Affordable Housing

With experience across the country, our attorneys help developers, public housing authorities, investors, and other participants close complex transactions and solve multifaceted problems.

Overview

Our Affordable Housing team represents clients on a national level. With our diverse experience and strategic relationships, our team is able to quickly identify issues and help resolve them efficiently. Our attorneys include a former senior official at the United States Department of Housing and Urban Development (HUD) and those with former roles at other relevant government agencies.

We represent developers, tax credit equity investors, public housing authorities, and other players in a variety of housing and community development-related matters. Clients rely on our experience with a variety of federal, state, and local programs that they utilize to finance affordable and mixed-use housing projects. We have assisted in the planning, structuring, and closing of affordable housing transactions involving tens of thousands of residential units and billions of dollars in project costs.

  • Federal and state low-income housing tax credit (LIHTC), new markets tax credit, and historic rehabilitation tax credit (HRTC) equity financing
  • Bond programs (tax-exempt bonds, 501(c)(3) bonds, and essential function bonds) along with various forms of credit enhancements
  • FHA financing programs, including 221(d)(4), 221(d)(3), 223(f), and 236
  • Fannie Mae and Freddie Mac permanent financing programs
  • Debt and grants provided through local tax-increment financing (TIF) and Tax Allocation District (TAD) bonds
  • Public Housing programs, including HOPE VI Funds, Choice Communities Funds, Capital Funds, and Replacement Housing Factor Funds
  • HUD’s Section 8 and Housing Choice Voucher rental assistance programs
  • Property Tax Exemptions, including Payment In Lieu of Taxes (PILOT) programs
  • Federal Home Loan Bank – Affordable Housing Program (AHP loans)
  • Various USDA/RD programs, including Section 515 and 538 loans
  • HUD-related housing programs, including Section 202 and RAD
  • Community Development Block Grant (CDBG); Neighborhood Stabilization Program (NSP), HOME, and other government funding sources
  • Compliance with the Fair Housing Act, Section 504 of the Rehabilitation Act, the Americans with Disabilities Act, the Uniform Relocation Act, and the Davis-Bacon Act

Our team members are active participants, speakers, and leaders in prominent industry organizations and events, including Novogradac & Company, Georgia Affordable Housing Coalition, Texas Affiliation of Affordable Housing Providers, ABA Forum on Affordable Housing & Community Development Law, and Women’s Affordable Housing Network.

Additional Specialties

  • Developer Representation
    We assist for-profit and not-for-profit developers of all sizes. Clients including local, regional, and national developers rely on our team to assist in all aspects of the acquisition, development, and financing process. AGG attorneys handle issues related to new construction and rehabilitation projects including multi-family, single-family, senior, and special needs. Developer clients also rely on us in negotiating architect, construction, and construction management agreements.

    Not-for-profit clients turn to us to help resolve challenges specific to their tax-exempt status, including in complex joint ventures.
  • Tax Credit Investor Representation
    Our team assists investors in equity investments in owners of affordable housing projects that may qualify for federal and state LIHTCs and HRTCs. Our clients include institutions that invest in projects on their own behalf, syndicators, and developers who “self-syndicate” interests in their own projects.
  • Public Housing Authority Representation
    AGG’s representations of housing authorities include helping to draft and negotiate agreements for public-private partnership developments, structuring and negotiating joint ventures and other transactions, and counseling clients on programmatic, procurement, and reporting issues with regulators.
  • Environmental Representation
    AGG attorneys advise our clients on a range of environmental issues, from those impacting real property generally to those that specifically impact affordable housing projects. Such issues include due diligence, contractual risk allocation, remediation, and brownfields protection.

Experience

  • Representation of the National Center for Civil and Human Rights (NCCHR) and an affiliated entity in obtaining loans subsidized by new markets tax credits totaling $24 million to finance the construction of an approximately 42,000 square-foot museum and event space in Atlanta, Georgia, that will include a gallery for the Morehouse College Martin Luther King Jr. Collection and civil rights and human rights exhibitions.
  • Represented the developer/owners in the acquisition and financing of a multifamily housing project, including FHA 221(d)(4) loan and HUD Section 223(f).
  • National representation of developers, owners, and lenders (conventional and mezzanine) in connection with the structuring, acquisition, development, financing, and disposition of a large variety of multi-family projects consisting of over 75,000 units in the aggregate.
  • Assisted with the closing of a multi-family senior housing transaction for a 100-unit project developed on property leased from the Atlanta Housing Authority and financed with a $2.2 million FHA-insured 221(d)(4) loan and more than $11 million in tax credit equity.
  • Represented owner/developer Prestwick Development Company in transactions involving financing the acquisition and rehabilitation of rural multifamily housing properties and the transfer and assumption of RD 515 loans from the U.S. Department of Agriculture.
  • Assisted with development and construction financing for an 80-unit senior community sponsored by the Housing Authority of the City of Decatur and financed using conventional debt, state and federal low-income housing tax credits, HUD funds, and renewable energy credits.
  • Representation of a tax-exempt university and an affiliated special purpose borrower/landlord entity in obtaining $20 million of debt subsidized by new markets tax credits to be used to construct an approximately 60,000 square foot facility consisting of museum galleries, art storage and museum infrastructure, theater, and classroom space.
  • Representation of a private developer in connection with a multi-phase, mixed-income multi-family residential redevelopment project located in Fulton County, Georgia, financed with HOPE VI funds, tax-exempt bonds, and federal low-income housing tax credits.
  • Representation of a public housing authority located in Decatur, Georgia, as the developer of a multi-phase multifamily residential project financed with HUD capital funds, HUD replacement housing factor funds, tax-exempt bonds, energy credits, and federal and state low-income housing tax credits.
  • Represented developer/owner of a mixed-use urban redevelopment project of over 80 acres in obtaining approximately $80 million of NMTC-subsidized financing for multiple phases of the development, including approximately 900,000 square feet of office space. The transactions involved 11 different CDE lenders and acquisitions of participations in existing leverage loans to 11 different NMTC investment funds.
  • Representation of a private owner/developer in multiple transactions involving financing the acquisition and rehabilitation of rural multifamily housing properties involving federal and state low-income housing tax credits, including acquisition credits, HOME funds, and the transfer and assumption of RD 515 loans from the U.S. Department of Agriculture.
  • Representation of a developer in acquiring general partner interests and deferred developer fee rights associated with a portfolio of more than 100 low-income housing tax credit projects, including due diligence review and structuring the acquisitions, negotiating with project lenders and LIHTC investors to obtain necessary consents and revisions to original LIHTC transaction documents.
  • Representation of a state low-income housing tax credit (Georgia) investor in structuring and selling interests in funds to investors that raised in excess of $80 million through more than 20 different funds. Representation included structuring a variety of multiple and single investor fund offerings and addressing issues associated with the federal income tax treatment of state credits in such transactions.
  • Representation of a developer in syndicating Georgia low-income housing tax credits available with respect to projects developed by affiliates. Representation included tax planning and structuring for the sale of interests in funds, and securities law matters.
  • Representation of a low-income housing tax credit investor in acquiring interests in projects throughout the southeast, investing with both for-profit and not-for-profit developers. Representation of investor in all phases of the transaction, from letter of intent to investment negotiation to investment problem resolutions (including removal and replacement of general partners) to exit from investments (both during and after expiration of the 15-year compliance period.
  • Representation of owner/developer in the acquisition and financing for the rehabilitation of a 300-unit rental housing facility for seniors, which included an FHA 221 (d)(4) insured loan, TCAP and HOME financing, as well as low-income housing tax credit financing.
  • Representation of owner/developer in transactions involving low-income housing tax credit (LIHTC) financing of the acquisition and rehabilitation of several rural multifamily housing properties and the transfer and assumption of RD 515 loans from the U.S. Department of Agriculture.
  • Representation of owner/developer for 72-unit multi-family townhouse development located in Thomasville, Georgia, financed with low-income housing tax credits and HOME funds.
  • Representation of private developer in connection with multi-phase, mixed-use urban redevelopment project located in Memphis, Tennessee, financed with HOPE VI funds, tax-exempt bonds, and low-income housing tax credits.
  • Representation in connection with a $130 million, multi-phase, mixed-use urban redevelopment project (including multi-family and single-family housing) located in Atlanta, Georgia, financed with HOPE VI funds, tax-exempt bonds, low-income housing tax credits, and Federal Home Loan Bank AHP funds.
  • Representation of for-profit owner/developer in joint ventures with various public housing authorities for the development of housing for seniors using both conventional and subsidized financing.
  • Representation of nonprofit owner/developer in connection with ARRA Section 1602 tax credit exchange financing.
  • Representation of a private owner/developer in the acquisition and financial restructuring of distressed multifamily residential property located in Cobb County, Georgia, involving the use of HUD NSP funds, low-income housing tax credits, and tax-exempt bond financing.
  • Represented a major metropolitan housing authority defending claims brought by a member of a redevelopment company against the housing authority for alleged breach of contract and various tort claims. Obtained order of dismissal of all claims against the client at the pleadings stage of the litigation. The trial court’s dismissal was affirmed by the Georgia Court of Appeals.
  • Successfully represented the Housing Authority of the City of Atlanta in numerous disputes regarding its HUD-approved Housing Choice Program.
  • Represented owner/developer of affordable multifamily housing projects in connection with financing comprised of tax-exempt bonds, low-income housing tax credit equity, and other government-subsidized funding sources.
  • Represented an investor in the negotiation and replacement of the general partner in the owner partnership of a low-income rental housing development.
  • Represented a developer in completing and submitting their application for low-income housing tax credits.
  • Represented an investor in its investment in a senior low-income rental housing development financed with loans from a public housing authority and a loan utilizing tax-exempt bond proceeds. Such representation included the drafting and issuance of a tax opinion letter.
  • Represented a CDE in its formation and allocation of New Markets Tax Credits and subsequent loans to several Qualified Active Low-Income Community Businesses.
  • Represented an owner/developer of affordable multifamily housing projects in connection with financing comprised of tax-exempt bonds, LIHTC equity investment, and various other government-subsidized funding sources.
  • Represented a developer of multifamily housing development in connection with the negotiation and implementation of TAD bonds (tax increment financing) funding from the local development authority.
  • Represented a developer/owner of a senior low-income rental housing project in development and financing with a loan from the public housing authority and a Section 1602 exchange funds loan from a state housing agency.
  • Represented a tax credit equity investor in connection with an investment in HOPE VI public housing redevelopment project.
  • Represented a public housing authority in structuring and financing with HOPE VI HUD grant funds for a large master planned community revitalization project with multiple components, including public infrastructure, mixed-income housing, and recreational amenities.
  • Represented a developer negotiating master development agreements with public housing authorities and other government agencies for public/private partnerships.
  • Representing Integral Properties in connection with the redevelopment of several public housing projects in Atlanta, using federal tax credits and tax-exempt bond financing.
  • Representing NuRock Properties with respect to the development and financing of numerous multi-family affordable housing complexes in Georgia, Florida, and Texas, using federal tax credits and tax-exempt bond financing.
  • Represented local housing authority in multiple tenant disputes, including claims for wrongful eviction.
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