Jean has substantial experience serving as bond counsel to issuers of tax-exempt bonds in New York State including the New York State Housing Finance Agency, the Dormitory Authority of the State of New York, industrial development agencies and local development corporations and municipal issuers of general obligation bonds. She focuses principally on analyzing the transaction to determine that the interest on the bonds is eligible to be excluded from income of the holders under Section 103 of the Internal Revenue Code. Recent bond issuances have financed the comprehensive redevelopment program for a school district’s public schools; construction or renovation of affordable housing projects that provide supportive services to the tenants and facilities for the developmentally disabled owned and operated by six not-for-profit service providers. Jean regularly assists issuers with responses to IRS audits.
Jean also works with not-for-profit sponsors in affordable housing developments that provide supportive services and include tax-exempt bonds, low-income housing tax credits and often other federal, state and local government subsidies.
She regularly teams with the not-for-profit lender at a regional bank on credit enhancement or directly purchased tax-exempt bonds and other lending transactions with not-for-profit borrowers often involving draw down bonds and interest rate swaps. Working as a team, Jean and the lender have closed on transactions that are compliant with the bank’s requirements, have reasonable legal fees, get to closing quickly and exceed the borrower’s expectations.
Jean is counsel to not-for-profit borrowers in tax-exempt revenue bond transactions including financing for a charter school in Buffalo and financing for renovation of existing independent living facilities and construction of community center.