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Scott P. DeMartino

Of Counsel

Scott concentrates his practice on real estate and renewable investments that yield economic, cultural and sustainable community benefits to investment partners. To this end, Scott teams with lenders, investors, developers and nonprofit sponsors to advise on how best to utilize historic rehabilitation tax credits (HTCs) and new markets tax credits (NMTCs), as well as renewable energy tax credits (RETCs), as sources of financing.

These investment tools bring much-needed capital to construct and rehabilitate healthcare centers, charter schools and residential rental and commercial facilities, as well as historical arts and community spaces and renewable energy facilities, many in historic or underserved communities.

Previously Scott served as a senior tax consultant with two national accounting firms and clerked at the Connecticut Superior Court.

Scott is the co-author of "Tax Credits: Historic Boardwalk Guidance, Recommended Practices," published in Tax Notes, March 23, 2015, discussing recommended practices post issuance of Revenue Procedure 2014-12, 2014-3 IRB 415.

  • Representation of national investors in the HTC- and NMTC-financed US$53 million rehabilitation of the David Broderick Tower, the US$86 million rehabilitation of the historic David Whitney Building and the US$35 million rehabilitation of the historic Griswold Lofts, all in Detroit, into mixed-use residential and commercial space.
  • Representation of project sponsor of the HTC- and NMTC-financed rehabilitation of 5716 Michigan Avenue in Detroit to serve as a primary health care facility and house other nonprofit social service providers. The project received the governor's Reinventing Michigan award.
  • Representation of QALICB-Kennebec Valley Community Action Program, in partnership with Educare Central Maine, in the closing of an NMTC-financed transaction that will fund the operation of Educare Central Maine's early childhood learning and development facility located in Waterville, Maine. The transaction involved an approximately US$13 million investment and was structured to satisfy both the "portions of a business" and "targeted populations" rules under the NMTC program requirements.
  • Representation of investor in the historic rehabilitation of the former American Can Company building in Cincinnati into a mixed residential and commercial space.
  • Representation of an HTC and NMTC investor and a community development entity (CDE) in the US$20 million financing of the historic Town Theatre building in Baltimore, using federal HTCs, state HTCs and NMTCs. The refurbished space houses shops, costume and props facilities, education space and a 250- to 300-seat state-of-the art theater.
  • Representation of a lender, an NMTC investor and a CDE in a US$26 million NMTC financing of the Anacostia location of KIPP DC. KIPP is a network of high-performing, public, college preparatory charter schools.
  • Representation of investor with respect to several portfolios of ground and roof-mounted utility photovoltaic electricity generating systems in North Carolina qualifying for RETCs.
  • Representation of an HTC investor in the US$50 million rehabilitation of the historic Heinz Auditorium Building in Pittsburgh to provide residential rental housing.