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

Legislative Alert: Governor’s Economic Recovery Committee Update

The Governor’s Economic Recovery Committee met on Friday June 26 th to hear reports from the Chairs of all six subcommittees. In the reporting on Friday the biggest monetary ask was from the Infrastructure...

Publication

Maine Workers' Comp Alert: WCB Transition to In-Person Hearings Likely to Occur No Sooner Than August 2020; Section 312 IME’s Have Resumed

A conference with Maine Workers' Compensation Board Executive Director John Rohde was held last week to discuss the transition to in-person hearings at the WCB. The WCB Subcommittees also met to discuss recent developments...

Press Coverage

Officer-involved Shootings Video - Maine Behind the Curve on Public Access to Information

More than three months after officers were involved in a fatal shooting of a Minot, Maine, resident, the Androscoggin County Sheriff's Office and the Office of the Attorney General continue to deny requests to...

Publication

Preti Flaherty COVID-19 Resources

In response to the ongoing COVID-19 pandemic, Preti Flaherty's attorneys have maintained a constant stream of the most up-to-date information and resources for our clients, business partners, and others struggling to navigate these complex...

Press Coverage

As More States Release COVID-19 Cases by Town, Maine Says It Could Take 6 Months

As more states continue to release information on the number and distribution of coronavirus cases, officials from Maine's public health agency claim that making tallies available to the public under the state's Freedom of...

News

ACTIONS. NOW. FOR CHANGE.

Our country and our communities are suffering and in turmoil due to the racial injustices that have occurred for centuries and are still happening all around us today. It is difficult to comprehend and...

Press Coverage

Maine drops residency requirement for recreational marijuana businesses

Since Mainers voted to pass the Maine Marijuana Legalization Act in 2016, lawmakers have been wrestling with how to regulate sales. Last week, recreational marijuana businesses in Maine cleared a major hurdle to operation...

Publication

Contractor's Guide to Mitigating Risks in the AIA A201-2017 General Conditions

The AIA A201-2017 is generally a well-understood contract document and is used in a significant number of construction projects each year. While this standard contract covers most risks, there are a number of areas...

News

Preti Flaherty Attorney William Saturley Named Among America’s Top 100 “Bet-the-Company Litigators” for 2020

Preti Flaherty is proud to announce that attorney William Saturley has been selected for inclusion on the list of America’s Top 100 “Bet-the-Company Litigators” for 2020. America’s Top 100 recognizes the most qualified and...

News

Eighteen Preti Flaherty Attorneys Selected as Chambers USA Leaders in Their Field

Eighteen Preti Flaherty attorneys and five practice groups have been selected for inclusion in the 2020 Chambers USA Guide to America's Leading Lawyers for Business , the highly regarded directory of leading attorneys and...