Penny S. Indictor

Penny S. Indictor is a partner at Berman Indictor LLP, where she focuses on federal income taxation and complex investment transactions. She advises clients on partnership taxation, real estate taxation, and transactions involving Low-Income Housing, Historic, and New Markets tax credits. She structures, negotiates, documents, and closes tax credit transactions and other sophisticated equity investments. Her work supports developers, investors, and organizations pursuing affordable housing and community development projects.

Penny earned her B.S. in Accounting, summa cum laude, from the University of Delaware in 1989. She earned her J.D., summa cum laude, from Villanova University School of Law in 1994. She served as Managing Editor of Production for the Villanova Law Review. Her accounting background also includes experience as a Certified Public Accountant with KPMG, which strengthens her understanding of financial structures and tax-related business concerns.

Penny is active in professional organizations connected with taxation, affordable housing, and development. She belongs to the American Bar Association Taxation Section and the ABA Forum on Affordable Housing and Community Development Law. She has served on the Forum’s Governing Committee and chaired its Webinar Committee. She also participates in the Philadelphia Bar Association Taxation Section, Women in Housing & Finance in Pennsylvania, and the Pennsylvania Developers’ Council. Her leadership roles have included committee chair and board service.

Penny S. Indictor regularly shares her knowledge through professional programs and publications. She has spoken on Low-Income Housing Tax Credits, historic tax credits, supportive housing partnerships, investor exits, and combined financing structures. She authored an article addressing historic tax credit issues for lenders, developers, and investors. Her speaking, writing, and leadership reflect her long-standing involvement in the legal and financial issues shaping affordable housing and community investment.

Law Office Affiliations

• Partner, Berman Indictor LLP
• Member, American Bar Association, Taxation Section
• Member, Philadelphia Bar Association, Taxation Section
• Member, Women in Housing & Finance in Pennsylvania
• Member, Pennsylvania Developers’ Council
• Member, New Jersey State Bar Association
• Member, Pennsylvania Bar Association

Licensed State

• Pennsylvania
• New Jersey

Education

• Villanova University School of Law
  Juris Doctor (JD)
• University of Delaware
  BS in Accounting with Summa Cum Laude

Awards & Badges