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Norman L. Jones III

A relationship is at the core of every transaction. Smooth transactions build relationships.

Contact: P /612.604.6605E /[email protected]

Education

University of Minnesota Law School, J.D., cum laude, 1996

• Trogner Scholar

Hillsdale College, B.A., honors, magna cum laude, 1992

Bar Admissions

Minnesota

Iowa

My Approach

My core aim as a tax credit finance attorney is to find money to build infrastructure and housing that makes our country a better place. In this work, I primarily advise capital providers in the solar, affordable housing, and historic tax credit industries; some have been working these types of transactions for years, and others come to us with their first tax credit deal. Our team meets each client where their needs are; for first-time investors, we provide quick working guidance first, and then deepen their knowledge and capabilities over time.

I believe two things make transactions succeed: having the right team, and choosing the right transaction partners. I feel lucky to be a part of the Winthrop team, which includes some of the most talented, eager and goal-oriented professionals I have seen in tax credit financing. And over time we have developed deep relationships with a broad network of other professionals in the industry. The days I enjoy most are the ones where I can connect developers, lenders and investors and help them find the right fit.

So far, our team has helped keep more than 10,000 homes affordable, and financed enough solar energy for nearly 1,000,000 people – we’ll need to set higher goals.

A Groundbreaking Moment in My Career

Prior to 2008, my main focus was on developer side work. The financial turmoil in 2008-2009 created a vacuum in the tax equity market that was painful for many developers. There was a day when I decided the best way I could help was to create more certainty in the tax equity markets by helping more institutional investors enter and stay in the market and connecting them with good developers. That has been my focus ever since.

Practice Areas

Practicing Tax Credit Financing & Syndication

My Experience

I represent institutional investors and developers in working with federal and state tax credits of all kinds, including Energy Credits, Low Income Housing Tax Credits, and Historic Tax Credits.

Representative Matters

Energy Credits

• 1500 MW of solar debt and equity closed from 2020-2022.
• Primarily represent tax equity and debt providers for C&I, CSG, and utility projects. Occasionally large residential portfolios.
• Represent select developers on real estate and permitting issues, PPA negotiations, equity and debt financing arrangements and equipment purchases.
• Creative use of capital leases, operating leases and alternative ownership arrangements to satisfy state requirements and local utility programs.
• Wind ITC, Wind PTC, Biomass PTC transactions.
• Advise on municipal and utility participation in connection with ITC eligible projects.

Historic Tax Credits:

• Supervised approximately 400 federal and state historic tax credit transactions.
• Investor counsel for multiple federal historic investors.
• Act as fund counsel for national and state credit funds, including in Virginia, Ohio, New York, North Carolina, South Carolina, Texas, Louisiana and Indiana.
• Represent several active historic bridge lenders, bridging state and federal historic equity
• Pioneered new state credit fund structures in response to the Virginia Historic state credit case.
• Guide investors through recently evolving legal landscape, including the Virginia Historic case, the Boardwalk case, the IRS HTC Safe Harbor, and Tax Reform.

Low Income Housing Tax Credits:

• Closed approximately 250 LIHC equity transactions as developer counsel.
• Supervise approximately 400 LIHC debt transactions as lender counsel.
• Represent developers in mixed-income projects, senior projects and assisted living projects.
• Conduct work-outs of LIHTC investments, which may involve debt restructuring, resyndication or acquisition of general partner interests.
• Formulate year 15 strategy and accomplish investor exit.

New Markets Tax Credits

• Closed approximately 90 NMTC financings as developer, lender, or investor counsel.

Awards

The Best Lawyers in America©

Real Estate Law, 2018-2025

Also experienced in

Real Estate Development & Transactions

Renewable Energy Development & Construction

Honors & Awards

The Best Lawyers in America©

Real Estate Law, 2018-2025

Rising Stars

Minnesota Law & Politics, 2008

Attorney of the Year

Minnesota Lawyer, 2006

Associations & Memberships

National Association of Bond Lawyers

Minnesota State Bar Association

Taxation Section