Whiteford Closes New Markets Tax Credit Financing for Paul’s Place

Date: November 25, 2019
On November 25, Whiteford, Taylor & Preston closed a New Markets Tax Credit financing on behalf of Paul’s Place, Inc., a nonprofit offering more than two dozen services and programs to low-income individuals and families in Baltimore.  Paul’s Place is developing a culinary arts training facility to promote skills development for Baltimore’s disadvantaged youth.  Whiteford issued the tax opinion on behalf of the QALICB (Qualified Active Low-Income Community Business) in the New Markets structure.  The firm’s work facilitated a complex financing to enable Paul’s Place to leverage community development financing to build a $10MM facility in the Pigtown Neighborhood in Baltimore City.  The Whiteford team – including Kimberly Min, Jordan Halle, Craig Heron and Kaitlin Zarro – worked with Cross Street Partners, Chase Bank, Cinnaire, The Community Builders, Enterprise Community Loan Fund, Neighborhood Impact Investment Fund, Cohn Reznick and others to bring this deserving project to a close.