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

News

Attorney Bodie B. Colwell Elected IWIRC Management Committee Vice Director of Social Media

Preti Flaherty is proud to announce that attorney Bodie B. Colwell has been elected to the Management Committee of the International Women's Insolvency & Restructuring Confederation (IWIRC), where, effective January 1, 2021, she will serve...

Event

The Future of Work: Assessing the Long-Term Impacts of COVID in the Workplace

Preti Flaherty is proud to partner with our friends at KMA Human Resources Consulting for their Lunch and Legal Conversations webinar series, moderated by Rhoda McVeigh, Director of Consulting Services at KMA. Each program...

Press Coverage

Should workers wary of COVID-19 vaccines be forced to take one for the team?

As COVID-19 vaccinations become more readily available, should employers be legally allowed to mandate vaccination for all employees? Maine employers are wrestling with the choice of whether or not to mandate employees be vaccinated...

Press Coverage

A Maine Legislature changed by the pandemic could challenge lobbyists in 2021

The 2021 Maine legislative session will present a number of unprecedented challenges for lobbyists. Since the coronavirus pandemic began, the State House has been closed to everyone but essential workers, and most meetings, committee votes, and public...

Publication

Maine Workers' Comp Alert: WCB Revises Fee Schedule

The Maine Workers' Compensation Board has completed the annual update of its Medical Fee Schedule. Appendix II (professional fees) and Appendix IV (outpatient facility fees) have been updated in accordance with Title 39-A M.R.S.A...

Event

The Crisis of the She-cession and What Employers Can Do to Address It

Preti Flaherty is proud to partner with our friends at KMA Human Resources Consulting for their Lunch and Legal Conversations webinar series, moderated by Rhoda McVeigh, Director of Consulting Services at KMA. Each program...

News

2021 Maine Diversity Summer Associate Program Expands to Include Additional Law Firms and Corporate Partners

Following a highly successful inaugural year, the three founding law firms of the Maine D1L Diversity Summer Associate program and the University of Maine School of Law welcome all of the new participating law...

Publication

New Eviction Restrictions for Portland, Maine

On November 3, 2020, voters in Portland approved an amendment to the Code of Ordinances which will implement rent control and tenant protections.  The new Sec. 6-236 of the Code of Ordinances extends the...

News

Preti Flaherty Partnership Announces Promotion of Moppin, Rideout, White to Partner

Preti Flaherty is pleased to announce that the firm’s partnership has named three new partners: Sara N. Moppin, Laura A. Rideout, and Emily T. White.  Each attorney stands out as a distinguished practitioner within...

Publication

Governor Janet Mills Releases Maine Supplemental and Biennial Budgets

Governor Mills released both the Supplemental and the Biennial Budgets today. The Revenue Forecasting Committee has estimated a $650 million revenue shortfall in 2021 – 2023 combined. In his presentation to the Appropriations Committee...