Our Affordable Housing practice serves developers and owners—including for-profit, nonprofit and public agencies—as you navigate the multifaceted financing and construction process to develop and maintain affordable housing resources in your communities. We achieve results for our clients, including aspects such as the acquisition of general partner interests in projects, sale of partner interests, acquisition of limited partner interests, development, and acquisition, construction and renovation of the properties themselves, as well as financing and/or refinancing, for clients throughout the western United States.
Affordable Housing Finance
We boast one of the most experienced legal teams in the region advising on affordable housing financing through bonds, single or combination tax credits, state and local subsidies, HUD programs, and various combinations thereof. As the affordable housing industry matures, the financing mechanisms utilized by it are evolving and increasingly complex. For example, over the past few years we have had the opportunity to work extensively with public housing agencies and their partners on raising private capital through the RAD program and have helped owners navigate multiple changes in available multifamily insured mortgage products.
Through our relationships with HUD and regulators at state and local levels, we continuously monitor pending proposals such as LIHTC project income averaging, revisions to Section 202 to fund new construction and boost health-related services, and FHFA proposals to encourage lending to small multifamily property owners.
We advise our clients on all affordable housing and community development financing programs, including:
- Low Income Housing and other applicable tax credits
- Tax-exempt private activity bonds
- HUD 202 and 811 capital advances
- FHA-insured financing
- HOME and CDBG funds
- HUD Section 8 funds
- Project-based supportive service programs
- USDA Rural Development financing and other state-level programs
This combination of extensive project experience and established relationships with local stakeholders and facilitators of these various programs allows us to smooth your path to financing and building a program-compliant project.
Affordable Housing Construction and Operation
We understand how even the little details can have a big impact on your project. The Stoel Rives team works closely with developers launching community development projects as they make decisions about choice of entity, forming partnerships, land acquisition, securing permits or obtaining a construction loan. When projects have mixed-use or market-rate elements, we help sort out complex debt and equity financing, leasing agreements and compliance requirements. During the life of a project we assist with refinancing, ongoing compliance issues, acquisitions and dispositions, Year 15 sales, buyouts, workouts and litigation.
The breadth of our practice provides an added benefit to our affordable housing clients that they cannot get from most smaller or more specialized firms—the knowledge and capacity to handle peripheral issues as they arise during the development process. Our construction, environmental permitting, land use, corporate law, regulatory compliance, labor and employment, intellectual property and litigation services are recognized throughout the region as exemplary—these are resources that we are able to provide to our affordable housing clients when they need them.