The program will examine the legal frameworks governing impact fund workouts and teach attorneys how to master the legal complexities of distressed impact fund restructurings, protecting tax credit positions, navigating competing capital stacks, and advising sponsors, lenders, and investors through workout scenarios in clean energy and affordable housing.

Key topics that will be covered include:

• Stress drivers shaping today's impact fund market
  • Covers portfolio underperformance, capital call pressures, placed-in-service failures, and frozen federal funding, equipping counsel to identify emerging fund stress before default is triggered.
• NAV facility covenants breaches and valuation challenges
  • Addresses NAV loans secured by tax credit assets, where valuation disputes intersect with covenant breach events and intercreditor rights in distressed fund scenarios.
• Tax equity investor consent mechanics in restructurings
  • Guides practitioners through consent requirements, completion guarantee disputes, direct pay election complications, and credit monetization preservation strategies in workout scenarios.
• Fiduciary duties and conflict management in dual-mandate funds
  • Covers the tension between sponsor obligations to financial investors and mission-preservation duties, including valuation disputes, disclosure obligations, and board-level workout decision-making.
• Survival of regulatory agreements through foreclosure and distressed sales
  • Examine how DHCD, CTCAC, and municipal regulatory agreements run with the property and survive ownership changes, creating lasting obligations any purchaser or lender must account for.
• Drafting for resilience: lessons from workout experience
  • Translates real-world restructuring experience into practical drafting guidance, covering credit agreement provisions, side letter protections, impact metric frameworks, and intercreditor terms, to mitigate future workout risk.