Tax Credit Incentives
Since the early 1990's, the principals of CityScape Capital Group, LLC ("CityScape") have been intimately involved with all aspects of tax credit equity structuring and placement, facilitating over $1.35 billion of tax credit equity financing. In late 2002, CityScape created the CCG Historic Partners Funds (collectively the "Fund") to invest in historic tax credit projects throughout the country, ranging in size from $400,000 to over $25 million of tax credits. Then, in 2008, CityScape established the CCG Energy Partners Funds to invest in energy tax credit projects throughout the country.
The Fund can also participate in combination low income housing and historic tax credit transactions that require a master tenant who is unrelated to the low income housing tax credit purchaser in order to maximize the eligible basis and the ultimate equity raise for the sponsor. Furthermore, CityScape investments can be structured to accommodate New Markets Tax Credits ("NMTC") utilizing NMTC allocations received by a CityScape affiliate.
Including both for-profit and non-profit development partners, CityScape investments range in use from market rate apartment complexes and boutique hotels to commercial office/retail buildings and charter schools. While each deal is evaluated on its own strengths and weaknesses, some generalities can be made with respect to pricing and deal structure. CityScape investments can be structured as current-pay, traditional staged-pay, or anything in between as long as the underlying transaction and guarantor are acceptable. The end result is that the Fund has been selected as an equity partner with a high degree of frequency because of its compelling pricing and flexible deal structure.