In this episode of Monarch Perspectives, host Blair Williams, Director of Historic Tax Credits at Monarch Private Capital, sits down with Monarch co-founder George Strobel to explore the fundamentals of Federal Historic Tax Credit (HTC) investing.

George discusses the types of investors Monarch serves, including institutional investors, family offices, and high-net-worth individuals, as well as the various fund structures available to meet different investment objectives. He also explains Monarch's role as a fund manager, from sourcing and underwriting transactions to asset management and investor reporting.

The conversation covers key considerations for investors, including the accounting treatment of HTC investments under the Proportional Amortization Method (PAM), the differences between direct and lease pass-through investment structures, and the predictable, tax-driven returns these investments can generate.

Beyond the financial benefits, Blair and George highlight the broader impact of historic tax credit investing, demonstrating how private capital helps preserve historic buildings, revitalize communities, create jobs, and support economic development across the country.

Topics Covered:

• Federal Historic Tax Credit investing fundamentals
• Investor types and fund structures
• Direct vs. lease pass-through investments
• PAM accounting treatment
• Risk, returns, and tax benefits
• Community revitalization and economic impact
• The role of a tax credit fund manager

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In this episode, Steve and Rick are joined by Josh Mandell, President & COO of The Gateway Companies, to delve into the dynamic landscape of the LIHTC (Low Income Housing Tax Credit) industry. From new developments to stabilized projects, explore market trends, pricing predictions, and policy impacts on affordable housing. Uncover Gateway's decision-making process and gain insights into the state of the market and current issues. 

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Rick and Steve explore the dynamic evolution of corporate sustainability in this insightful podcast. Joined by Melanie Frontczak, Monarch’s Director of ESG & Tax Credit Investments, they delve into ESG landscape changes, trends in 2023, and the risks of 'greenwashing.' Discover how tax equity investments, validated by third parties, contribute to sustainable goals. Hear about future trends like environmental and social impact metrics, innovative financial instruments, and more! 

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In this episode, Rick and Steve delve into Historic Tax Credit transactions, navigating challenges and opportunities in assembling capital stacks amid today’s rising interest rates. Joined by expert Philip Welker, Managing Director of BNA Associates, the podcast uncovers insights into various types of real estate, job creation, and sustainability, shedding light on the future landscape of these transactions. Don't miss this deep dive! 

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Steve and Rick dive into the Inflation Reduction Act's impact on renewable energy. Joined by Bryan Didier, Monarch's Renewable Energy Division leader, they explore IRA's effects on tax credits, its role in reshaping energy landscapes, and the dynamics of credit transferability for developers and investors. Tune in for an insightful breakdown of the IRA's game-changing opportunities! 

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In our debut episode of Monarch Perspectives, co-hosts Steve LeClere and Rick Chukas delve into a conversation with Monarch Private Capital’s co-founders Robin Delmer and George Strobel. They offer insights into the company's history and tax credit programs, uncovering their impact on the economy and various industries. Explore tax credit mechanisms, Monarch's journey from local to national prominence across more than 40 states, and gain perspective on their challenges, successes, and noteworthy projects. Discover the company's innovative strengths, adaptive strategies, market trends, and future industry goals. 

For additional information, visit Monarch Perspectives Podcast.