Meridian Firsts

Over the last three decades, the Meridian Companies have been pioneers in the tax credit industry and are credited with a number of industry firsts, including:

  • 1989: Meridian Investments created the Post K-1 structure which allowed corporations to pay for low-income housing tax credits after they received their K-1, increasing the investment yield while reducing the underlying transaction risk.
  • 1992-1993: Meridian Investments pioneered the development of the first guaranteed yield tax credit programs, raising $225 million for deals sponsored by AIG-SunAmerica (formerly Broad, Inc.) This structure was instrumental in expanding the §42 tax credit marketplace to appeal to new institutional buyers.
  • 1995: The Meridian Companies were instrumental in developing the secondary market for LIHTC investments.
  • 1998: Meridian Investments marketed $100 million of equity for the only affordable housing program offered with a yield guarantee provided by Fannie Mae.
  • 1998: Meridian Investments syndicated the first §45k (formerly Section 29) synthetic fuel from coal transaction. Meridian Investments subsequently sponsored and raised equity for other §45k projects and was actively involved in the secondary marketplace.
  • 2004: The Meridian Companies closed the first wind energy transaction utilizing both debt and tax credit equity at the project level.
  • 2005: The Meridian Companies closed the first wind energy fund offering, including three separate projects, combining debt and tax equity with cross-collateralization of the Power Purchase Agreements (PPAs) to secure more favorable debt pricing and terms for the sponsor.
  • 2007: The Meridian Companies closed the first wind energy project in the U.S. market to utilize a pre-paid power purchase agreement.
  • 2008: The Meridian Companies closed the first financing facility for a distributed generation residential solar portfolio.
  • 2009: Meridian Investments structured Project America, a $3.6 Billion disposition of Freddie Mac’s surplus LIHTC portfolio using a pay-go structure to maximize the price to the government while mitigating the institutional investors’ risk of receiving the projected tax credits and financial return.
  • 2010: The Meridian Companies closed the first financing facility for distributed generation projects using commercial scale fuel cell technology.

Fact

Since its inception in 1986, the Low Income Housing Tax Credit (LIHTC) program has helped meet U.S. affordable housing demands by stimulating the production of nearly 2.4 million affordable homes and supporting an estimated 95,000 jobs annually.

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