Jimmy Slemboski

Jimmy Slemboski, a partner in Cox Castle & Nicholson’s San Francisco office, is considered one
of the leading experts in the area of affordable housing finance and taxation in the western U.S.
His practice focuses on all aspects of financing and developing affordable housing projects
throughout the country. His expertise includes structuring and closing complicated financings for
mixed use, mixed income, senior, assisted living, family and farmworker projects. He is also
considered the foremost authority on California’s property tax exemption for affordable housing
and was instrumental in the adoption of rules clarifying the exemption. He has extensive
experience in structuring complex financings utilizing tax-exempt bonds, low income housing tax
credits, rehabilitation tax credits, new market tax credits, solar tax credits, energy tax credits, and
public subsidies.

Jimmy Slemboski has represented numerous builders, for profit and nonprofit developers,
syndicators, lenders, financiers, public agencies and consultants for over 25 years. During the
past decade, he has participated in approximately a third of all the multifamily tax-exempt bond
financing volume in the State of California. His experience, active practice, and relationships with
developers, lenders and investors gives him invaluable and unique insights into the affordable
housing marketplace.

Jimmy Slemboski also maintains an active business practice with significant experience in
structuring partnership, limited liability company, and corporate financings, tax planning, real
estate development and capital formation. His practice includes representation before State
Housing Agencies and the Internal Revenue Service. He is a Certified Taxation Specialist with
the Board of Legal Specialization of the State Bar of California.

REPRESENTATIVE MATTERS

• Representation in over 1,000 affordable housing transactions as primary or principal

counsel
• Representation in hundreds of bond financings valued in the many billions of dollars
• Representation of leading affordable housing developer in portfolio acquisition of GP
Interests in 78 projects from national public company
• Representation of national real estate sponsor in the syndication and development of
multifamily affordable housing projects valued in excess of $350,000,000
• Representation in some of California’s most notable Historic Tax Credit developments,
including the Napa Valley Opera House; Oakland’s historic landmark, The Rotunda
Building; and the historic renovation of the original Bank of America building.
• Representation of California’s second largest independent mortgage lender in its public
syndication activities with investor equity of approximately $200 million

SPEAKING ENGAGEMENTS

• Frequent lecturer at national conferences on affordable housing including New York

University’s 19th Annual Conference on Federal Taxation of Real Estate Transactions,
Warren Gorham & Lamont and The Institute for Professional Executive Development,
Inc.’s Advanced Tax Credit Strategies, the National Affordable Housing Conference, the
Developers Affordable Housing Conference and the ABA’s Forum Committee on
Affordable Housing and Community Development Law Annual Convention
• “Section 1602 Grants and Loss Syndications,” panelist, Novogradac 17th Annual
Affordable Housing Conference, September 30, 2010
 • “Affordable Housing: Palmer and Patterson in the New World Order: Do they Matter?,”
CLE – California Land Use Conference, September 24, 2010
• “Debate on the Future of the Tax Credit,” ULI Affordable/Workforce Housing Council,
November 4, 2009
• “Credit Crisis of 2008—Affordable Housing Impact,” State Bar of California 28th Annual
Real Property Retreat, May 15, 2009

PUBLICATIONS

• “Fannie Mae Program Changes to Low-Floater Bond Market Will Affect the Affordable
Housing Industry” California Real Estate Journal (June 2004)
• “Developing Deals – Analyzing Investment Strategies in Affordable Housing” The
Institutional Real Estate Letter (May 2003)
• Co-Author, “Negotiating the Development of a Tax Credit Project”, California Real
Property Journal, Spring 1995
• Contributor, Low Income Housing Tax Credit Handbook (Clark Boardman)
• Contributing Editor, LIHTC Monthly Report

EXPERT WITNESS

• Expert witness for a tax credit investor concerning the interpretation of partnership
agreements
• Expert witness for a partner in a real estate partnership dispute involving negative capital
account restoration provisions and I.R.C. Code Section 704(b) (before J.A.M.S.)
• Expert witness for national real estate syndicator in investor dispute involving material
misrepresentations in Private Placement Memorandum
• Expert witness for national real estate syndicator in bankruptcy trial regarding the
interpretation of Limited Partnership Agreement
• Expert witness in divorce trial regarding the ownership, vesting and valuation of stock
options for a prominent hi-tech Silicon Valley company
• Expert witness for major law firm involving adequacy of securities documents for real
estate syndications

AWARDS/HONORS

• Member, Beta Gamma Sigma

• Certified Taxation Specialist, Board of Legal Specialization, State Bar of California

Education

• J.D., University of California, Hastings College of the Law, 1979

• M.B.A., University of California at Berkeley, 1979
• B.S., University of California at Berkeley, 1976

Other Notable Publications and Speaking Engagements

• “Developing Deals – Analyzing Investment Strategies in Affordable Housing” The

Institutional Real Estate Letter (May 2003)
• Co-Author: “Negotiating the Development of a Tax Credit Project” California Real
Property Journal (Spring 1995)
• Contributor: Low Income Housing Tax Credit Handbook (Clark Boardman)
• Contributing Editor: LIHTC Monthly Report
Professional Affiliations

• State Bar of California

• American Bar Association
• Certified Taxation Specialist, Board of Legal Specialization, State Bar of California
• Member, National Council of State Housing Agencies