top of page


Dan practices transactional business and real estate financing with a concentration on the financing of community economic development projects using new markets tax credits (NMTCs) and historic rehabilitation tax credits (HRTCs).  He represents community development entities, community/ institutional lenders, public development authorities, nonprofit corporations, and developers throughout the United States who seek to utilize tax credit-based financing in support of development or redevelopment projects in underserved areas, including educational facilities, healthcare facilities, office and mixed use projects, and community spaces.

Dan has wide-ranging experience in structuring complex financing arrangements combining NMTC and HRTC investments with public and private funding sources that include commercial loans, program-related investment loans, loan participation pools, and HUD 108 loans. Dan also serves as unwind counsel in the restructuring and refinancing of post-NMTC and HRTC transactions.

A summary of selected representations include:

  • Represented community development entities in Washington State, Utah, New York, and California in deploying multiple rounds of NMTC allocations into community economic development projects.

  • Represented nonprofit developer in a $7,000,000 NMTC financing transaction supplemented with a $1,780,000 program-related investment (PRI) loan for the development of a charter school facility in Rhode Island.

  • Represented an Oregon higher education institution in a series of financing transactions (in the approximate aggregate amount of $20 million) to finance the rehabilitation and conversion of historic building into a new art school facility utilizing a PRI loan, a commercial loan, federal historic rehabilitation tax credits, state NMTCs, and federal NMTCs and involving 3 separate tax credit equity investors, a municipal lender, and a local private foundation.

  • Represented a community lender in creating a $3.5 million participation loan pool with various financial institutions to fund a bridge and permanent loan to a Utah nonprofit corporation in connection with a NMTC financing of a new charter school facility in Salt Lake City.

  • Represented a hotel developer in a $6 million HRTC financing for the historic rehabilitation of a boutique hotel in downtown Seattle.

Professional Affiliations:
  • American Bar Association (Forum on Affordable Housing and Community Development Law)

Bar Admissions:
  • State of Washington

  • Lewis and Clark Law School, J.D.

  • Monterey Institute of International Studies, M.A., International Environmental Policy

  • Gonzaga University, B.A., Political Science

  • Member of Lewis and Clark Law School Moot Court Honor Board

  • Member of Jessup International Moot Court Team, Lewis and Clark Law School

Daniel Budihardjo

Direct Dial: 206-812-2485

Practice Areas

  • Fair Housing

  • Low Income Housing Tax Credits

  • Multi-Family Projects

  • New Markets Tax Credits

  • Real Estate Development and Finance

  • Real Estate Entities, Joint Ventures and Syndications

bottom of page