Adam S. Wallwork is in the firm's Public Finance Department where he has acted as bond counsel, underwriter's counsel, borrower's counsel, trustee's counsel, and counsel to banks providing credit enhancements for museums, universities, long-term care providers, and affordable housing developers across the country. His practice focuses on the range of federal, state, and local tax issues that arise for investors, sponsors, underwriters, and issuers in securitized and structured finance transactions.
Mr. Wallwork provides tax-exempt and tax-advantaged financing solutions for municipalities, non-profit organizations, and private developers to reduce their borrowing costs for projects that provide clean energy, preserve public landmarks, renew blighted districts, and increase affordable housing in the community. Federal investment tax credits for renewable energy, affordable housing, new markets and historic rehabilitation projects provide favorable financing options for both non-profit and for-profit developers which can often be combined with tax-exempt municipal financing or credit enhancements (such as PACE loans secured by local property tax assessments). Mr. Wallwork has extensive experience working on solar securitizations, including underwriting tax-credit syndication structures in the largest publicly-offered residential solar securitization, and was involved in litigating the seminal case on federal investment tax credits, Historic Boardwalk Hall v. Commissioner of Internal Revenue. He regularly counsels developers on tax-exempt municipal financing structures that also leverage a project's tax equity to significantly reduce the borrower's debt service costs.