Preti Flaherty’s Affordable Housing Practice Group operates at the complex intersection of business, real estate, and tax law. Circumstances may change, but the goals of affordable housing developers remain the same: sustainable economic development, community revitalization, and safe and affordable housing for populations in need. Success in an environment of constantly evolving market forces, such as government incentive programs, zoning and land use issues, and challenging economic conditions, demands innovative legal strategy to get the job done.
A Framework Built for the Future
Working both regionally and nationally, we handle major transactions for nonprofit and for-profit developers, lenders, equity investors, and state and local housing authorities. Our Affordable Housing Group provides a wide range of services, including:
- 9% and 4% Low-income housing tax credit financing
- Tax-exempt bond financing
- Historic tax credit financing
- Project-based Section 8 transactions
- Community Development Block Grants
- HUD Rental Assistance Demonstration (RAD) conversions
- Construction and permanent mortgage loans and syndications
- Federal and state subsidies
- Public-private partnerships
- Multi-family housing and community development transactions
- Senior housing transactions
- Property acquisitions and sales
- Limited partner dispositions
- Sale/leasebacks
- Ground and space leases and condominiums
- Property tax exemptions, abatements and PILOTs
- Legislative and agency approvals and permitting
- Land-use matters (zoning, site plan approval, special permits, and subdivisions)
- Environmental matters
- Title matters
- Rental housing operations matters, including Fair Housing and lead-based paint compliance
The attorneys that make up Preti Flaherty’s Affordable Housing Group are actively and proudly involved in various organizations supporting affordable housing in New England, including the Northern New England Housing Investment Fund, the Maine Affordable Housing Coalition and the Maine Real Estate Development Association.
On a Foundation of Results
We have a demonstrated record of success working with financing authorities to secure historic results for our clients. Our tax attorneys were instrumental in obtaining first-of-its-kind financing for renovations to 40 senior housing units under Maine’s expanded tax credit program. We took the lead in coordinating the financing, acquisition, leasing, and tax structuring related to a $30 million-tax exempt bond financing provided by the New Hampshire Housing Finance Authority to assure the expansion, refurbishment, and sustainability of seven senior housing complexes. Our team serves as trusted advisors and general counsel to small and large-scale affordable housing developers across New England and maintains strong relationships with local, state, and national housing and finance agencies.
The connections we have cultivated and our creativity in working with a combination of financing vehicles are the key factors our clients need to overcome the challenges presented by regulatory and economic forces to see their projects through to completion.