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Affordable Housing and Community Development

The world of affordable housing has gotten increasingly complex over the past decade. From regulations to tax credits and other incentives, the need for experienced and comprehensive legal counsel has never been greater.

  • Buchanan Experience
    • Served as developer’s counsel for the purchase of real property, including a former elementary school, and using over $13 million in financing, including a loan from the local redevelopment authority, capital invested due to a reservation of 9% low-income housing tax credits and a construction loan, the adaptive reuse of an 1800’s era schoolhouse, plus a new addition, into close to 50 units of mixed-income senior housing as well as a community room for the residents that will also be used as a community center pursuant to a license agreement with the local jurisdiction.
    • Acted as bond counsel in connection with a Capital Fund Financing Program (CFFP) new money and refunding transaction for Lackawanna Municipal Housing Authority (NY).
    • Acted as placement agent counsel for the Meridian Housing Authority (MS), Woonsocket (RI) and Brockton (MA) housing authorities in tax-exempt CFFP bond transactions.
    • Acted as placement agent counsel for the Syracuse Housing Authority (NY) assisting with resolution of issues associated with satisfaction of HUD Declaration of Trust (DOT) requirements in connection with a tax-exempt CFFP bond transaction.
    • Represented the agent bank in the workout of a commercial office building in the Loop District of Chicago including historic tax credits.The borrower continued to sell the tax credits during the workout.
    • Represented the credit provider to bonds in connection with the restructuring of a large LIHTC project in New York City including negotiating the extension of the takeout facility and provision of additional equity by the limited partners.
    • Represented the mortgage lender to a LIHTC project in Chapter 11. The plan of reorganization included the consensual modification of the mortgage.Ultimately, the mortgage loan was paid in full.The court addressed whether the tax credits were security for the loan and the valuation of the project with and without the tax credits.The analysis was complicated by the fact that the credits had not been issued at the time of the bankruptcy.
  • Attorney Experience Prior to Joining Buchanan
    • Counseled regional health care system in connection with contractor termination and completion of work of a new mixed-use development in Philadelphia. Contractor issues delayed the project and low-income housing tax credit deadlines were in jeopardy.
    • Served as developer’s counsel for the acquisition, rehabilitation and new construction of more than 100 dwelling units in multiple buildings. The sources totaled just under $30 million and included 9% low-income housing tax credit equity, a 221(d)(4) loan, an equity bridge loan, a HOME loan and Affordable Housing Program financing from the Federal Home Loan Bank.
    • Served as local counsel to a national for-profit developer, manager and asset manager for an 80+ unit rental project with sources that totaled just under $36 million and included 9% low-income housing tax credit equity, a bank construction loan, a redevelopment agency construction/permanent loan, and other loans, including a loan made using the proceeds of Choice Neighborhoods Implementation Grant funds.
    • Served as counsel to an affiliate of a housing authority that served as developer in a mixed-finance 9% low-income housing tax credit development transaction. The sources totaled over $13 million and created nearly 60 public housing units.
    • Negotiated a consolidated Cooperation Agreement with the local jurisdiction regarding payments in lieu of taxes (PILOT).
    • Served as counsel to an instrumentality of a housing authority that served as developer in a mixed-finance 9% low-income housing tax credit development transaction that involved the challenge of developing only 17 rental units with financing just shy of $4 million.
    • Reviewed the first drafts of a state allocating agency’s documents using grants in lieu of the low-income housing tax credit program (funded by the U.S. Department of Treasury under Section 1602 of ARRA (Public Law 111-5)) in a bifurcated transaction to meet the needs of both HUD and the state housing finance/allocating agency.
    • As the general counsel to HFA, served as principal in-house lawyer in connection with the financing of thirty-seven major mixed-income (80/20) developments in New York City and six major multifamily projects in lower Manhattan after 9/11 financed with Liberty Bonds creating over 22,000 dwelling units through the issuance of approximately $7.6 billion of bonds, as well as financing for another forty-seven 100% affordable projects outside of New York City and in the outer boroughs of New York City, creating or preserving approximately 6,000 dwelling units through the issuance of approximately $350,000,000 of bonds.
    • As general counsel to SONYMA, had responsibility for legal matters relating to the issuance by SONYMA of its tax-exempt and taxable single family mortgage bond financing, and management of its portfolios of mortgage loans financed with its outstanding $4 billion of such bonds, as well as for legal matters associated with SONYMA’s Mortgage Insurance Fund, New York’s insurer of mortgage loans for eligible housing and community development projects, including new polices and $7.7 billion portfolio of insured mortgages.
    • As general counsel to AHC, had responsibility for legal matters relating to AHC’s grant program for development of affordable home-ownership projects, funded annually by state appropriation intended to leverage private and bank community development investment.
    • While general counsel of CIFG Assurance North America, Inc. was responsible for legal matters relating to issuance of bond insurance for in excess of $466,200,000 of tax-exempt bonds for the financing of off-balance sheet student housing at colleges and universities, and nearly $400,000,000 of taxable bonds for the financing of privately-developed housing for accompanied military personnel on installations at numerous locations around the country.
    • Served as counsel to bank direct bond purchaser in connection with the $15.4 million New Jersey Housing and Mortgage Finance Agency Multifamily Conduit Revenue Bonds (Great Falls Project), Series 2013M.
    • Served as underwriter’s counsel in connection with the $141.4 million New York State Housing Finance Agency 160 Madison Avenue Housing Revenue Bonds, 2013 Series A and Series B.
    • Acted as underwriter’s counsel in connection with the $39.1 million Massachusetts Development Finance Agency Multifamily Housing Revenue Bonds (Colonial Estates Issue), Series 2013.
    • Acted as issuer’s counsel of 501(c)(3) bonds for a continuing care retirement community in connection with the $64.33 million Westchester County Local Development Corporation (NY) Revenue Refunding Bonds (Kendal on Hudson Project), Series 2013.
    • Acted as underwriter’s counsel in connection with the $157.5 million New York State Housing Finance Agency Affordable Housing Revenue Bonds, 2012 Series E.
    • Served as counsel to bank direct bond purchaser, at stabilization, in connection with the $65 million New York State Housing Finance Agency 330 West 39th Street Housing Revenue Bonds, 2010 Series A.
    • Acted as counsel to a not-for-profit that sold an aging Section 8 assisted-multifamily project to a for-profit developer which financed its acquisition with a mortgage loan from a local issuer of tax-exempt multifamily bonds and 4% LIHTCs as part of HUD’s “mark-up-to-market” program.
    • Acted as placement agent’s counsel for the Housing Authority of Pawtucket (RI), Lucas Metropolitan Housing Authority (Ohio), Housing Authority of the City of West Haven (CT), and the Housing Authority of the City of Hartford (CT) in tax-exempt CFFP bond transactions.