understanding The Jobs and Growth Tax Relief Reconciliation Act of 2003,"
Corporate Business Taxation Monthly, Vol. 4, No. 11
(August 2003)
-
"The 2003 Final Tax Shelter Regulations,"
Corporate Business Taxation Monthly, Vol. 4, No. 9
(June 2003)
-
"The Hedge Fund: Assessing the Risks,"
The Corporate Lawyer, Vol. 40, No. 10 and No. 11
(April and May 2003)
-
"Current Deduction for Contested Liabilities,"
Mergers and Acquisitions, Vol. 3, No. 7
(November 2002)
-
"Characterization of Business Hedging Transactions,"
Mergers and Acquisitions, Vol. 3, No. 3
(July 2002)
-
"The Limited Liability Company Verses the ‘S’ Corporation,"
Corporate Business Taxation Monthly, Vol. 3, No. 9
(June 2002)
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"Corporate Tax Shelters: Recent Court Decisions and IRS Guidance,"
Mergers and Acquisitions, Vol. 3, No. 2
(June 2002)
-
"Using Financial Asset Securitization Investment Trusts,"
Corporate Business Taxation Monthly, Vol. 2, No. 12
(September 2001)
-
"Asset-Backed Securitizations,"
Corporate Business Taxation Monthly, Vol. 2, No. 11
(August 2001)
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"Tax Issues Relating to Futures and Forward Contracts,"
Tax Strategies for Corporate Acquisitions, Dispositions, Spin-Offs, Joint Ventures, Financings, Reorganizations & Restructurings, Practicing Law Institute, Vol. 11
(2004, 2003, 2002, 2001, 2000)
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"IRS Enforcement Imperils Tax-Exempt Bonds (Parts I and II),"
Corporate Business Taxation Monthly, Vol. 1, No. 2 and Nov 3
(November 1999 and December 1999.)
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"Annual Report: Financial Transactions,"
The Tax Lawyer, Vol. 47, No. 4, Summer 2004, Vol. 56, No. 4, Summer 2003; Vol. 55, No. 4, Summer 2002; Vol. 54, No. 4, Summer 2001; Vol. 53, No. 4, Summer 2000 and Vol. 52, No. 4
(Summer 1999)
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"Principles of Financial Derivatives: U.S. and International Taxation,"
Warren Gorham & Lamont/RIA Group
(1999)
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"Swaps, GICs and Other Investment Vehicles,"
National Association of Bond Lawyers
(2003, 2002, 2001, 2000 and 1999)
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"Final Regulations: Tax-Exempt Private Activity Bonds – Strict New Rules for Municipal Finance,"
Journal of Taxation, Vol. 86, p. 354
(July 1997)
-
"Final Mark-to-Market Regulations Much Improved But Create Problems for Non-Consolidated Affiliates,"
Tax Management Memorandum, Vol. 38, No. 4
(February 17, 1997)
-
"Final Debt Modification Regulations Still Quick on the Trigger,"
Tax Management Memorandum, Vol. 37, p. S-229
(August 19, 1996)
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"FASITs: New Tax Rules for Asset Securitization,"
Tax Management Memorandum, Vol. 37, No. 26
(1996)
Professional History
- Of Counsel, Locke Lord LLP
Professional Certifications
- Certified Public Accountant
- Certified in Financial Management
- Certified Managerial Accountant
- Certified Internal Auditor
- Certified Fraud Examiner
Professional Affiliations & Achievements
- Member, National Association of Bond Lawyers
- Member, American Bar Association (Forum on Affordable Housing and Community Development Law; Financial Transactions Committee; and Tax Shelters Committee)
- Member, Illinois Bar Association
- Member, Chicago Bar Association
- Member, New York Bar Association
- Member, District of Columbia Bar Association
- Member, Missouri Bar Association
- Member, Florida Bar Association
- Member, American Institute of Certified Public Accountants
- Member, Institute of Management Accountants
- Member, Institute of Internal Auditors
- Member, Association of Certified Fraud Examiners
- Member, Council of Development Finance Agencies
- Member, Illinois Tax Increment Association
- Member, Chicago Real Estate Investment Association
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