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

Publication

Preti Flaherty Announces its COVID-19 Financial Relief Evaluation and Selection Tool

This Analysis of COVID-19 Financial Advice is effective as of 5PM on Friday, April 3, 2020.  THE INFORMATION SET FORTH BELOW IS SUBJECT TO CHANGE as Treasury Guidelines and other authorities emerge from the...

News

Preti Flaherty Attorney Tim Bryant Selected by Franchise Times as “Legal Eagle”

For the twelfth year in a row, Preti Flaherty attorney Tim Bryant has been recognized as a Franchise Times magazine “Legal Eagle.” Nominated by their peers, franchise attorneys chosen for this honor are considered among...

News

Preti Flaherty Welcomes Attorneys James W. Beers, Jr., and Alan E. Topalian to the Firm

Preti Flaherty is pleased to announce the arrival of two new attorneys: James W. Beers, Jr., and Alan E. Topalian. James joins the Environmental Practice Group as a Director and will work from the...

News

Attorney Betsy E. Wakefield Joins Preti Flaherty’s Business Law Group

Preti Flaherty is pleased to announce that Betsy E. Wakefield has joined the firm. Betsy will practice with the Business Law Group from the firm’s Portland office, where she will be counseling banking and...

Press Coverage

Maine State Police May Be Spying on You

Police and governments are increasingly turning to new tracking and monitoring methods in their efforts to prevent and record evidence of crimes. A Portland Press Herald investigation examines these expanding law enforcement abilities and the...

Publication

DOL Provides Guidance on Exemption from Paid Leave for Small Businesses

The FFCRA requires certain employers to provide paid sick leave and expanded FMLA benefits due to COVID-19 but provides that businesses with fewer than 50 employees may be exempt if the obligation would jeopardize...

Publication

Essential Business? Essential Activity? Clarification Here.

Effective at 12:01 a.m. on April 2nd, the Governor has ordered a statewide “stay at home” order further restricting Maine resident’s movement. Governor’s Executive Order No. 28 FY 19/20 dated March 31, 2020 (“Stay...

Press Coverage

6th Circ. Says Auto Parts Co. Can't Arbitrate Price-Fixing Suit

On February 24, a three-judge panel of the Sixth Circuit Court of Appeals upheld a Michigan district court's January 2019 decision that KYB Corp. can't force a suit accusing it of conspiring with other auto parts...

Event

2020 Employment Law Series: A Legislative Update for HR Professionals

For more than 25 years, Preti Flaherty's Employment Law Group has been keeping clients, business partners, and friends up to date on recent developments in employment law. Join us as we continue that tradition...

Press Coverage

Maine - Waterville Coronavirus Panel Illegally Met in Secret

A Waterville City Council coronavirus subcommittee formed in response to the outbreak has been accused of illegally meeting in secret, denying public access to its deliberations, and making unlawful decisions. Extended Coverage: Virus Concerns Lead to 'Public' Meetings Without...