Affordable Housing Practice Group at Raines Feldman Littrell LLP
The Affordable Housing Practice Group at Raines Feldman Littrell LLP harnesses specialized industry knowledge and extensive legal expertise to support the development, financing, and operation of affordable housing projects across the United States. Our team has over 40 years of experience in this highly specialized practice and is committed to advancing opportunities for affordable housing development through strategic legal counsel and innovative solutions encompassing real estate, tax, HUD, Fannie Mae, Freddie Mac, state and local housing and development agencies and related financing agencies and programs.
Specialized Industry Knowledge
- Federal Programs: Our expertise encompasses a broad range of Federal programs, including the Low-Income Housing Tax Credit (LIHTC), HUD loan insurance, Freddie Mac and Fannie Mae loans, Energy Credits, the FHLB AHP Program, New Markets Tax Credits, Historic Tax Credits, Medicaid, Section 8, other rent subsidies operating, Tax Exempt Bonds, and other Federal initiatives.
- State and Local Programs: We navigate state and local programs such as state tax credits (both certificated and non-certificated), HOME and CDBG loans, Tax Increment Financing (TIF), Medicaid waiver programs (including Illinois’ Supportive Living Facility or “SLF” program), Trust Fund Programs, tax abatements, and exemptions, among others.
- Comprehensive Funding Support: Our team assists in identifying sources of funds, qualifying for programs, and applying for assistance. We provide thorough analysis of financial models and sources and uses of funds.
- Industry-Wide Contacts: With extensive contacts in agencies, among investors, consultants, lenders and within the legal community, we facilitate broad-reaching collaboration and negotiation.
- Efficient Implementations: Our strategic approach enables efficient legal implementations for planning, closing, and operating affordable housing projects.
Purchase, Sale, Financing, and Investment
- Specialized Knowledge: Our team understands the complexities associated with maximizing LIHTC and other funding sources. We offer strategic advice on qualifying and closing purchases, sales, financing, and investments.
- Rent and Income Limits: We specialize in analyzing income and rent restrictions under various programs and ensuring compliance with applicable regulations.
- Structuring Projects: Proper and imaginative structuring is crucial for meeting program qualifications, securing competitive subsidies, and optimizing tax benefits while minimizing risk.
- Legal Opinions: We provide a range of legal opinions necessary for securing subsidies and closing transactions, including real estate, tax, and specialized opinions.
- Comprehensive Documentation: Our expertise extends to the creation and review of all necessary documentation for affordable and multi-family housing transactions, covering everything from development agreements to financing documents.
Recent Representative Transactions
- Acquisition of SLF Portfolio: Managed the $150 million acquisition of eight supportive living facilities post-Credit Period, utilizing LIHTC and other subsidized loans.
- Sale of LIHTC Portfolio: Facilitated the $130 million sale of 14 LIHTC projects in various stages of the Compliance Period.
- Refinancing with Tax-Exempt Bonds and re-syndication with LIHTCs of 8 Illinois Affordable Housing Projects.
- Representation of a group of regional LIHTC syndicators with their investment funds and closing of all projects
- Representation of National Syndicator of LIHTC and other credits with respect to Tax and other matters, including the structure of their funds
- Representation of Developers, buyers, investors and sellers of a large number of LIHTC and other community development projects
- Representation from acquisition to disposition of a 600+ unit apartments complex, assisting in enabling the successful bid by suggesting including historic tax credits. Syndication using bonds and LIHTCs and ultimate disposition for over $100 Million in net proceeds.