Craig W. Hammond focuses his practice in the areas of public finance, banking and economic development law, with more than 35 years of experience representing lenders, state and local units of government, universities, non-profit institutions, underwriters and borrowers in connection with economic development projects and tax exempt bond financings. Craig is recognized as one of the leading public finance attorneys in the State of Michigan in financings for senior housing, multifamily housing, health care, higher education, charter schools, municipal projects, economic development projects and public-private partnership transactions. Ranked by Chambers USA: America’s Leading Lawyers for Business in the Banking & Finance – Michigan category, clients refer to him as “very thorough and strategic,” and someone who “provides a steady hand throughout.” Craig has also been selected by his peers for inclusion in The Best Lawyers in America© since 2007 in the fields of Banking and Finance Law and Public Finance Law. He was named the Best Lawyers® 2020 Banking and Finance Law “Lawyer of the Year” in Troy; 2018 Public Finance Law “Lawyer of the Year” in Troy; 2017 Banking and Finance Law “Lawyer of the Year” in Troy; and 2015 Banking and Finance Law “Lawyer of the Year” in Detroit.
Education & Credentials
Education
Williams College
B.A., 1985- cum laude
University of Michigan
J.D., 1988- cum laude
Bar Admission
Acknowledgements
- Chambers USA: America's Leading Lawyers for Business
- Banking & Finance
- The Best Lawyers in America®
- Banking and Finance Law, Public Finance Law, 2007 to 2024
- “Lawyer of the Year,” Public Finance Law, 2018
- “Lawyer of the Year,” Banking and Finance Law, 2017 - 2021, 2024
- “Lawyer of the Year,” Banking and Finance Law, Detroit, 2015
- Michigan Super Lawyers®
- Government Finance Law, 2007-2023
- DBusiness Magazine
- "Top Lawyers," Public Finance Law, 2009-2011, 2013-2023
Representative Clients
- Bank of America, N.A.
- Eastern Michigan University
- The Huntington National Bank
- JPMorgan Chase Bank, N.A.
- Lawrence Technological University
- Michigan Finance Authority
- Michigan Strategic Fund
- Presbyterian Villages of Michigan
- Michigan State Housing Development Authority
- Economic Development Corporation of Oakland County
Prominent Assignments
- Bond counsel to Michigan State Housing Development Authority for Rental Housing Revenue Bond Program.
- Counsel to Eastern Michigan University in connection with $55 million asset monetization of University parking system through public private partnership.
- Counsel to Eastern Michigan University in connection with $212 million on-campus student housing system public private partnership.
- Counsel to Eastern Michigan University in connection with public private partnership for University utility system.
- Bond counsel to Michigan Strategic Fund in connection with issuance of $450 million of bonds to finance construction of Little Caesars Arena to serve as the home arena for the Detroit Red Wings and Detroit Pistons.
- Counsel to Palace Sports & Entertainment, LLC in connection with development agreement and related economic development incentives for relocation of Detroit Pistons to Little Caesar's Arena in Detroit.
- Counsel to Corvias Campus Living in connection with public private partnership for student housing at Wayne State University.
- Counsel to Red Raiders Facilities Foundation in connection with public private partnership for Texas Tech University football stadium renovation and athletic training facility project.
- Counsel to The Sports Authority of the Metropolitan Government of Nashville and Davidson County in connection with MLS soccer stadium P3 development and lease transaction and Nashville Predators lease renewal of Bridgestone Arena.
- Counsel to Marygrove College for the closure, wind down and dissolution of the college.
- Bond counsel and underwriter's counsel on hundreds of tax exempt private activity bond issues for financing of manufacturing, health care, educational, cultural, senior housing, and solid waste disposal facilities.
- Counsel to lenders in connection with a wide range of municipal lending, including the purchase and credit enhancement of tax exempt obligations and other credit facilities.
- Underwriter's counsel to Robert W. Baird & Co. in connection with the issuance of Financial Recovery Bonds by the City of Ecorse, Michigan. The financing was awarded the 2011 Deal of the Year by The Bond Buyer in its small issue category.
- Counsel to Raymond James in connection with the underwriting of tax exempt private activity bonds issued by the Oakland County, Michigan EDC for the benefit of Michigan Motion Pictures Studio through a leveraged new market tax credit structure.
- Bond counsel to the Michigan Finance Authority for its Local Government Loan Program.
- Bond counsel to variety of issuers in connection with issuance of tax exempt bonds to finance or refinance senior housing and health care communities, including projects for Texas Tech University football, Canterbury on the Lake, Lourdes Senior Community, Presbyterian Villages of Michigan, Henry Ford Village, Evangelical Homes of Michigan, Vista Grande Villa, Rivers of Grosse Pointe, Wellspring Lutheran Services, Samaritas, Sunset Manor and Resthaven.
- Bank counsel for bonds issued for University of Toledo, Central Michigan University, Wayne County Airport Authority, Cranbrook Educational Community, Detroit Catholic Central High School, YMCA Metropolitan Detroit, Spectrum Health and Munson Healthcare.
- Counsel to Lawrence Technological University for the bond financing of campus improvements and student housing.
- Counsel to JPMorgan Chase Bank, N.A. for the syndicated construction loan and tax credit financing (historic, new market and brownfield tax credits) of the Argonaut Building in Detroit, Michigan for the College for Creative Studies.
Professional Involvement
- Member, American College of Bond Counsel
- State Bar Association
- National Association of Bond Lawyers
Community Involvement
- Board of Directors, The Douglas F. Allison Foundation, Bloomfield Township, Michigan
- Co-Chancellor, Christ Church Cranbrook, Bloomfield Hills, Michigan
Publications/Presentations
- Client Alert: “Treasury Releases Proposed Regulations on Opportunity Zones,” October 2018
- Client Alert: “Treasury and IRS Announce Designation of Opportunity Zones for 18 States,” April 2017
- Client Alert: “IRS Issues New Guidelines for Qualified Management Contracts for Facilities Financed with Tax Exempt Bonds,” January 2017
- Client Alert: IRS Releases Guidance and Allocations for New Recovery Zone Bonds, June 16, 2009
- Client Alert: American Recovery and Reinvestment Tax Act Expands Tax-Exempt Bond Provisions, February 2009
- “Qualified Opportunity Zone Program,” Michigan Association of Certified Public Accountants (MICPA), September 2019
- “P3 Entity Formation and Financing – General Risks and Challenges,” State Bar of Michigan, Real Property Law Section Summer Conference: Public-Private Partnerships Panelist, July 2019
- "Financing The Detroit Red Wings Arena," 2015 CDFA Michigan Financing Roundtable Conference, October 2015
- "Private Activity Bonds," CDFA Michigan Financing Roundtable 2012 Economic Development Finance Conference, October 2012
- "Basics of Bond Finance," CDFA Michigan Financing Roundtable 2010 Economic Development Finance Conference, March 2010
- "New Economic Stimulus Bonds for U.S. Indian Tribes," International Masters of Gaming Law, 2009 Spring Conference
- "Stimulus Plan: Build America Bonds, Recovery Zones and Other Economic Development Financing Tools for Counties," Michigan Association of County Administrative Officers, 2009 Spring Conference
- "Managing OPEB Liabilities Under GASB 45", State Bar of Michigan, Public Corporation Law Quarterly, Fall 2006