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

Court Rules Portland Rents Are Public Information, Not Trade Secrets

Rental information is public information and not protected from public record requests under the Maine Trade Secrets Act, according to a recent ruling by Justice Thomas R. McKeon of the Maine Business and Consumer Court. The...

Publication

New EEOC Poster Requirement and Guidance on Notice-Posting in Hybrid Workplaces

The U.S. Equal Opportunity Commission (“EEOC”) recently updated the “EEO is the Law” poster and replaced it with a new one: “ Know Your Rights: Workplace Discrimination is Illegal .” The new poster was...

Publication

Another Reminder to Update Policies and Procedures to Reflect Latest COVID-19 Guidance

We  last updated you in early August  regarding the latest COVID-19 quarantine and isolation guidance from the Centers for Disease Control and Prevention (“CDC”).  Cold and flu season is now upon us, and experts are...

News

Attorney Shana Solomon Recognized by Massachusetts Lawyers Weekly "Top Women of Law" 2022

Preti Flaherty is pleased to announce that attorney Shana Solomon has been recognized by Massachusetts Lawyers Weekly as part of the publication’s “Top Women of Law” list for 2022. Shana is a trial lawyer...

Press Coverage

Preti Flaherty Supports Nationally Recognized Investigative Reporting

Preti Flaherty has been recognized for supporting an award-winning investigative Journalism in Maine.  The non-profit  Maine Monitor  published a nationally recognized series titled “Eavesdropping in Maine Jails” revealing widespread recording of  phone calls between jail...

Publication

Portland Referenda and Legislative Leadership Update

In addition to all the state and national legislative races that were (mostly) decided by Wednesday morning, there were also 13 referendum questions on the Portland municipal ballot and one in Bar Harbor of...

News

U.S. News – Best Lawyers Ranks Preti Flaherty Among 2023 Best Law Firms

Preti Flaherty has been named among the 2023 Best Law Firms by the U.S. News – Best Lawyers rankings. To be eligible for ranking, a law firm must have at least one attorney named...

Press Coverage

Courts Could Throw State Marijuana Markets into Disarray

Over the past two decades, 37 states have legalized the production and/or sale of marijuana in some form. However, due to a lack of federal action, interstate commerce is still considered illegal and barred...

News

Preti Flaherty Continues Year of Remarkable Growth with Addition of Five New Attorneys

Preti Flaherty is pleased to announce the arrival of five new Associates to the firm: Scott A. DeLong, Christopher S. Knight, Kijana Plenderleith, Harper A. Weissburg, and Joshua D. Williams. In our Portland, Maine, office...

Publication

November 2022 Election Update

Maine State House Most of us who are obsessed with electoral politics expected a tight Gubernatorial race and, if not changes in control of the House or Senate, much closer margins between the majority...