Affordable Housing

Details

HunterMaclean’s affordable housing practice group represents developers in a variety of affordable and conventional housing transactions.

Our attorneys have experience in affordable and public housing acquisitions, rehabilitation, and development. We have closed transactions using a variety of financing vehicles including:

• Federal and state low-income housing tax credits
• HOPE VI funds and other mixed finance sources
• Tax-exempt multifamily housing revenue bonds
• HOME funds
• FHA/HUD loan programs (e.g., 221(d)(4), 221(d)(3), and 202 programs)
• Equity syndications
• Conventional financing (including acquisition, bridge, construction, and permanent financing)

We have assisted developers in all aspects of the development and development financing process, including but not limited to the following:

• Structuring and forming corporate entities and joint ventures
• Real estate acquisition
• Negotiation of debt and equity financing documents
• Assistance in applying for tax credits

We have assisted developers in redevelopment projects involving public housing authorities and the redevelopment of public housing projects, including but not limited to the negotiation of ground lease transactions and the conversion of public housing units under HUD’s Rental Assistance Demonstration (RAD) program.

Experience

• Representation of a developer in all facets of a multiple phase agreement with a housing authority, resulting in two phases of affordable multifamily rental housing utilizing the transfer of HUD RAD units to new housing in a downtown district.
• Representation of developers in new construction and rehabilitation of multifamily and senior housing developments.
• Representation of private developers in joint ventures with public housing authorities, including ground lease transactions on housing authority owned property.
• Representation of developers in mixed-use projects (commercial/residential).
• Represented a developer in the new construction of a 108-unit multifamily rental housing project located in Atlanta, Georgia, financed through a $7,032,700 FHA Insured 221(d)(4) loan, subordinate financing, and state and federal low-income housing tax credits.
• Represented a developer in the new construction of a 90-unit multifamily rental housing project located in Atlanta, Georgia, financed by a $2,940,00 FHA Insured 221(d)(4) loan, subordinate financing, and state and federal low-income housing tax credits.
• Represented a developer in the rehabilitation of a 147-unit multifamily rental housing project located in Atlanta, Georgia, financed by tax-exempt bonds, a $8,525,000 FHA Insured 221(d)(4) loan, and a subordinate $1,500,000 Atlanta Housing Opportunity Fund loan.
• Represented a developer in the rehabilitation of a 166-unit multifamily rental housing project located in Atlanta, Georgia, financed by a $5,700,000 FHA Insured 221(d)(4) loan, subordinate financing, and state and federal low-income housing tax credits.
• Represented a developer in the rehabilitation of two housing developments into one 210-unit scattered site multifamily housing project located in Atlanta, Georgia, financed by a $13,738,300 FHA Insured 221(d)(4) loan, subordinate financing, and state and federal low-income housing tax credits.
• Represented a developer in a Savannah Housing Authority redevelopment project consisting of 280 units located in Savannah, Georgia, financed by a $5,000,000 FHA Insured 221(d)(4) loan, subordinate financing, and state and federal low-income housing tax credits. All 280 units consisted of former public housing units converted to RAD Units under HUD’s Rental Assistance Demonstration program.
• Represented a developer in a housing authority sponsored redevelopment of a scattered site project located on six separate parcels consisting of 200 units and the rehabilitation of 54 buildings. The project included the conversion of existing public housing units to 200 RAD Units. Financing included tax-exempt bonds and the syndication of 4% tax credits.
• Represented a developer in the redevelopment of the two housing developments combined into one project consisting of 547 units. The project included the conversion of public housing units to 271 RAD Units under a PBV HAP contract. Financing included tax-exempt bonds as well as equity from the syndication of 4% tax credits.
• Represented a developer in the redevelopment of a single-building high-rise apartment complex containing 149 units in Atlanta, Georgia. The site was ground leased to the partnership by the Atlanta Housing Authority. All public housing units in the project were converted to RAD Units under a RAD PBV HAP contract. The project closed in November 2016.
• Represented our client in a RAD conversion of its entire portfolio of projects with the Atlanta Housing Authority.
• Represented a development team in the new construction of a 156-unit development located in Charlotte, North Carolina. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the rehabilitation of an existing multifamily housing development consisting of 12 buildings containing 181 units located in Atlanta, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the rehabilitation of a 10-building multifamily housing project containing 120 units located in Atlanta, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the new construction of a 240-unit multifamily housing development located in Augusta, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the new construction of a multifamily housing project consisting of 240 units located in 48 residential buildings in Stonecrest, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the new construction of a multifamily housing project consisting of 240 units located in Union City, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.
• Represented a developer in the new construction of a multifamily housing project consisting of 240 units located in 10 residential buildings located in DeKalb County, Georgia. Financing included tax-exempt bonds as well as equity provided by the syndication of 4% tax credits.

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