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Asher R. Ball


Asher strives to satisfy his client’s unique needs in the complex and rewarding affordable housing, historic preservation, and renewable energy industries. His depth and breadth of experience includes all aspects of real estate and corporate transactions with an emphasis on tax-advantaged financing.

Asher represents participants in the affordable housing credit industry, with the majority his practice involving the representation of tax credit investors and syndicators on equity aspects of lower-tier investments. Asher’s practice encompasses corporate and real estate finance ranging from development of large-scale multi-phase projects in major markets to homes and multifamily apartments based in rural locales.


Asher’s dedication to his practice derives not just from the opportunities and challenging legal work that low-income housing, historic rehabilitation, and renewable energy tax credits present but also from the awareness that the end result is a home for a family, a building and community restored, and an increase in environmental sustainability.

  • Represent investor institutions in connection with refined and efficient review, negotiation, and documentation of equity and real estate financing agreements in more than 100 projects to date financed with low-income housing, historic rehabilitation, and renewable energy tax credits
    • Recently closed a 4% LIHTC transaction using state tax credit agency tax-exempt bonds, federal and Colorado historic tax credits, federal and Colorado low-income housing tax credits, construction and term loans, and local government subsidy to finance the acquisition and rehabilitation of an historic nurse’s dormitory located in the Denver Five Points neighborhood into senior lofts housed on a third-party nonprofit’s land via a ground lease arrangement
    • Represented tax credit syndicator in connection with a 9% LIHTC transaction using federal and Texas historic tax credits, construction and term loans and a novel partnership structure in order to finance the acquisition and rehabilitation of a former mattress factory into 32 units of senior affordable housing in downtown Wichita Falls.
  • Provide assistance to asset management divisions to navigate post-closing partner syndications, dispositions, and transfers. Negotiate, often under the cloud of litigation or bankruptcy, post-closing property sales, restructuring and recapitalization of distressed tax credit properties, and resolution of property management disputes. This has included securing a favorable IRS private letter ruling through preparation of all PLR materials and guidance to client throughout the PLR process.
  • Engagement in specialized commercial loan and tax-exempt bond document review in tax credit projects involving real estate acquisition requiring complex financing and subsidy layering, including negotiation of terms, drafting of loan documents, and refinancing and loan workout assistance.
  • Represent syndicators in upper-tier equity investments, including drafting of subscription documents and private offering memoranda for equity investments in multi-investor funds and project-level investments. Recent upper-tier closings have required intense negotiations with highly-sophisticated investors and government-sponsored enterprises.
  • Assist with equity matters in energy tax credit transactions supporting the development of solar photovoltaic facilities.