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Affordable Housing & Community Development

Miles & Stockbridge’s Affordable Housing & Community Development practice works with every type of participant in the industry:

  • National, regional, state and local financial institutions
  • Private and public lenders (including Fannie Mae, Freddie Mac, HUD, and FHA DUS lenders and SBA)
  • Federal, state and local government entities and agencies
  • Nonprofit organizations
  • Private developers
  • Tax credit and other equity investors

Our practice encompasses acquisition and construction financing, permanent loan products, tax credit investments, and tax-exempt and taxable public finance transactions, including letters of credit and other forms of credit enhancement. A substantial focus of our practice involves transactional and tax advice to financial institutions investing in, and making loans for, low-income housing tax credit transactions and new markets tax credit transactions.

Miles & Stockbridge’s experienced lawyers counsel clients on the structure, negotiation and closing of complex financing transactions involving:

  • Public and private loans, subsidies and grants
  • FHA insurance
  • GNMA guaranteed securities
  • Fannie Mae and Freddie Mac credit enhancement products
  • HUD programs
  • Federal and state low-income housing tax credits
  • State and federal historic tax credits
  • New market tax credits and other tax credit programs
  • PILOTs acquisition, construction and permanent financing for charter schools, community health centers, skilled nursing and assisted living facilities and a large variety of mixed use community revitalization projects

The substantial range of financial, tax and regulatory legal advice and counsel we have undertaken to facilitate community development projects and related financings includes:

  • Representing banks and non-bank lenders in  funding  affordable housing projects and charter schools throughout the nation
  • Structuring and negotiating complex subordination agreements, inter-creditor arrangements and multi-tiered financings
  • Advising banks in issuing letters of credit to credit enhance tax-exempt bonds
  • Representing a GSE in multiple sales of large multi-family loan portfolios
  • Representing industry leaders nationally in financing skilled nursing, assisted living and long-term care facilities
  • Acting as tax and transactional counsel to  investment partnerships, limited liability companies, credit enhancers and private investors regarding federal low-income tax credits for a variety of multi-family housing projects
  • Representing issuers and purchasers in the private placement of tax-exempt bonds
  • Representing banks in providing warehouse lines of credit and other credit facilities to CDFIs and other non-profit or mission-oriented lenders, including Section 7(a) SBA lenders and “Community Advantage” SBA lenders
  • Representing banks in financing RAD conversions of public housing projects in multiple states