Our successes have enabled clients to leverage financing by expanding affordable housing throughout local communities
New York, including the City and Long Island, stands out for its extra high rents, making work force housing, development of downtowns for its millennials, and senior affordable housing a priority. Further, direct subsidies for such housing are nonexistent. The creation and maintenance of affordable housing takes knowledge, hard work, patience and creativity. However, the rewards of creating and maintaining rental housing that working and middle-class people in a given community can afford are great, resulting in transforming downtowns and other local communities throughout the Northeast into vibrant areas.
Representing clients’ developing affordable housing is a complex and highly specialized area, involving understanding and navigating federal, state and local law and regulations pertaining to this field. Our attorneys in this area also have the strong skills necessary to negotiate complex real estate, lending, partnership and operating agreements, as well as development agreements, operating agreements, general contracts, HAP contracts, and all other relevant documentation. We have decades of experience representing housing authorities, churches, synagogues and other religious organizations and not-for-profits in their quest to locate or develop excess properties, navigate the zoning laws, renovate and develop and finance affordable rental housing, including senior housing, workforce and millennium housing utilizing Section 42 low-income tax credits (LIHTC), HFA bond financing, tax-exempt bonds, conventional construction lending, IDA financing, equity infusion, joint venture agreements, Section 8 vouchers, HUD financing, HOME funds and subordinate financing.
We know and understand the landscape, local agencies, including HCR, and the firms, developers, lenders and investors who work with affordable housing and tax credit financing in this ever-changing field. We regularly advise clients from the onset of the process, and are with them every step of the way through closing. Our services have permitted housing authorities and other not-for-profits to stabilize and expand affordable housing for workers, millennials, middle class and seniors in their local communities.
Contact us and let us speak with you in more detail, and discuss our many successes. We will gladly meet with your Board to explain this very rewarding area.