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September 2, 2025

Tax Credits Every Commercial Real Estate Investor Should Know

By JR Lephew and John Gajewski, MRICS

By J.R. Lephew, Director of Affordable Housing, and John Gajewski, MRICS, Technical Director of Historic Architecture Solutions, both at Partner Engineering and Science, Inc. Published on Sept. 2, 2025, on GlobeSt.

The recently enacted One Big Beautiful Bill Act (OBBBA) has reshaped the federal tax landscape, making headlines for its new deductions and permanent extensions of prior tax cuts. Beyond changes to individual tax rates and withholding tables, OBBBA has refocused attention on a powerful but often underutilized financing tool for commercial real estate (CRE) investors: federal tax credits.

For developers and investors alike, understanding these credits is essential, especially as market dynamics tighten and traditional financing sources grow more conservative. These incentives can provide not only direct tax relief but also a substantial source of capital for otherwise infeasible projects.

Below is an overview of the major federal tax credit programs that CRE professionals should keep on their radar.

In this latest GlobeSt article, J.R. Lephew and John Gajewski discuss which tax credits can benefit you, as a Real Estate Investor.

About the Authors

JR Lephew

JR Lephew

Principal, Managing Director of Affordable Housing
JR Lephew serves as the Director of Affordable Housing and his experience spans 20 years in the environmental, engineering, and construction industries. Mr. Lephew is the primary knowledge resource to clients and internal staff for all affordable housing-related due diligence services, including both environmental and physical needs assessments. The affordable housing due diligence programs that he specializes in include those related to applications for state Low-Income Housing Tax Credits (LIHTC), HAP-TPA-Mark-Up-To-Market (MUTM/M2M), Multifamily Accelerated Processing (MAP), and Rental Assistance Demonstration (RAD), to name a few. Mr. Lephew also has extensive knowledge in, and has facilitated compliance with, local and state accessibility standards and laws, as well as federal standards such as the Americans with Disabilities Act (ADA), the Fair Housing Act (FHA), and Section 504-Uniform Federal Accessibility Standards (UFAS) requirements as they pertain to multifamily residential building standards and practices.
John Gajewski, MRICS

John Gajewski, MRICS

Principal, Technical Director of Historic Architecture Solutions
John Gajewski is the Technical Director of Historic Architecture Solutions at Partner Engineering & Science Inc. He advises commercial and corporate clients on risk management and value optimization of their historic buildings, property transactions, and portfolios. With 25 years of experience as a full-lifecycle building consultant and construction project manager, Mr. Gajewski has extensive knowledge of both modern and historic buildings, serving high-profile commercial real estate and public clients globally. His expertise spans renovation, rehabilitation, enhancement, and repair of buildings of architectural and historic significance, including technical due diligence and construction projects. Highlights of his career include the UK Palace of Westminster and The Parliamentary Estate, The Institution of Civil Engineers, Old Post Office and Clock Tower DC, and historic bank branches for the Lloyds Banking Group Ltd, among others.

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