Real Estate and Finance

Affordable Housing

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.

Firm Highlights

Press Coverage

Portland law firm Preti Flaherty unveils renovated HQ space

Preti Flaherty has remodeled its Portland headquarters, spanning three floors and 41,000 square feet at One City Center. The update features hybrid workstations, collaborative areas, and an internal staircase that integrates flexible conference and...

Publication

Supreme Court Clarifies Constitutionality of Outdoor Camping Bans

Earlier today the United States Supreme Court issued its decision in the  City of Grants Pass, Oregon v. Johnson et al. , overturning a 2019 decision from the 9 th  Circuit Court, which held...

News

Preti Flaherty Names Michael S. Smith as Managing Partner

Preti Flaherty announced this week the election of Michael S. Smith as the firm’s new Managing Partner, effective July 15, 2024. He succeeds David Van Slyke, who is resuming his role as chair of...

Publication

Copyright Litigation: Substantial Similarity

In copyright litigation, courts assess substantial similarity to determine if alleged copying constitutes infringement. This evaluation involves comparing works across different categories using objective measures and subjective impressions to weigh similarities and dissimilarities. Even when...

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Matthew C. Worthen Joins Preti Flaherty’s Real Estate and Finance Practice Group

Preti Flaherty is pleased to welcome Matthew C. Worthen as a Director in the firm’s Real Estate and Finance Group. Worthen previously served as a Shareholder and Chair of the Real Estate Group at...

News

10 Preti Attorneys, 6 Practice Groups Honored in National Rankings

Ten Preti Flaherty attorneys and six practice groups have been selected by Chambers USA for inclusion in their premiere annual list of America’s leading lawyers. Preti is recognized for excellence in the practice areas...

Press Coverage

Looking to 'new generation,' Preti Flaherty promotes 42-year-old litigator to managing partner

Effective July 15, Michael S. Smith has been named managing partner of the law firm Preti Flaherty. Michael succeeds David Van Slyke, who will resume his role as chair of the firm’s environmental practice...

Publication

Compliance for Two—What Employers Need to Know about the Newly Effective Final Regulation for the Pregnant Workers Fairness Act

On June 18, 2024 the final rule from the U.S. Equal Employment Opportunity Commission (EEOC) implementing the Pregnant Workers Fairness Act (PWFA) takes effect, clarifying employers' obligations under this landmark legislation. Effective since June 27...

News

Preti Flaherty Welcomes Trusts and Estates Attorney Dianne Ricardo to the Firm

Preti Flaherty is pleased to announce that Dianne Ricardo has joined the firm’s Trusts & Estates Practice Group. Based out of the firm’s Concord, New Hampshire office, Dianne focuses her practice on comprehensive estate...

Publication

What Is the Affirmative Relief Announcement?

On June 18, 2024, President Biden announced  a series of immigration actions  using the authority granted to him by our existing immigration laws. These actions will help certain undocumented individuals in the United States...