Business Law

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

Event

From Augusta: A Legislative Update for HR Professionals

On March 13, 2020, Maine Senate President Troy Jackson and Speaker of the House Sara Gideon issued a joint statement to the 129th Maine Legislature signifying their intention to suspend the remainder of the...

Publication

Changing Control in the Time of COVID: Navigating ‘Change of Ownership’ Prior to PPP Loan Satisfaction.

The Hypothetical Everyone loves a hypothetical, right? So let’s begin with one about Billy Builder: Billy Builder holds 55% of the equity in a construction business he founded way back when the fax machine...

News

Benchmark Litigation Names Preti Flaherty 2021 “Maine Firm of the Year”

Benchmark Litigation has named Preti Flaherty as 2021 Litigation Firm of the Year in the State of Maine. The Benchmark Awards honor distinguished litigators and law firms in all 50 states and 10 practice...

Press Coverage

Maine Newspapers Challenge Rule Concealing Electronic Court Records

A Maine court committee in December established a 90-day blackout period rule on public access to newly filed electronic court records, a move which has been challenged by Maine's newspapers as a violation of the First Amendment. Paper...

Publication

Maine Workers' Comp Alert: Appellate Division Affirms Decision Involving Gradual Injury That First Manifested at Home, Not at Work

In Thomas v. United Ambulance , United Ambulance appealed a Decision (Goodnough, ALJ) granting Thomas’s Petition for Award and granting in part his Petition for Payment. United Ambulance argued that the ALJ erred in...

Event

From Concord: A Legislative Update for HR Professionals

As the COVID-19 pandemic continues, all legislative activities in the state of New Hampshire, with a couple of exceptions, will be handled remotely. Several employment-related bills will be considered and voted on during this...

News

Maine Justice Foundation Makes Inaugural Grants to Six Maine Groups Working for Racial Justice and Equity

The Maine Justice Foundation has made inaugural grants from its Racial Justice Fund to six Maine groups. The goal of the Fund is to support Black, Indigenous, and People of Color statewide to forge...

Event

Never Say Goodbye: Employee Performance Reviews, Terminations, and Alternatives

Laura Rideout and Dottie Chalmers Cutter, VP of Operations at Chalmers Insurance Group will present on employee performance reviews, terminations, and alternatives as a part of the Institute for Family Owned Business Legal Lunch...

Press Coverage

Sabattus Family's Bat Woes Prompt Bill To Force Real Estate Pest Disclosure

Publication

Maine Workers' Comp Alert: Maine Supreme Court Issues Decision Regarding Statute of Limitations in Coordination of Benefits

Maine Supreme Court Issues Decision in Charest v. Hydraulic Hose Dealing with Unique Statute of Limitations Issue in the Context of the Coordination of Benefits On March 30, 2021, the Law Court issued a...