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Janice E. Hetland

Jan Hetland has a nationwide real estate development and finance practice with a focus on tax credit-enhanced transactions and affordable housing transactions. She works to anticipate the needs of clients and to proactively address those needs before issues arise. With this approach, she guides investors, community development entities, syndicators, lenders, for-profit and nonprofit developers and businesses in effectively using tax credit and other development incentives to achieve their business goals.

Tax credit enhanced financing typically involves multiple layers of debt and equity that present challenging business, tax and legal issues. Jan combines her multidisciplinary experience with innovative techniques to structure, document and close these multifaceted transactions. She also assists clients in handling post-closing asset management and exit issues and strategies.

Her experience includes:

  • Mixed-use projects, involving a variety of ownership structures and of tax credit financing structures
  • Public private partnership transactions
  • Twinned historic and new markets tax credit investments
  • Twinned historic and low-income housing tax credit investments
  • Non-profit participation in tax credit projects
  • Project development within opportunity zones
  • Master lease and ground lease structures
  • Tax-exempt bond financing with 4% low income housing tax credits
  • HUD financing (including RAD financing)
  • Federal, state and local subordinate loan financing
  • Tax increment financing, tax abatement and tax exemption
  • Tax credit compliance and workout matters
  • Exit issues and strategies

Court Memberships

  • Missouri 

Honors

  • Fellow of the American College of Real Estate Lawyers (ACREL)
  • Selected for inclusion in The Best Lawyers in America® Real Estate Law, 2012-2019
  • Chambers USA, Missouri Real Estate, 2010-2019
  • Selected for inclusion in Missouri & Kansas Super Lawyers, 2008-2018
  • Martindale-Hubbell® “AV” rating
  • Order of the Coif

Professional Affiliations

  • American Bar Association - Forum on Affordable Housing and Community Development Law
  • Fellow, American College of Real Estate Lawyers (ACREL)
  • The Missouri Bar

Representative Matters

  • Represented the equity investors in connection with an $18 million affordable and market rate housing condominium project in 10 historic buildings and one new construction building in Cincinnati, Ohio, which was financed with federal and Ohio historic tax credits, federal low-income housing tax credits, conventional financing and taxable bonds. The ground floor commercial condominium units in the project are separately owned and were developed using federal new markets tax credits.
  • Represented the equity investor in connection with a $12 million rehabilitation and new construction of a building in Omaha, Nebraska into 90 residential units, with master lease of commercial space on the first and second floors of the building for occupancy by the Veterans Administration and a department of a university. Financing included federal low-income housing tax credits, conventional financing and tax increment financing.
  • Represented the developer in connection with the rehabilitation of a historic building in Denver, Colorado, into a hotel. Financing included federal new markets tax credits and conventional financing.
  • Represented the equity investor in connection with a $15.1 million rehabilitation of a 1923 school building and new construction addition in Milwaukee, Wisconsin, into 72 units of affordable housing for elderly residents. Financing included federal low-income housing tax credits, federal historic tax credits and conventional financing.
  • Represented the equity investor in connection with a $14 million affordable housing condominium that is part of an overall $25 million rehabilitation in Oregon, funded with federal low-income housing tax credits, a below market permanent first mortgage loan and subordinate debt funded from a variety of grants and subsidies.
  • Represented the equity investor in the development of a new construction mixed-use project containing a 78-unit affordable housing condominium, providing housing for the homeless, located in Denver, Colorado. Financing included federal low-income housing tax credits, HOME Investment Partnership Act funding and Federal Home Loan Bank funding. A health clinic in the remainder of the condominium is separately owned and financed with federal new markets tax credits.
  • Represented the developer in the first two phases of a multi-phased mixed-use project that is being developed in St. Louis, Missouri, as affordable housing for the homeless, with a priority in phase 1 for homeless veterans. The project includes both transitional housing and LIHTC permanent housing. The development financing includes federal and Missouri low-income housing tax credits, a loan of HOME Investment Partnership Act funds in phase 1, federal and Missouri historic tax credits in phase 2, state and local subordinate cash flow debt, and VASH project-based vouchers. The remainder of the project is intended to be developed to house a clinic and a community center.
  • Represented the developer and the leveraged lender of a multi-phased commercial development in Phoenix, Arizona which was developed as offices, retail space, and a hotel. Financing included federal new markets tax credits, with multiple CDEs and in multiple phases, using the leveraged loan structure and conventional debt.
  • Represented the equity investor in the development of market rate residential housing in Minneapolis, Minnesota. Financing included federal and Minnesota historic tax credits, various city and state grants and conventional debt.
  • Represented the equity investor in the multi-phase development of low-income senior housing in Branson, Missouri. Financing included federal and Missouri low-income housing tax credits, HOME Investment Partnership Act loans and conventional bank bridge financing.
  • Represented the developer and the leverage lender of a bio-mass conversion of an energy facility in Seattle, Washington. Financing included federal new markets tax credits utilizing the leverage loan structure and conventional bank financing.

Publications

  • Filling Another Hole in the Capital Stack: New Markets Tax Credits & NMTC Workshops, ACREL Digest, Fall 2011

Presentations

  • Speaker, Making LIHTC Deals Work in Puerto Rico and the U.S. Virgin Islands, Novogradac Investing In Puerto Rico Conference, May 2019
  • Specialized Housing in Low-Income Housing Tax Credit Properties, Novogradac 25th Annual Affordable Housing Conference, San Francisco, California, May 2018
  • Planning for Year 15, Novogradac 2018 Tax Credit Developers Conference, Miami Beach, Florida, January 2018
  • HUD Hot Topics Panel and HUD/Historic Tax Credit Structure, Novogradac's 24th Annual Affordable Housing Conference, San Francisco, California, May 2017
  • What to do at Year 15: Different Approaches for Expiring LIHTC Properties, Novogradac Tax Credit Developers Conference, Miami Beach, Florida, January 2017
  • Pairing the LIHTC with HTC, NMTC, 2016 Tax Credit Housing Finance Conference, Las Vegas, Nevada, December 2016
  • Financing Multi-Family Housing: Structuring the Low-Income House Tax Credit and Tax-Exempt Bonds, Stafford Publications Webinar, August 2016
  • Financing the Deal - Real Numbers, Novogradac Tax Credit Developers Conference, Miami Beach, Florida, January 2016
  • NMTC Tax Opinions, ABA Forum on Affordable Housing and Community Development LAw, 24th Annual Meeting and Conference, Washington DC, May 2015
  • Maximizing the 4 Percent LIHTC, Novogradac Affordable Housing Conference, San Francisco, California, May 2015
  • Nonprofits and Preparing for Year 15, Novogradac Affordable Housing Conference, San Francisco, California, October 2014
  • Rev Proc 2014-12, ABA 23rd Annual Forum on Affordable Housing and Community Development Law, Washington, D.C., May 2014
  • How Complicated Can This Project Get? Tax Credits in a Mixed Use Project, ACREL webinar, February 2014
  • Down by the Boardwalk: A discussion of Historic Boardwalk, ABA 22nd Annual Forum on Affordable Housing and Community Development Law, Washington, D.C., May 2013
  • Your LIHTC Project Facing Year 15, Novogradac Tax Credit Developers Conference, Miami, Florida, January 2013
  • Syndicating the Deal, Novogradac 18th Annual Tax Credit Developers Conference, Miami Beach, Florida, January 2012
  • Filling Another Hole in the Capital Stack: New Markets Tax Credits & NMTC Workshops, ACREL Fall Meeting, Philadelphia, Pennsylvania, October 2011
  • LIHTC Tax Issues, Novogradac 18th Annual Affordable Housing Tax Credit Conference, San Francisco, California, September 2011
  • Rehabilitation Tax Credits, Novogradac Low-Income Housing Tax Credit Conference, New Orleans, Louisiana, May 2010
  • Historic Tax Credits/New Markets Tax Credits Case Studies, ABA Affordable Housing and Community Development Law National Net Web Presentation, October 2009
  • Development Utilizing Historic and New Markets Tax Credits, National Trust Historic Preservation, October 2009
  • Combining HUD 811 Fund Conference with LIHTC, NASLEF Conference, June 2009
  • TCAP and Exchange Funds in LIHTC Transactions, NASLEF Conference, June 2009
  • Historic Tax Credit/New Markets Tax Credit Case Studies, ABA Affordable Housing and Community Development Law Annual Conference, May 2009
  • The Show Must Go On - Saving Historic Theatres, Novogradac MultiCredit Conference, April 2009
  • LIHTC, HUD and the Nonprofit Developer, Novogradac 16th Annual Tax Credit Developer’s Conference, January 2009
  • Public, Private Partnerships, Novogradac LIHTC Housing Finance Conference, December 2008
  • Historic Tax Credit Financing Structures, National Trust for Historic Preservation Annual Conference, October 2008
  • Historic Tax Credits and Tax-Exempt Use Issues, ABA Affordable Housing and Community Development Law Annual Conference, May 2008
  • Financing Historic Preservation, California Preservation Foundation, April 2008
  • Building Blocks: Structuring Your Deal, Novogradac NMTC Conference, January 2008
Photo of Janice E. Hetland
  • St. Louis

    7701 Forsyth Boulevard
    Suite 500
    Clayton, MO 63105
F: 314.613.2801

Assistant

Jasmine Moran
314.613.2818

Education

Washington University School of Law, J.D., order of the coif

Lawrence University, B.A., cum laude