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Ruth SparrowRuth Sparrow

Attorney at Law
rsparrow@futureunlimitedlaw.com
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Practice

  • New Markets Tax Credits
  • Historic Tax Credits
  • Federal Income Taxation

Narrative Biography

Ruth Sparrow is a principal of Future Unlimited Law PC, a law firm based in Yelm, Washington with a nationwide tax credit, community development and federal income tax practice.  Ruth represents community development entities, developers, lenders and investors nationwide in new markets tax credit and historic rehabilitation tax credit transactions.

Ruth assists clients in determining eligibility for the tax credit programs; applying for credits; structuring, negotiating and closing of transactions including targeted populations, blind pools, federally-guaranteed loans, commercial rental real estate, mixed-use, for-sale housing, charter schools, community facilities, start-up businesses, and business expansion; delivering legal and tax opinions; consulting regarding statutory and regulatory developments; structuring loan modifications; unwinding transactions; consulting regarding IRS audits; and maintaining compliance. 

Prior to forming Future Unlimited Law PC, Ruth Sparrow was of counsel and co-chair of the Affordable Housing and Community Development Group at Garvey Schubert Barer in Seattle. Prior to relocating to Washington State, Ruth Sparrow was partner in the Tax Department and Vice-Chair of the Government Assisted and Affordable Housing Group at Wolf Block Schorr and Solis-Cohen LLP in Philadelphia.  Ruth graduated from New York University School of Law and served as an articles editor of the Review of Law and Social Change.  Ruth is a member of the Advisory Board of the Novogradac Journal of Tax Credits. Ruth speaks frequently at tax credit conferences and publishes articles on current tax credit issues.

Bar Memberships and Special Admissions

  • Washington
  • Pennsylvania

Education

  • New York University School of Law, J.D., 1987
  • Articles Editor, New York University Review of Law and Social Change
  • University of California at Santa Cruz, B.A., Politics, with Honors, 1980
  • Wesleyan University, Middletown, CT, 1976-78

Professional Activities

  • Member, Historic Tax Credit Coalition (2013 - )
  • Member, Advisory Board, Novogradac Journal of Tax Credits (2010 - )
  • Member, NMTC Working Group, sponsored by Novogradac & Company LLP
  • Member, American Bar Association
  • Member, Washington State Bar Association
  • Member, Pennsylvania Bar Association

Recent Speaking Engagements

  • New Markets Tax Credit Conference, "Roundtable Workout: Operating Business Financing with NMTCs", Novogradac & Company, October 2013
  • 12th Annual NMTC Summit, "Compliance Expectations", CohnReznick LLP, May 2013
  • New Markets Tax Credit Conference, "Exit Strategies – Don't Be Surprised in Year 7", Novogradac & Company, October 2012
  • 12th Annual NMTC Summit, "Closing a Deal", Reznick Group LLP, May 2012
  • New Markets Tax Credit Conference, “CDFI Fund Update - Targeted Populations Final Regulations”, Novogradac & Company, January 2012
  • New Markets Tax Credit Conference, “Preparing for Year 7”, Novogradac & Company, January 2012
  • New Markets Tax Credit Conference, “Rural Transactions,” Novogradac & Company, January 2011
  • New Markets Tax Credit Investors Conference, “Exit Strategies,” Novogradac & Company, October 2010
  • New Markets Tax Credit Investors Conference, “Foreclosures:  Reinvestment Requirements,” Novogradac & Company, October 2009
  • New Markets Tax Credit Conference, “Financing Your Project: Bridging the Gap,” Novogradac & Company, January 2008
  • New Markets Tax Credit Conference, “Tax Credit Basics,” Pre-Conference Workshop, Novogradac & Company, January 2008
  • New Markets Tax Credit Investors Conference, “Targeted Populations - Practical Matters,” Novogradac & Company, October 2007
  • New Markets Tax Credit Investors Conference, “Tax Credit Basics”, Pre-Conference Workshop, Novogradac & Company, October 2007
  • Developing Thriving Communities Conference, “Strategies on Combining Historic and New Markets Tax Credits,” Novogradac & Company, September 2007
  • New Markets Tax Credit Spring Conference, “New Markets Tax Credits Exit Strategies, Original Issue Discount,” Novogradac & Company, June 2007
  • New Markets Tax Credit Conference, “Structuring a Deal - Building for a Successful Outcome,” Novogradac & Company, January 2007
  • New Markets Tax Credits Investors Conference, “2006 Hot Topics - Allocation Agreements, Targeted Populations and More,” Novogradac & Company, October 2006
  • 5th Annual New Markets Tax Credit Spring Conference, “Done Deals,” Novogradac & Company, June 2006
  • ABA Forum on Affordable Housing and Community Development Law: In the Eye of the Storm, “New Markets Tax Credit Workshop,” “Mixed-Use Rental Real Estate,” May 2006
  • Fifth Annual New Markets Tax Credit Conference & Inaugural Expo, “Closing a NMTC Transaction from A to Z”, Reznick Group, March 2006
  • New Markets Tax Credit Investors Conference, “Hitching the NMTC’s Wagon to Public Subsidies”, “Mexicantown NMTC Section 108 Financing, Detroit, Michigan” Novogradac & Company, October 2005
  • 4th Annual New Markets Tax Credit Spring Conference, “CDEs - A Look to the Future”; and “Pre-Conference Workshop: NMTC Basics,” Novogradac & Company, June 2005
  • New Markets Tax Credit Program, Impact Capital, March 2005
  • ABA Forum on Affordable Housing and Community Development Law, “How to Do a New Markets Tax Deal”, moderator, May 2005
  • Housing California, HUD Mixed-Finance Section 202 Transactions 2005
  • Historic Tax Credit Conference, “The IRS and HTC,” Novogradac & Company, October 2004

Publications

  • IRS Issues Final Targeted Populations Regulations, Novogradac Journal of Tax Credits, January 2012
  • Targeted Populations Guidance to Date Leaves Some Unanswered Questions, Novogradac Journal of Tax Credits, June 2011
  • IRS Notice 2010-62 Interim Guidance on Economic Substance Codification, Novogradac Journal of Tax Credits, October 2010
  • IRS Issues Proposed Regulations for Targeted Populations, Novogradac New Markets Tax Credit Report, November 2008
  • Loan Purchases and Federal Loan Guarantee Programs, Novogradac New Markets Tax Credit  Report, April 2008
  • Flexible Products – CDE Allocation Agreement, Novogradac New Markets Tax Credit Report, January 2008
  • IRS Releases Criteria for Tax-Exempt Status for Not-For-Profit General Partners of LIHTC Partnerships, NMTC Monthly Report, LIHTC Monthly Report, Housing Bond Monthly Report, June 2006
  • Heard from HUD, Mixed Finance Section 202 and Section 811 Housing, ABA Journal of Affordable Housing & Community Development Law, Winter 2004
  • It Really Works - HTC/NMTC Closing of Albers Mill Lofts, A First of Tacoma Wash., NMTC Monthly Report, March 2004
  • LIHTC Relief Provided Regarding Disclosure and List Requirements for Confidential Transactions, LIHTC Monthly Report, February 2004
  • Opportunities and Issues in Combining NMTCs and Historic Credits, NMTC Report
  • LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements, LIHTC Monthly Report, May 2003, June 2003 and July 2003
  • LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements (Part 2 of 3), LIHTC Monthly Report, June 2003
  • LIHTC Transactions May Be Subject to Tax Shelter Registration, Disclosure and List Requirements (Part 1 of 3), LIHTC Monthly Report, May 2003
  • Tax Credit Industry to Receive Fair Housing Training, Affordable Housing Finance Magazine, October 2000
  • Fair Housing Act Guidance, Memorandum of Understanding of the Treasury, HUD and Justice Departments, ABA Journal of Affordable Housing and Community Development Law , Fall 2000
  • Newly Released MOU Offers LIHC Industry Fair Housing Guidance, LIHTC Monthly Report, September 2000
  • Treasury, HUD, Justice Sign MOU on Fair Housing Act Compliance, The Low-Income Housing Tax Credit Advisor, September 2000
  • IRS Rules that Promissory Notes are Includable in Eligible Basis, LIHTC Monthly Report, February 2000
  • Heard from the IRS: Recent Rulings, ABA Journal of Affordable Housing and Community Development Law, Winter 1999
  • Heard from the IRS: Tax-Exempt Bonds and the LIHC, ABA Journal of Affordable Housing and Community Development Law, Summer 1998
  • Heard from the IRS: Tax-Exempt Bonds and the LIHC, LIHTC Monthly Report, Summer 1998
  • Heard from the IRS: Assisted Living Facilities and the Low Income Housing Tax Credit, ABA Journal of Affordable Housing and Community Development Law, Spring 1998
  • Heard from the IRS: Assisted Living Facilities and the Low Income Housing Tax Credit, LIHTC Monthly Report, March, April 1998
  • Exempt General Partners and the IRS: 1997 IRS Private Letter Rulings, LIHTC Monthly Report, October 1997
  • Heard from the IRS: Exempt General Partners and the IRS: 1997 IRS Private Letter Rulings, ABA Journal of Affordable Housing and Community Development Law, Fall 1997
  • The Reading Room: Tax Credit Program Under Scrutiny - Findings of the GAO Report, ABA Journal of Affordable Housing and Community Development Law, Summer 1997
  • Heard from the IRS: Treasury Moves Quickly to Save Important Housing Initiative, ABA Journal of Affordable Housing and Community Development Law, Spring 1997
  • Final IRS Check-the-Box Regulations, ABA Journal of Affordable Housing and Community Development Law, Spring 1997
  • LIHC Regulation 1.42-16T - Treasury Moves Quickly to Save Important Housing Initiative, LIHTC Monthly Report, March 1997
 

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