Preti Flaherty’s affordable housing practice serves the legal needs of developers, lenders, equity investors and state and local housing authorities that specialize in public and private financing, municipal finance and low-income housing tax credit matters in the New England region. In this complex intersection of business, real estate and tax law, Preti Flaherty has handled major transactions both in New England and nationally.

Our services include:

• Low income housing tax credit financing
• Creative financing solutions: Tax-exempt bond financing, tax-credits
• Construction and permanent mortgage loans
• HUD and other governmentally subsidized programs
• Multi-family housing and community development transactions
• Property acquisition
• Sale/leasebacks
• Ground and space leases
• Property tax exemptions
• Permitting
• Land use matters (zoning, site plan approval, special permits and subdivisions)
• Environmental matters

Representative Matters:

• Preti Flaherty represented Laconia Housing Authority in the revitalization of the former Scott & Williams knitting machine mill in downtown Laconia, New Hampshire. As general counsel on the $13 million project, which involved a complete transformation of the mill into three stories of affordable housing, plus commercial space on the first floor, we assisted with the acquisition of the mill from a Massachusetts corporation and coordinated the financing, which involved tax-exempt bonds and federal low-income housing tax credits. We also coordinated the transaction with several lenders, created a limited partnership for investors interested in the tax credits, and represented the Housing Authority in the sale of the commercial space on the first floor to businesses that will serve the needs of the residents: a senior wellness center, a family health clinic, and an affordable daycare facility.
• When American Housing Preservation Corporation (AHPC) wanted to acquire 1600 new low-income housing units in Colorado and Wyoming, we negotiated and closed the $91 million acquisition. The deal involved 21 different property owners, and included the permanent and bridge debt and low income housing tax credit equity financing.
• In 2005, we coordinated for Housing Initiatives of New England Corporation, a non-profit provider of affordable housing for seniors in both Maine and New Hampshire, a $30 million financing to assure the expansion, refurbishment and sustainability of HINEC’s seven New Hampshire complexes. Our attorneys coordinated the financing, acquisition, leasing and tax structuring related to the tax-exempt bond financing provided by the New Hampshire Housing Finance Authority.
• By utilizing low-income housing tax credits, we have successfully completed projects for clients such as Leach Home Partners Ltd., CHOM Housing Ltd. Partnership, 7 Coliseum Avenue Association, L.P., Portsmouth Senior Housing Association, and many more.