Glenn A. Graff

Glenn Graff

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Affordable Housing & Community
Finance Development Finance
Tax Credit Finance & Syndication

Applegate & Thorne-Thomsen, P.C.
Air Products and Chemicals, Inc., Tax Attorney
Mayer, Brown and Platt, Tax Associate

State of Illinois
United States Tax Court

University of Illinois College of Law, J.D. summa cum laude,
Member, Order of the Coif
University of Illinois, B.A., Economics

Glenn A. Graff

Glenn joined Applegate & Thorne-Thomsen in 2001.  He concentrates his practice on issues related to the development of real estate with the low-income housing tax credit, the historic rehabilitation tax credit, the new markets tax credit, the tax credit for investment in alternative energy property, as well as the Illinois affordable housing tax credit.  Glenn also has significant experience in addressing issues related to the taxation of partnerships and LLCs and the taxation of not-for-profit organizations.  He represents syndicators, developers, investors and nonprofit organizations in structuring tax-advantaged transactions.

Glenn has represented clients in tax disputes before the IRS, the United States Tax Court and local tax authorities with an emphasis on appraisal and valuation issues. Glenn has worked on a number of tax credit related IRS audits.


  • American Bar Association
    • Member of Governing Committee of the American Bar Association Forum on Affordable Housing and Community Development Law, 2016-present
    • Chair or Co-Chair, Tax Credit and Equity Financing Committee of the Forum on Affordable Housing and Community Development Law, 2006-2016
  • Moderator on several American Bar Association Teleconferences on legislation affecting low-income housing.
  • Regularly speaks on tax issues relating to Federal low-income housing and historic credits, and the Illinois affordable housing tax credit


  • Air Products and Chemicals, Inc. v. Alabama DOR, (No. S97-103).
  • Norwest Corp. v. Comm’r, 108 TC 265 (1997).
  • Nestle Holdings, Inc. v. Comm’r, T.C. Memo, 1995-441 (1995).


  • Author, “Limited Time Offer-Bonus Depreciation Yield Enhancer”, Novogradac Journal on Tax Credits (2016).
  • Author, “How to Save Your Property’s 9 Percent Rate (Even with 2014 Credits)”, Novogradac Journal on Tax Credits (2012).
  • Author, “IRS Memo States TCAP Grants are Taxable at Time of TCAP Agreement is Signed”, Journal of Tax Credits, Vol II, Issue IV (2011).
  • Contributing Author, “The Legal Guide to Affordable Housing Development”, 2nd Ed., American Bar Association (2011).
  • Contributing Author, “Explanation and Analysis, American Recovery and Reinvestment Act of 2009”, Law and Analysis (2009).
  • Co-Author, “Initiatives and Tools for the Preservation of Affordable Housing in Illinois”, 18 Journal of Affordable Housing and Community Development Law 403 (2009).
  • Co-Author, “Low Income Housing Tax Credit Provisions of the Recovery Act of 2009: Tools to Close Financing Gaps in a Weak Tax Credit Equity Market”, 18 Journal of Affordable Housing and Community Development Law 463 (2009).
  • Co-Author, “Attention Developers: Beware of TCAP Tax Pitfalls and Be Aware of Credit Exchange Tax Benefits”, Journal of Tax Credit Housing, Vol II, Issue IX (2009).
  • Contributing Author, “Housing Assistance Act of 2008”, Law (2008).
  • Contributing Author, Explanation and Analysis, Emergency Economic Stabilization Act of 2008″, Law (2008).
  • Co-Author, “Impact of Housing and Economic Recovery Tax Act of 2008 on Current and Future Low-Income Housing Tax Credit Properties”, 18 Journal of Affordable Housing and Community Development Law 47 (2008).
  • Frequently quoted in Housing and Development Reporter and other tax credit publications