Business Law

Affordable Housing

Representative Matters

  • Caleb Foundation - The Olde Woolen Mill in North Berwick, Maine was merely gathering cobwebs when the Caleb Foundation saw an opportunity to create housing for low-income seniors.  To help finance it, our tax attorneys were instrumental in structuring one of the very first syndications under Maine's recently expanded historic tax credit program and synchronizing the requirements of the state credit investor with the federal historic tax credit and housing tax credit investors.  We successfully obtained favorable financing necessary to green-light renovations to 40 apartments for senior residents.
  • Acadia Hospital and Spring Harbor Hospital - Successfully worked on behalf of Acadia Hospital and Spring Harbor Hospital, Maine's two non-profit psychiatric hospitals to obtain enactment of supplemental appropriation of $5.6 million to treat indigent mentally ill patients. Handled legislative approval of the appropriation necessary to make up for significant shortfall in so-called disproportionate share of hospital (DSH) Medicaid pool.
  • American Housing Preservation Corporation - When American Housing Preservation Corporation (AHPC) wanted to acquire 1600 new low-income housing units in Colorado and Wyoming, we negotiated and closed the $91 million acquisition. The deal involved 21 different property owners, and included the permanent and bridge debt and low income housing tax credit equity financing.
  • Housing Initiatives of New England Corporation - Preti Flaherty coordinated for Housing Initiatives of New England Corporation, a non-profit provider of affordable housing for seniors in both Maine and New Hampshire, a $30 million financing to assure the expansion, refurbishment and sustainability of HINEC's seven New Hampshire complexes. Our attorneys coordinated the financing, acquisition, leasing and tax structuring related to the tax-exempt bond financing provided by the New Hampshire Housing Finance Authority.
  • Laconia Housing Authority - Preti Flaherty represented Laconia Housing Authority in the revitalization of the former Scott & Williams knitting machine mill in downtown Laconia, New Hampshire. As general counsel on the $13 million project, which involved a complete transformation of the mill into three stories of affordable housing, plus commercial space on the first floor, we assisted with the acquisition of the mill from a Massachusetts corporation and coordinated the financing, which involved tax-exempt bonds and federal low-income housing tax credits. We also coordinated the transaction with several lenders, created a limited partnership for investors interested in the tax credits, and represented the Housing Authority in the sale of the commercial space on the first floor to businesses that will serve the needs of the residents: a senior wellness center, a family health clinic, and an affordable daycare facility.

Firm Highlights

Event

2020 Cannabis Law Breakfast - Winter Update

Publication

Litigation and Arbitration Venue Provisions in Construction Contracts: When and How They Work

Venue and choice-of-law provisions are fairly standard in construction contacts, but can be overlooked due to their location within a contract. When drafted effectively, these provisions can help limit uncertainty about where and how...

Publication

WC Alert: Recent Developments from Maine's Workers' Compensation Board

Frank A. Graf, MD, Reappointed to Approved List of § 312 Examiners At the February 11 meeting of the Maine Workers’ Compensation Board, Frank Graf, MD, was reappointed to the list of approved § 312...

Event

2020 Employment Breakfast Series: Strengthening Your Company's Management of Accommodation Requests

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...

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...

Publication

The Potential of the Blockchain for Asset Protection Planning

While many legal scholars focus on the challenges and complications seemingly inherent to blockchain and cryptocurrency, others look past the fear and see potential. In this article for Cumberland Law Review , Ian Huyett and Brian Quirk...

News

Preti Flaherty Welcomes Government Relations Liaison Andrew I. Roth-Wells to the Firm

Preti Flaherty is pleased to announce that Andrew I. Roth-Wells has joined the firm as a Government Relations Liaison. Andrew will help manage legislative and regulatory advocacy efforts for the firm’s Government Affairs Team...

Press Coverage

Bangor superintendent blocked BDN reporter on Twitter after critical news coverage

In an apparent violation of the First Amendment, Bangor schools superintendent Betsy Webb temporarily blocked a journalist on Twitter following a report that news of a student suicide was announced over the loudspeaker at...

News

Preti Flaherty Attorney Benjamin S. Piper Promoted to Partner

Preti Flaherty is pleased to announce that the firm’s partnership has named attorney Benjamin S. Piper as a partner. Ben is a member of the firm's Environmental, Litigation, and Media Law Practice Groups and works...

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...