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Introduction
Stephen Wallace is one of the nation’s foremost authorities on the preservation of government-assisted housing. He has been very closely involved in the legislative and regulatory development of the various federal affordable housing preservation programs over the past 30 years. Steve is also an adjunct professor at Georgetown Law School where he teaches a seminar course on affordable housing.
My focus
Development and Preservation
Much of my work involves helping clients refinance, rehab and preserve affordable housing properties to increase value and long-term viability. There are a variety of mechanisms that can be used to do this, from mark-up-to-market of Section 8 contracts to Section 236 IRP decouplings (and now re-decouplings) to HUD’s signature initiative, the Rental Assistance Demonstration program. I was part of the successful effort to have HUD approve post-rehab rents effective at loan closing for certain types of financing. Owners and purchasers of older HUD-assisted properties seek my advice on addressing complex transactional and regulatory matters.
Legislative
I’m in close contact with HUD officials as we work together to decipher the fine print of affordable housing legislation to preserve affordable housing properties. Often these issues take me to Capitol Hill or state housing agencies to seek clarification or resolution of critical preservation issues.
Industry Leadership
Speaking and networking at industry events and educating developers, managers and investors is also a priority for me. I enjoy connecting with others who are passionate about the affordable housing industry and meeting new entrants to the market.
Looking ahead
The political polarization on Capitol Hill is making everything more difficult, including funding for affordable housing. We’re working closely with our clients, trade associations, HUD and Capitol Hill to ensure that affordable housing preservation remains a priority.
Insights
- “Preservation Trends and Opportunities,” NLHA 2024 Mid-Year Membership Meeting, February 8, 2024
- “Capitol Hill and HUD Update,” IRHP NYC Affordable Housing Preservation Symposium 2023, New York, NY, March 1, 2023
- “Legislative Update,” NLHA 50th Annual Membership Meeting, June 22, 2022
- “Affordable Housing Market Update,” Institute for Responsible Housing Preservation, Virtual Seminar, September 22, 2021 (moderator)
- “The View from HUD” and “Capitol Hill Update,” Institute for Responsible Housing Preservation, Virtual Seminar, September 21, 2021 (moderator)
- “IRHP 2020 Federal Election Update,” Institute for Responsible Housing Preservation, Webinar, November 19, 2020
- “Washington DC Update,” Institute for Responsible Housing Preservation: Affordable Housing Preservation, Webinar, June 26, 2020
- “Washington DC Update,” Institute for Responsible Housing Preservation: Affordable Housing Preservation Symposium, New York, NY, January 22, 2020 (moderator)
- “The View From HUD,” Institute for Responsible Housing Preservation: Affordable Housing Preservation Symposium, New York, NY, January 22, 2020 (moderator)
In the news
- Affordable Housing Finance
2024 Affordable Housing Hall of Fame: Legal pioneers
Oct 14, 2024This article profiles Washington, DC Affordable Housing & Real Estate senior counsel Monica Sussman and Steve Wallace for their induction into the publication’s “Affordable Housing Hall of Fame.” Monica and Steve were named “Legal Pioneers,” as two of the industry’s foremost legal authorities on affordable housing who have helped shape policy while advising clients on countless transactions.
- 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.
- New York Real Estate Journal
WinnCompanies secures funding for $137 million rehabilitation of 508-unit Pines of Perinton housing community
May 16, 2023This article on WinnCompanies securing funding for the rehabilitation of the Pines of Perinton complex in the Rochester area mentions NP for advising WinnCompanies on issues related to the US Department of Housing and Urban Development, New York State regulatory compliance, federal and state housing and historic tax credits, and financing and environmental issues. The NP deal team was led by Affordable Housing & Real Estate partners Steve Wallace of Washington, DC and Meghan Altidor of New York City. The team also included Boston Community Development Finance partner John Cornell, and from the Affordable Housing & Real Estate practice: Washington, DC partner Nate Cushman, Albany counsel Dana Stanton, New York City associate Michelle Cafarelli Kabat, Albany associate Kelly Sprague, Washington, DC senior paralegal Christine Brosonski, New York City paralegals Brian Murphy and Olivia Logan, and New York City law clerk Jeremy Busch.
- Rochester Business Journal
Pines of Perinton to undergo $137 million renovation
April 14, 2023This article on WinnCompanies securing funding for the rehabilitation of the Pines of Perinton complex in the Rochester area, mentions NP for advising WinnCompanies on issues related to the US Department of Housing and Urban Development, New York State regulatory compliance, federal and state housing and historic tax credits, and financing and environmental issues. The NP deal team was led by Affordable Housing & Real Estate partners Steve Wallace of Washington, DC and Meghan Altidor of New York City. The team also included Boston Community Development Finance partner John Cornell, and from the Affordable Housing & Real Estate practice: Washington, DC partner Nate Cushman, Albany counsel Dana Stanton, New York City associate Michelle Cafarelli Kabat, Albany associate Kelly Sprague, Washington, DC senior paralegal Christine Brosonski, New York City paralegals Brian Murphy and Olivia Logan, and New York City law clerk Jeremy Busch.
- Real Estate Weekly
WinnCompanies secures funding for $137M rehab of the historic Pines of Perinton affordable housing complex
April 12, 2023This article, which covers WinnCompanies securing funding for the rehabilitation of the Pines of Perinton complex in the Rochester area, mentions NP for advising WinnCompanies on issues related to the US Department of Housing and Urban Development, New York State regulatory compliance, federal and state housing and historic tax credits, and financing and environmental issues. The NP deal team was led by Affordable Housing & Real Estate partners Steve Wallace of Washington, DC and Meghan Altidor of New York City. The team also included Boston Community Development Finance partner John Cornell, and from the Affordable Housing & Real Estate practice: Washington, DC partner Nate Cushman, Albany counsel Dana Stanton, New York City associate Michelle Cafarelli Kabat, Albany associate Kelly Sprague, Washington, DC senior paralegal Christine Brosonski, New York City paralegals Brian Murphy and Olivia Logan, and New York City law clerk Jeremy Busch.
- 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.
- Commercial Observer
Silver Street, LIHC spearheading NY affordable housing rehab after $55M buy
New York City Affordable Housing & Real Estate partner Joe Lynch is mentioned in this article for representing Silver Street Development in its joint venture partnership with LIHC Investment Group to rehabilitate the Marble Hall Apartments low-income housing development. The deal team also included Washington, D.C. partner Steve Wallace, Boston counsel Alex Rosso, and New York City associate Alex Hohauser, all of the Affordable Housing & Real Estate group.May 10, 2021 - Affordable Housing Finance
First RAD Component 2 Deals Using PBRA Contracts Close
Affordable Housing practice group leader Stephen Wallace and Affordable Housing strategic policy advisor Deborah VanAmerongen are featured throughout this article highlighting Nixon Peabody’s successful closing of the first four Rental Assistance Demonstration (RAD) Component 2 preservation projects using 20-year Sec. 8 Project-Based Rental Assistance (PBRA) contracts in the nation.Jan 19, 2016 - Real Estate Bisnow
Can Multifamily Developers Fix the Affordable Housing Crisis?
This feature story discusses Washington, DC’s efforts to improve the state of the city’s affordable housing. The topic was the main focus at Bisnow’s Multifamily Annual Conference. Washington, DC, office managing partner Jeff Lesk and Affordable Housing practice group leader Steve Wallace are featured within the story.Dec 4, 2015 - Affordable Housing Finance
Big Issues to Watch in 2014
Washington, DC, partner and leader of the firm’s Affordable Housing practice Steve Wallace discusses potential game-changing stories to monitor in 2014.Dec 30, 2013 - Affordable Housing Finance
Top 10 Stories of 2013
Washington, DC, Affordable Housing practice group leader Steve Wallace contributes to this feature article focused on the biggest stories in the affordable housing industry in 2013.Dec 23, 2013
Admitted to practice
District of Columbia
New York
Education
Hofstra University School of Law, J.D.
Fordham University, B.A.
Professional activities
- District of Columbia Bar Association
- New York State Bar Association
- American Bar Association, Forum on Affordable Housing and Community Development Law
Recognition
- Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2025 in the field of Real Estate Law; listed since 2020
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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