Ones To Watch: Innovators In Commercial Real Estate: Michael Discenza, Harris Beach Murtha

Industry Outlook:

Creative capital stacks and public-private partnerships that address the need for affordable housing and senior living. The 21^st Century ROAD to Housing Act raises public welfare investment cap for banks from 15% to 20%, potentially unlocking capital for LIHTC projects and streamlining regulatory barriers. In New York, proposed legislation allowing multiple transfers of State LIHTC could improve liquidity, broaden investor bases and create secondary markets. Add in better coordination among agencies, developers, investors and lenders, and projects should be more financeable and efficient.

Looking Ahead:

Technology has improved document review, issue spotting, drafting and coordination with large, complex transactions, allowing us to focus on judgment, collaboration and the most important provisions and risks. Just as important, lawyers must help clients translate new policy into executable deal structures. Whether evaluating expanded bank investment authority, changes in LITHC allocations, or reductions in the private activity bond thresholds for affordable housing transactions, we must focus on what a change means for underwriting, documentation, investor participation and execution.