The business of affordable housing raises intricate legal challenges that can be difficult to unravel. The federal budget deficit has complicated matters as funding cuts to housing programs administered by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture’s Rural Development program have created a smaller pool of money from which to finance and preserve affordable housing properties. Moreover, the effects of the capital markets turmoil continue to linger over low-income housing tax credit and tax-exempt bond housing financings. In this environment, it’s critical to work with attorneys who not only understand affordable housing, but also have the creativity to get deals closed.
Nixon Peabody’s Affordable Housing practice offers unparalleled experience for any challenges that arise, whether in connection with federally assisted housing or accessing capital markets for housing development. Our attorneys—many of whom formerly worked at HUD in several legal and policy positions—have been involved with every major federal affordable housing initiative in the last 40 years, so we’re able to help our clients work through the complex regulatory environment and benefit from public financing opportunities. Our years of experience and the relationships we’ve made in government and throughout the industry also give our clients an advantage as we bring deals and parties together.
Our Affordable Housing team also excels at providing innovative solutions that work. Nixon Peabody served as legal counsel to Martin Building Co. on the innovative financing of two housing projects in San Francisco that were recognized in 2011 by The San Francisco Business Times as “best financial” deals in its annual “Deals of the Year” issue.
- Local housing authorities
- State housing finance agencies
- Management agents
- Lenders and equity syndicators
- National housing trade organizations
- Other public bodies
Affordable housing services
- Section 8 contract expiration, renewal, and opt-out
- Mortgage restructuring and Mark-to-Market
- Prepayment and preservation/Section 236 decoupling
- Affordable senior housing/Section 202 prepayments
- Public housing revitalization
- HUD regulatory compliance
- Rural Housing and Community Facilities programs
- Rural Business Service programs
- Defaults, foreclosures, and property disposition
- Audits, investigations and enforcement
- HUD-insured multi-family finance
- Housing litigation and enforcement
- Affordable housing bond issuance
- Fair Housing
- HOME and CDBG Program
- Low-income housing tax credits (LIHTC)
- Congressional and agency government relations
- Traditional real estate issues
- Capital markets and real estate transactions, including municipal finance
- Affordable Housing finance and programs outside the United States
State law issues
Federally assisted housing is also regulated and assisted at the state and local levels. In the jurisdictions where our attorneys practice, our Affordable Housing practice has worked with developers and financiers in using these local programs and coordinating them with the federal programs. For example, in New York State, we have helped for-profits and nonprofits take advantage of the various private housing finance laws—including Articles 2, 5, and 11—while undertaking mortgage restructurings, decouplings, and insured and uninsured financings. We have also advised owners in restructuring and decoupling transactions and on the various New York State rent regulations that impact their proposals.
IPED Conferences and Seminars
Please also visit the Institute for Professional and Executive Development (IPED) for conference and seminar offerings.
Institute for Responsible Housing Preservation
Please visit the website for the Institute for Responsible Housing Preservation for more information on affordable housing.
- What Will Tax Reform Mean for the Future of the Low-Income Housing Tax Credit (LIHTC)?
Affordable Housing Finance | March 1, 2013
Affordable housing strategic policy advisor Deborah VanAmerongen discusses how tax reform will impact the low-income housing tax credit.
- Amid Gentrification, Affordable Units in Chinatown
Boston Globe | January 23, 2013
As the redevelopment of the Hong Lok House, a Boston affordable housing project, progresses, Boston Affordable Housing partner Jeff Sacks discusses the complexities of the financing.
- Bay Area People
San Francisco Business Times | January 16, 2013
In this column noting executive moves and promotions, San Francisco Affordable Housing attorney Irene Kuei is included for her election to the firm’s partnership.