In the aftermath of the Historic Boardwalk case, the Historic tax credit investment community is struggling with a  partnership investment structure which will not be challenged by the Service.  Conceptually one may only need to look to Rev. Proc. 2007-65 in which the Service set forth a safe harbor for investors in partnerships owning qualified energy facilities.   The positions advanced by the Service in its appeal of the Tax Court decision in the Historic Boardwalk case mirrored many of the  safe harbor requirements of the Rev. Proc. 2007-65.  As a result, to follow the safe harbor of Rev. Proc. 2007-65 one would conclude at a minimum future historic tax credit partnership agreements should: (1) provide both cash flow and tax credits to the investor; (2) no longer be structured as “pay as you go” transactions; (3) no longer have tax credit indemnities in favor of the investor; and (4) no longer have an investor “put” to the developer for nominal consideration.