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Delphine Georgette Carnes

Delphine Georgette Carnes

Practice areas:

Project Finance, Tax, Real Estate

Client reviews

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About Me

Mrs. Carnes’ practice focuses on project finance, public sector, affordable housing and community development, taxation, and real estate. She has been involved in the New Markets Tax Credit (NMTC) program since its inception, representing Community Development Entities, financial institutions and developers. She has significant experience structuring complex transactions, including real estate transactions that combine NMTC with state and federal historic tax credits, tax-exempt bonds, traditional debt and debt with equity features. She regularly provides tax credit training to debt providers and developers.


Practice Areas:


Businesses and Industries:

  • Tax Credit Finance

  • Bond Financing

  • Residential and Commercial Project Finance

  • Municipal Finance

  • Redevelopment and Housing Authorities

  • Financial Institutions

  • Commercial and Residential Developers

  • Universities


Representative Experience:

  • Represents Community Development Entities (CDEs), financial institutions and Qualified Active Low-Income Community Businesses (QALICBs) in connection with the New Markets Tax Credits program.

  • Represents public entities as Issuer's counsel in transactions involving tax-exempt and taxable bond financing.

  • Structured the first NMTC transaction in the country that uses the proceeds of tax-exempt bonds as leveraged debt.

  • Structured the first NMTC transaction that utilizes HUD public housing development funds as the source of leveraged debt.

  • Experience in HOPE VI, Low Income Housing Tax Credits (LIHTC), Rehabilitation Tax Credits (state and federal) and mixed-finance transactions.

  • Represents entities in the acquisition, financing, development and disposition of real estate.

  • Experience in general corporate counseling, including corporate formation and reorganization, acquisition and disposition of corporate assets, tax exemptions and commercial transactions.


Languages Spoken: French, English

Photos and Videos

1807406 1366383102

Practice Areas

Licensed since 2002

  1. Project Finance: 80%
    12 years, 50 cases
  2. Real Estate: 10%
  3. Tax: 10%

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Contact Info

Crenshaw, Ware & Martin, Plc

150 W Main St Ste 1500
Norfolk, VA, 23510-3403



DCActive 201205/24/2015
VAAuthorized to practice law200203/11/2014

Professional Misconduct

We have not found any instances of professional misconduct for this lawyer.

Avvo Contributions

Legal Answers


Award NameGrantorDate Granted
Project Finance Law and Public Finance LawBest Lawyers in America2015
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2014
Project Finance Law and Public Finance LawBest Lawyers in America2014
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2013
Project Finance Law and Public Finance LawBest Lawyers in America2013
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2012
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2011
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2010
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2009
Listed in Virginia Super Lawyers "Rising Stars"Virginia Super Lawyers2008
Recipient of Virginia Legal Elite - Young Lawyer Under 40Virginia Legal Elite2008
Listed in Virginia's Super Lawyers "Rising Stars"Virginia Super Lawyers2007

Work Experience

TitleCompany NameDuration
PartnerCrenshaw, Ware & Martin, P.L.C.2002 - Present


Association NamePosition NameDuration
Norfolk and Portsmouth Bar AssociationExecutive Committee2013 - Present
District of Columbia BarN/A2012 - Present
Virginia Bar AssociationN/A2002 - Present
Norfolk and Portsmouth Bar AssociationN/A2002 - Present
Virginia State BarN/A2002 - Present
American Bar AssociationMemberN/A
Norfolk Society for the Prevention of Cruelty to AnimalsBoard MemberN/A

Legal Cases

Case NameOutcome
$8,000,000 NMTC Financing for Bioenergy Company in Lake Providence, LA.N/A
NMTC Financing for Performing Arts Center in Bowling Green, KYN/A
NMTC and HRSA Financing for Blue Ridge Medical CenterN/A

See all Legal Cases 


Publication NameTitleDate
Fee Simple (Virginia State Bar Real Property Newsletter)Bringing Capital to Underserved Communities: an Introduction to New Markets Tax Credits2012


School NameMajorDegreeGraduated
University of Richmond, The T. C. Williams School of LawLawJD - Juris Doctor2002
Nanterre University, Paris, FranceEuropean Union LawLaw Graduate Degree, Valedictorian, with high honors2000
Sorbonne University, Paris, FranceEnglish and American Business LawLaw Graduate Degree, with honors1999
Nanterre University, Paris, FranceDiploma in English and American LawB.A. in French Law, with high honors1998

Speaking Engagements

Conference NameTitleDate
VAHCDO Legal SemainrRAD Conversion and Rehavilitation using LIHTC: Key Considerations for PHAs"2014
The Governor's Conference on Economic Development - Increasing the Odds: Deal-Making in the New EconomyNew Markets Tax Credits2014
VAHCDO 2013 Annual Legal SeminarPresenter, "Legal Strategies for Effectively Implementing the Rental Assistance Demonstration Program, to Include Incorporation of Tax Credits; Project Based Vouchers; and Post-Conversion Concerns"2013
White House and Small Business Administration Faith and Neighborhoods in Action Symposium"Access to Capital: The Role of Community Development Financial Institutions"2012
NAHRO 2011 National Conference & Exhibition“Creative Leveraging to Create Mixed Use: East St. Louis Housing Authority’s Approach”2011
Cox Business Executive Discussion“Money, Money, Money: Raising it, Making it and Hanging on to it”2011
2011 Virginia Governor’s Housing Conference“Effective Higher Education Partnerships"2011
HBCU CDAC Conference“Using NMTC to Revitalize Neighborhoods Near HBCUs”2010
Governor’s Housing Conference Tour of Norfolk Neighborhoods“Financing Tools for Norfolk Developments”2009
2009 Fall Conference, ABA Forum on Affordable Housing and Community Development Law“Community Revitalization Tax Hot Topics”2009
2008 Governor’s Housing Conference“New Road for Public Housing Authorities”2008
VAAD Seminar“Preserving Affordability”2006