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Delphine G. Carnes

Delphine’s practice focuses on tax credit finance, affordable housing and community development. She represents public housing agencies, developers and lenders in connection with all aspects of housing and commercial development and redevelopment initiatives, with an emphasis on transactions using Low-Income Housing Tax Credits (“LIHTC”), New Markets Tax Credits (“NMTC”), state and federal historic rehabilitation tax credits (“HTC”), tax-exempt bonds, HUD financing, grant funds, conventional loans, and/or subordinated debt. She advises redevelopment and housing authorities in complex revitalization efforts, including mixed-finance transactions using HOPE VI funds, LIHTC, and public and private sources of capital. She also assists housing authorities with the conversion of public housing units to project-based Section 8 programs through the Rental Assistance Demonstration (“RAD initiative”). Delphine has been involved in the NMTC program since its inception, representing Community Development Entities, financial institutions and developers in transactions that often combine federal and state tax incentives with other financing sources.
Education
T.C. Williams School of Law at The University of Richmond, J.D., magna cum laude, 2002
Nanterre University, Paris, France, Law Graduate Degree, European Union Law, Valedictorian, with high honors, 2000
Sorbonne University, Paris, France, Law Graduate Degree, English and American Business Law, with honors, 1999
Nanterre University, Paris, France, Diploma in English and American Law, B.A. in French Law, with high honors, 1998
Bar/Court Admissions
Virginia State Bar
District of Columbia Bar
Virginia Supreme Court
United States Supreme Court
District of Columbia Court of Appeals
United States Court of Appeals for the Fourth Circuit
United States District Court, Eastern District of Virginia
Community Involvement
TowneBank Norfolk Leadership Alliance
Representative Experience
Articles and Presentations
  • Represents Community Development Entities (CDEs), financial institutions and Qualified Active Low-Income Community Businesses (QALICBs) in connection with the New Markets Tax Credits program.
  • Represents redevelopment & housing authorities, developers and lenders in connection with projects using HOPE VI, Low-Income Housing Tax Credits (LIHTC), and mixed-finance transactions.
  • Represents redevelopment & housing authorities in connection with the Rental Assistance Demonstration (RAD) initiative.
  • Represents public entities as Issuer’s counsel in transactions involving tax-exempt and taxable bond financing.
  • Structured the first NMTC transaction that uses the proceeds of tax-exempt bonds as leveraged debt.
  • Structured the first NMTC transaction that utilizes HUD public housing development funds as the source of leveraged debt.
  • Experience in HOPE VI, Low-Income Housing Tax Credits (LIHTC), Rehabilitation Tax Credits (state and federal) and mixed-finance transactions.
  • Represents developers and lenders in connection with the use of historic rehabilitation tax credits (federal and state) for the redevelopment of residential and commercial buildings.
  • Represents entities in the acquisition, financing, development and disposition of real estate.
  • Experience in general corporate counseling, including corporate formation and reorganization, acquisition and disposition of corporate assets, tax exemptions and commercial transactions.
  • Presenter, “Low Income Housing Tax Credit (LIHTC) Exit Strategies – Planning for a Smooth Transition”, 2017 Virginia Association of Housing and Community Development Officials (“VAHCDO”) Annual Conference, Richmond, Virginia (April 27, 2017)  Click here to view
  • Presenter, 2016 Legal Seminar, Virginia Association of Housing and Community Development Officials (“VAHCDO”), Richmond, Virginia (December 2, 2016) Click here to view
  • Presenter, 2015 Legal Seminar, Virginia Association of Housing and Community Development Officials (“VAHCDO”), Richmond, Virginia (December 4, 2015) Click here to view
  • Presenter, “HUD’s Rental Assistance Demonstration Program” webinar by Clear Law Institute (August 10, 2015)  Click here to view
  • Presenter, “Using Low Income Housing Tax Credits (LIHTC) with RAD”, Leveraging Affordable Housing HUD Financing: RAD and Other Mixed-Finance Development Programs, Strafford Publications Webinar (June 4, 2015) Click here to view
  • Presenter, “RAD Conversion and Rehabilitation using LIHTC: Key Considerations for PHAs”,  VAHCDO Legal Seminar (December 5, 2014) Click here to view
  • Presenter, “New Markets Tax Credits”, The Governor’s Conference on Economic Development – Increasing the Odds: Deal-Making in the New Economy, 2014 VEDA Fall Conference (October 8, 2014) Click here to view
  • Presenter, “Legal Strategies for Effectively Implementing the Rental Assistance Demonstration Program, to Include Incorporation of Tax Credits; Project Based Vouchers; and Post-Conversion Concerns”, VAHCDO, Annual Legal Seminar (December 6, 2013) Click here to view
  • “Bringing Capital to Underserved Communities: An Introduction to New Markets Tax Credits”, The Fee Simple, Virginia State Bar, Real Estate Section (Spring, 2012)
  • Presenter, “Access to Capital: The Role of Community Development Financial Institutions,” White House and Small Business Administration Faith and Neighborhoods in Action Symposium to Address Economic Recovery Through Strong Communities and Job Creation (March 20, 2012)
  • Presenter, “Creative Leveraging to Create Mixed Use: East St. Louis Housing Authority’s Approach,” NAHRO 2011 National Conference & Exhibition (October 25, 2011)
  • Presenter, “Effective Higher Education Partnerships,” 2011 Virginia Governor’s Housing Conference (November 17, 2011)
  • Presenter, “Money, Money, Money: Raising it, Making it and Hanging on to it,” Cox Business Executive Discussion (March 15, 2011)
  • Presenter, “Using NMTC to Revitalize Neighborhoods Near HBCUs,” HBCU CDAC Conference (September 14, 2010)
  • Presenter, “Financing Tools for Norfolk Developments,” Governor’s Housing Conference Tour of Norfolk Neighborhoods, 2009 Virginia Governor’s Housing Conference (November 19, 2009)
  • Presenter, “Community Revitalization Tax Hot Topics,” 2009 Fall Conference, ABA Forum on Affordable Housing and Community Development Law (October 9, 2009)
  • Presenter, “New Road for Public Housing Authorities,” 2008 Governor’s Housing Conference (November 13, 2008)
  • Presenter, “Preserving Affordability,” VAAD Seminar (July 14, 2006)
News and Updates
Six Crenshaw, Ware & Martin PLC Attorneys Named to 2018 Best Lawyers® in America
Posted on August 16, 2017
Crenshaw, Ware & Martin PLC is pleased to announce that six of its lawyers have been named to the 24th Edition of Best Lawyers in America. Delphine G. Carnes - Project......
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CWM Attorneys Recognized by Virginia Super Lawyers®
Posted on April 17, 2017
Crenshaw, Ware & Martin, P.L.C. is pleased to announce that nine of its lawyers have been selected for inclusion in the 2017 list of Virginia Super Lawyers® and Rising Stars. ......
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Learning Center Earns River Stars Award
Posted on February 27, 2017
The River Stars Awards are presented each year by the Elizabeth River Project and recognize stewards of the Elizabeth River.  This year a new recognition, the Eastern Branch Award, was......
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Seven Crenshaw, Ware & Martin PLC Attorneys Named to 2017 Best Lawyers® in America
Posted on August 15, 2016
Crenshaw, Ware & Martin is pleased to announce that seven of its lawyers have been named to the 2017 Edition of Best Lawyers in America. Delphine G. Carnes Project Finance Law Public Finance......
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Norfolk’s Youngest Voices Soar in a Collection of Writings
Posted on July 14, 2016
For over sixty years, Crenshaw, Ware & Martin has served as general counsel to Norfolk Redevelopment and Housing Authority (the “Authority” or “NRHA”).  Our work with the Authority supports its......
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CWM Attorneys Recognized by Virginia Super Lawyers®
Posted on April 7, 2016
Crenshaw, Ware & Martin, P.L.C. is pleased to announce that ten of its lawyers were included in the 2016 list of Virginia Super Lawyers® and Rising Stars.  According to Virginia......
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CWM is pleased to announce seven lawyers named to the 2016 Edition of Best Lawyers in America
Posted on September 1, 2015
Crenshaw, Ware & Martin PLC is pleased to announce that seven of its lawyers have been named to the 2016 Edition of Best Lawyers in America. Delphine G. Carnes - Project......
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CWM attorneys, Delphine Carnes and Harriet Reynolds close on transaction to restore historic Masonic Theatre
Posted on April 2, 2015
On April 2, 2015, CWM attorneys, Delphine Carnes and Harriet Reynolds, closed on a transaction to fund the restoration of the historic Masonic Theatre in Clifton Forge, Virginia.  CWM represented......
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CWM attorneys represent Franklin Redevelopment and Housing Authority in rehabilitation of three communities
Posted on February 3, 2015
Delphine Carnes and Harriet Reynolds recently represented Franklin Redevelopment and Housing Authority (“FRHA”) in the rehabilitation of three of its communities, Berkley Court Apartments (“Berkley”), Pretlow Gardens (“Pretlow”) and Old......
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Delphine Carnes Speaks at 2014 VAHCDO Legal Seminar
Posted on December 5, 2014
Delphine Carnes, Chair of the firm's Project Finance Practice Group, presented "RAD Conversion and Rehabilitation using LIHTC: Key Considerations for PHAs", at the Virginia Association of Housing and Community Development......
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