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Introduction
Anthony Ruvolo draws upon more than 20 years of experience with HUD to navigate owners and developers through the regulatory maze of affordable multifamily rental housing. His experience and creativity are integral to the Affordable Housing group’s ability to generate solutions and maximize value for our clients.
My focus
I primarily advise owners and buyers of multifamily rental properties regarding their options, obligations and opportunities under government programs for rental assistance, mortgage subsidies, tax credits, grants and loans. I aim to distill the complex rules, arcane program distinctions, and unwritten practices and policies into practical guidance and clear proposals that take advantage of the most recent developments.
Preservation Transactions
I focus in obtaining approvals and waivers for complicated preservation transactions that involve a variety of HUD programs and novel issues. I recently helped a developer to obtain HUD approvals for a five-phase redevelopment, which included deferring a flexible subsidy loan, releasing the flexible subsidy mortgage by phase, splitting the HAP contract by phase and decoupling the interest subsidy.
Due Diligence and Regulatory Review
I analyze projects to determine restrictions and opportunities concerning Section 8 rent increases and renewals, affordability, distributions, prepayments and vouchers. I’m assisting an owner’s efforts to overturn a liability judgment on a $4.8 million claim where neither the owner’s trial counsel nor the court realized that the claim is based upon an inapplicable HUD regulation.
Transfers and Compliance
I’ve helped numerous buyers and sellers, including REITs, to obtain regulatory approvals to transfer portfolios, projects and ownership interests. I also assist owners with eligibility and compliance issues such as previous participation review, audits and REAC inspections.
Looking ahead
Budget cuts likely will force HUD to develop preservation tools using existing resources. This presents an opportunity to apply our detailed knowledge to propose and support policies promoting preservation.
Insights
- “HUD Multifamily Update” IRHP NYC Affordable Housing Preservation Symposium 2023, New York, NY, March 1, 2023
- “Section 8 Renewals,” Institute for Responsible Housing Preservation Virtual Seminar, September 21, 2021
In the news
- Real Estate Finance Journal
Department of Housing and Urban Development offers guidance on budget-based rent adjustments for mark-to-market portfolio
July 12, 2024Affordable Housing & Real Estate deputy practice leader and strategic policy advisor Deborah VanAmerongen of Los Angeles, partners Nate Cushman of Washington, DC and Kathie Soroka of New York City, senior counsel Steve Wallace of Washington, DC, and counsel Rebecca Simon of Washington, DC and Anthony Ruvolo of San Francisco contributed this article, which covers HUD guidance on budget-based rent adjustments for mark-to-market portfolios.
- Affordable Housing Finance
HUD releases guidance on budget-based rent adjustments for Mark-to-Market portfolio
March 6, 2024Washington, DC Affordable Housing & Real Estate senior counsel Steve Wallace and counsel Anthony Ruvolo contributed this article highlighting the latest guidance issued by the US Department of Housing and Urban Development on budget-based rent adjustment opportunities for Mark-to-Market portfolios as authorized in the 2023 Appropriations Act. The article is based on a client alert co-authored by Steve and Anthony as well as Strategic Policy Advisor and AHRE deputy practice leader Deborah VanAmerongen, New York City partner Kathie Soroka, and Washington, DC partner Nate Cushman and counsel Rebecca Simon, all of the AHRE practice.
- Affordable Housing Finance
New life for Section 8 mark-to-market properties
Jan 11, 2023Washington, DC Affordable Housing & Real Estate partner Steve Wallace and counsel Anthony Ruvolo co-wrote this article discussing a provision of the Consolidated Appropriations Act of 2023 that provides relief for Section 8 mark-to-market property owners.
- Seniors Housing Business
Nixon Peabody Arranges $48.8M in Financing to Upgrade Two Wollaston Affordable Communities Near Boston
The following article cover NP’s role in securing financing deals for client Wollaston Lutheran Housing, allowing the affordable-housing provider to substantially upgrade two properties in Quincy, MA. Boston Affordable Housing & Real Estate partner Jeff Sacks led the deal team, which also included Boston associates Ali Walendziak and Alexander Rosso, and Washington, DC counsel Anthony Ruvolo, all of the Affordable Housing & Real Estate group.Oct 6, 2020 - REBusinessOnline
MassHousing Provides $28.9M Loan for Refinancing of Multifamily Asset in Metro Boston
The following article cover NP’s role in securing financing deals for client Wollaston Lutheran Housing, allowing the affordable-housing provider to substantially upgrade two properties in Quincy, MA. Boston Affordable Housing & Real Estate partner Jeff Sacks led the deal team, which also included Boston associates Ali Walendziak and Alexander Rosso, and Washington, DC counsel Anthony Ruvolo, all of the Affordable Housing & Real Estate group.Oct 5, 2020 - Connect Media CRE
Nixon Peabody Secures $29M Refinancing for Affordable Housing Development in Quincy
The following article cover NP’s role in securing financing deals for client Wollaston Lutheran Housing, allowing the affordable-housing provider to substantially upgrade two properties in Quincy, MA. Boston Affordable Housing & Real Estate partner Jeff Sacks led the deal team, which also included Boston associates Ali Walendziak and Alexander Rosso, and Washington, DC counsel Anthony Ruvolo, all of the Affordable Housing & Real Estate group.Oct 5, 2020
Admitted to practice
District of Columbia
Education
Georgetown University, J.D.
University of Pennsylvania, B.A.
Insights And Happenings
View AllProfessionals in the Practice Area
View AllAaron J. Yowell
Partner
Chief Innovation Officer- New York
- Office:+1 212.940.3161
- ayowell@nixonpeabody.com
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