2020 Update on the Low Income Housing Tax Credit

Webinar | December.23.2020 | 11am - 12pm (Pacific Standard Time)

Webinar - Recording Available

One of the highlights of the recently passed COVID Relief Legislation bill is the permanent minimum 4% Low Income Housing Tax Credit rate.

Justin Cooper and Richard Moore will discuss this new legislation and its effect on affordable housing projects.

Topics to be addressed include:

  • Which buildings are covered by the new law
  • How the effective date will apply to draw down deals
  • The issue date of the "obligation" vs the issue
  • The interaction between the permanent rate and the 50% test


  • Finance Sector
  • Tax

Richard J. Moore Partner Tax

San Francisco

Rich Moore is an accomplished Tax partner resident in Orrick's  San Francisco office.

Rich works extensively in the healthcare and multifamily housing areas, and invariably serves as the lead tax attorney on dozens of these deals with an aggregate par amount in excess of ten billion dollars each year. This volume of deals enables Rich to encounter the regular and complex tax issues associated with such transactions, and have insight into viable solutions to such issues. Rich also concentrates his practice in deals for water utilities, public power including gas and electricity prepay transactions, solid waste disposal facilities, municipal derivatives, and arbitrage matters. He has served as bond counsel, underwriter's counsel, borrower's counsel, and special tax counsel in a wide variety of public finance transactions.

As an advocate, Rich has represented governmental issuers, conduit borrowers, and investment banks in IRS proceedings, including tax-exempt bond audits, voluntary compliance (VCAP) requests, and requests for private letter rulings. Specifically, in 2017 and 2018, Rich was the lead representative on dozens of audits of multifamily housing bond deals, each of which successfully closed. Additionally, Rich has successfully closed IRS examinations relating to healthcare, solid waste, and arbitrage matters. Rich has also been involved in numerous regulatory and legislative projects and has found that a strong working relationship with IRS and Treasury Department personnel facilitates obtaining good results.

Rich has served on the Board of Directors of the National Association of Bond Lawyers (NABL) since 2011 and, in 2018, was elected President of NABL. Rich has written and lectured extensively on the tax aspects of public finance transactions, having served as editor of the Federal Taxation of Municipal Bonds Deskbook, chaired the National Association of Bond Lawyers Bond Attorneys Workshop, and served on several other panels at industry seminars and roundtables. Rich became a fellow of the American College of Bond Counsel in 2018.



  • Finance Sector
  • Public Finance
  • Housing Finance
  • Revenue Bond Financing

Justin Cooper Partner Public Finance, Housing Finance

San Francisco; Sacramento

Justin Cooper leads Orrick’s Finance Sector and is a member of the firm’s Board. He also serves as co-leader of Orrick's Public Finance department and chair of the firm's nationally prominent housing finance group.

Justin's practice is focused primarily in the following areas:

  • affordable multifamily rental housing (local and state housing agencies);
  • lending, including leveraged lending, with public agency borrowers;
  • short- and long-term working capital financings;
  • public higher education;
  • transportation;
  • single-family housing;
  • workouts and restructurings; and
  • cannabis industry financing opportunities.

Justin is on the Board of Directors of the California Housing Consortium and is a past Chairman of the Bond Buyer's California Public Finance Conference. He speaks frequently at conferences and other industry events.

Justin is known in the affordable housing community in particular for being a solution-oriented lawyer who understands the business fundamentals of affordable housing and real estate finance as well as being fully versed in the applicable laws and regulations. He frequently collaborates with developers and other participants in the development of new financial structures and products designed to lower overall financing costs for housing providers and thereby increase both the supply and quality of available affordable housing.