CWM’s Project Finance Practice Group offers a full range of services to coordinate, structure and close transactions in a variety of industries. We have significant expertise in the development, financing, acquisition, disposition and leasing of the following types of facilities:

  • Rental and For-Sale Housing
  • Theatres and Performing Arts Centers
  • Community Facilities
  • Manufacturing
  • Health Care
  • Mixed-Use (commercial and housing)
  • Retail and Shopping Centers
  • Hospitality

We combine our experience in the fields of commercial law, real estate, public sector finance, housing, tax and banking law to provide the best services to our clients. The guidance and counsel of our team ensures that our clients’ interests are protected during all stages of a project, from land assembly to negotiations with other parties, documentation and closing. Our team is recognized for its creativity, its ability to exceed clients’ expectations and its innovative strategies. We routinely advise public and private entities in connection with the use of the following programs:

  • Low-Income Housing Tax Credits (LIHTC)
  • Rental Assistance Demonstration (RAD)
  • HOPE VI
  • Mixed-Finance Transactions
  • Taxable and Tax-Exempt Bonds
  • New Markets Tax Credits (NMTC)
  • Historic Tax Credits (Federal and State)
  • Small Business Administration (SBA) Financing
  • Neighborhood Stabilization Program (NSP)
  • Public Housing Capital Fund Financing Program (CFFP)
  • Public Housing Capital Funds (including Replacement Housing Factor Funds) Program
  • Public Housing Operating Funds Program
  • Rental Assistance Demonstration (RAD)
  • Revolving Loan Funds
  • Tax Increment Financing (TIF)

Our attorneys have structured and closed multiple complex transactions, including the first transaction in the nation using the proceeds of tax-exempt bonds as leveraged debt in a NMTC structure and the first transaction using HUD public housing development funds as leveraged debt in a NMTC structure.

Practice Contacts
Articles & Presentations

Delphine Carnes, presenter, “HUD’s Rental Assistance Demonstration Program” webinar by Clear Law Institute (August 10, 2015)  Click here to view

Delphine Carnes, presenter, “Using Low Income Housing Tax Credits (LIHTC) with RAD”, at the Leveraging Affordable Housing HUD Financing: RAD and Other Mixed-Finance Development Programs webinar by Strafford Publications (June 4, 2015)  Click here to view

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 Officials (“VAHCDO”) 2014 legal Seminar held in Richmond, Virginia (December 5, 2014) Click here to view

Delphine Carnes, 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

Delphine Carnes, 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

Delphine Carnes, “Bringing Capital to Underserved Communities: An Introduction to New Markets Tax Credits”, The Fee Simple, Virginia State Bar, Real Estate Section (Spring, 2012)  Click here to view

Delphine Carnes, 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)

Delphine Carnes, Presenter, “Effective Higher Education Partnerships,” 2011 Virginia Governor’s Housing Conference (November 17, 2011)

Delphine Carnes, Presenter, “Creative Leveraging to Create Mixed Use: East St. Louis Housing Authority’s Approach,” NAHRO 2011 National Conference & Exhibition (October 25, 2011)

Delphine Carnes, Presenter, “Money, Money, Money: Raising it, Making it and Hanging on to it,” Cox Business Executive Discussion (March 15, 2011)

Delphine Carnes, Presenter, “Using NMTC to Revitalize Neighborhoods Near HBCUs,” HBCU CDAC Conference (September 14, 2010)

Delphine Carnes, Presenter, “Financing Tools for Norfolk Developments,” Governor’s Housing Conference Tour of Norfolk Neighborhoods, 2009 Virginia Governor’s Housing Conference (November 19, 2009)

Delphine Carnes, Presenter, “Community Revitalization Tax Hot Topics,” 2009 Fall Conference, ABA Forum on Affordable Housing and Community Development Law (October 9, 2009)

Delphine Carnes, Presenter, “New Road for Public Housing Authorities,” 2008 Governor’s Housing Conference (November 13, 2008)

Delphine Carnes, Presenter, “Preserving Affordability,” VAAD Seminar (July 14, 2006)

Representative Clients

Banks, Leverage Lenders, Financial Institutions

Commercial and Residential Developers

Community Development Entities (CDEs)

Investment Funds

Landowners

Municipal and Quasi-Municipal Organizations

Qualified Active Low-Income Community Businesses (QALICBs)

Redevelopment and Housing Authorities

Small Business Administration (SBA) Lenders

Tax-Exempt Organization

Honors and Awards
U.S. News – Best Lawyers Releases 2017 “Best Law Firms” Metropolitan Rankings

Crenshaw, Ware & Martin, P.L.C. is proud to announce that the firm received a Tier 1 Metropolitan Ranking in Project Finance.

Best Law Firm Ranking by U.S. News, November 2015

CWM received a Tier 1 Metropolitan Ranking for the 2016 listing of “Best Law Firms” by U.S. News and Best Lawyers in Project Finance Law.

Best Law Firm Ranking by U.S. News, November 2014

CWM received a Tier 1 Metropolitan Ranking for the 2015 listing of “Best Law Firms” by U.S. News and Best Lawyers in Project Finance Law.

Best Law Firm Ranking by U.S. News, November 2013

U.S. News Media Group and Best Lawyers have released the 2014 “Best Law Firms” rankings. CWM is proud to announce that the firm received a Tier 1 Metropolitan Ranking in Project Finance.

Additional Services
News and Updates
U.S. News – Best Lawyers releases the 2017 “Best Law Firms” metropolitan rankings.
Posted on October 31, 2016
U.S. News – Best Lawyers has released the 2017 “Best Law Firms” metropolitan rankings.  Crenshaw, Ware & Martin, P.L.C. is proud to announce that the firm received a Tier......
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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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Best Law Firm Ranking by U.S. News
Posted on December 1, 2015
CWM earned a Tier 1 Metropolitan Ranking for the 2016 listing of “Best Law Firms” by U.S. News & World Report and Best Lawyers in three practice areas: Admiralty &......
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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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Firm Receives Tier 1 Ranking for the 2015 Listing of Best Law Firms
Posted on November 3, 2014
Crenshaw, Ware & Martin received a Tier 1 Metropolitan Ranking for the 2015 listing of "Best Law Firms" by U.S. News and Best Lawyers in three practice areas:  Admiralty & Maritime......
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CWM attorneys, Delphine Carnes and Harriet Reynolds close on transaction to build grocery store in Decatur, Illinois
Posted on April 25, 2014
On April 25, 2014, CWM attorneys, Delphine Carnes and Harriet Reynolds, closed on a transaction that utilized New Markets Tax Credits (“NMTCs”) to finance the construction of a new grocery......
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CWM attorneys, Delphine Carnes and Harriet Reynolds, represented Norfolk Redevelopment and Housing Authority in the Monroe Building transaction
Posted on December 18, 2013
This $9.7 million transaction utilized state and federal historic rehabilitation tax credits to renovate the hundred year old building for use as the Governor’s School for the Arts (the “Governor’s......
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CWM attorneys close on transaction to fund new cardiac intensive care unit in Dallas, Texas
Posted on October 31, 2013
CWM attorneys, Delphine Carnes and Harriet Reynolds, represented Hampton Roads Ventures, L.L.C. (“HRV”), a Community Development Entity based in Virginia, in the Children’s Medical Center (“CMC”) transaction which closed on......
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CWM attorneys attend ribbon cutting and grand opening reception for Centre Heldman Plaza in Pittsburgh, Pennsylvania
Posted on October 17, 2013
On October 17, 2013, attorneys Delphine Carnes and Harriet Reynolds attended the ceremonial ribbon cutting and grand opening reception for Centre Heldman Plaza located in Pittsburgh’s historic Hill District. Centre......
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CWM attorneys close on financing to expand cotton mill in Lacassine, Louisiana
Posted on September 30, 2013
On September 30, 2013, CWM attorneys closed on a transaction utilizing New Markets Tax Credits (“NMTCs”) to expand the Zagis cotton mill, a minority-owned business located in rural Lacassine, Louisiana. ......
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CWM attorneys close on financing to expand aluminum processing plant in Foley, Alabama
Posted on September 4, 2013
On September 4, 2013, CWM attorneys Delphine Carnes and Harriet Reynolds closed on a transaction that utilized both federal and Alabama state new markets tax credits (“NMTCs”) to substantially expand......
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CWM attorneys close on financing for expansion of fresh fruit processing and distribution facility in Eloise and Winter Haven, Florida
Posted on August 30, 2013
On August 30 2013, CWM attorneys Delphine Carnes and Harriet Reynolds closed on an innovative transaction to finance the expansion of the William G. Roe & Sons, Inc. fresh fruit......
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CWM attorneys close on financing for historic theater in St. Petersburg
Posted on December 15, 2012
On December 21, 2012, CWM attorneys Delphine Carnes and Harriet Reynolds closed on an innovative $5 million transaction in St. Petersburg, Florida which utilized both federal and state new markets......
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Mixed-Use Facility under construction
Posted on August 15, 2012
Photos: Signature Development & Consulting Group, LLC. (Left to right) Olatunde Ogundeko, Principal of Signature Development & Consulting Group, LLC and Robert K. Jenkins, Jr., Managing Director of Renaissance Equity Partners......
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CWM attorneys close on financing for biodiesel facility
Posted on August 15, 2012
On August 2, 2012, CWM attorneys Delphine Carnes and Harriet Reynolds closed on a transaction using New Markets Tax Credits (NMTC) to help finance the operations of the Oswalt Bioenergy facility......
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CWM attorneys attend ribbon-cutting for Howard Theatre
Posted on April 15, 2012
Photo: Tim Cooper, Photographer On April 9-10, 2012, attorneys Delphine Carnes and Harriet Reynolds attended the ribbon cutting ceremony and grand opening reception for the historic Howard Theatre located near the......
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SKYPAC facility completed with NMTC financing
Posted on March 15, 2012
Photo: Tom Kessler, Photographer Photo: Tom Kessler, Photographer The new Southern Kentucky Performing Arts Center (SKyPAC) located in Bowling Green, KY opened to the public in March 2012 after almost three years......
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CWM attorneys attend ribbon-cutting for new rural medical center
Posted on February 7, 2012
On February 7, 2012, CWM attorneys Delphine Carnes and Harriet Reynolds attended the ribbon-cutting ceremony for the new Blue Ridge Medical Center located in Arrington, VA. CWM represented Virginia Community......
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