Affordable Housing & Tax Credits

We help clients

• Form and structure relationships to accomplish affordable housing transactions
• Identify, negotiate, and close the most advantageous equity, grant, and construction and permanent debt financing
• Get the best deal they can by understanding and reviewing the numbers and returns behind the deal
• Efficiently leverage HUD financing and subsidy programs (including Mixed Finance, HOME, CDBG, Hope VI, RAD, 811, Section 8, 221(d)4), 223(f), 232, 236, LIPHRA, and 202), and navigate HUD processes including the 2530 process and the transfer of physical assets process
• Develop housing for specialized groups such as veterans, developmentally disabled, homeless, farmworkers, fishing workers, and the elderly
• Submit and review applications for all types of financing 
• Negotiate equity and debt commitments and financing documentation
• Acquire vacant land and existing projects to develop affordable housing
• Obtain and coordinate all closing requirements 
• Understand how affordable housing deals are structured and navigate the processes and programs for a successful closing 
• Negotiate purchase and sale agreements for existing housing and large portfolios of housing
• Work with governmental agencies to obtain regulatory approvals
• Acquire and sell interests in entities that own affordable housing
• Comply with tax requirements and other applicable laws and regulations
• Evaluate affordable housing transactions 
• Find and negotiate joint ventures with non-profits
• Structure assisted living tax credit transactions
• Obtain governmental approvals for tax-exempt bond financings
• Successfully dovetail layers of subsidies and governmental programs such as the low income housing credit and the historic tax credit 
• Negotiate and draft development and co-development agreements 
• Obtain land entitlements and assist with permitting requirements and governmental impact and other fee waivers
• Obtain state and local tax exemptions and abatements and payments in lieu of taxes
• Assist with the qualified contract process
• Address complex financing and tax issues
• Prepare transaction documentation
• Develop student housing
• Negotiate and close new market tax credit deals

Deep affordable housing and tax experience from a multidisciplinary team 

Our Affordable Housing & Tax Credit practice—which has assisted clients in 37 states, as well as Puerto Rico and Guam, in over 29 years of service—was recognized as a 2017 Leading Real Estate Firm by Multi-Housing News. 

Attorneys in our practice group, which includes an officer of the Florida Coalition of Affordable Housing Providers, are experienced with housing projects across the country in multiple fields, involving a host of  federal  agencies, such as HUD/FHA, Freddie Mac, Fannie Mae, USDA,  and FHLBB. 

Our attorneys’ areas of experience include:

• Tax and affordable housing
• State and local government regulation and approvals
• Lending and tax exempt bonds 
• Underwriter, trustee, and issuer representation 
• New market tax credits, opportunity zones, and EB-5 
• All aspects of affordable housing
• Tax refunds, land use, and tax credit condominium 
• Real estate acquisition and disposition
• Litigation 
• Deal-making

We should be able to handle all your affordable housing needs, but if we are unable to help, we can refer you to someone who can provide you with what you need.

Our clients span all facets of the affordable housing industry

• For-profit and not-for-profit developers
• Investors 
• Property managers
• Buyers, sellers, and owners
• Lenders
• Syndicators
• Housing authorities
• Construction companies
• Brokers
• New market tax credit business owners
• Opportunity Zone Funds

Nelson Mullins’ Affordable Housing & Tax Credit team has the right experience to help manage the challenges in your business.

• Strong relationships with syndicators, lenders, and governmental agencies 
• Detailed document review to ensure the significant amount of documentation properly reflects the  business deal and reduces your risk
• Creation of new structures to meet your needs on any particular project
• Relationships with counsel in other states to meet the local law requirements and provide local law opinions
• Relationships with accounting firms to coordinate legal and accounting issues
• Substantial referral base to help with whatever your project needs

Following is a selected sampling of matters and is provided for informational purposes only. Past success does not indicate the likelihood of success in any future matter.

• Served as counsel for buyers and sellers of existing affordable housing portfolios valued in excess of $1,000,000,000.
• Assisted owners in financing housing totally with tax exempt bond transactions well over $1,000,000,000.
• Handled owners’ refinancing of large portfolios to increase cash flow.
• Represented buyers of general partner and developer interests.
• Worked with state allocating agencies to develop programs to meet owner’s specific needs.
• Assisted groups of developers seeking modifications to federal and state tax laws and regulations.
• Represented buyers and sellers in connection with well over 100 acquisitions and dispositions of affordable housing properties.
• Represented non-profit organization that provides affordable housing for people with special needs in one of the first of its kind and involving 9% low income housing tax credits allocated by Florida Housing Finance Corporation.
• Represented a national real estate and management company in the $315 million acquisition and HUD financing for the company’s apartment portfolio. 
• Advised and represented clients in shopping center to shrimp farm businesses spurring millions of dollars into low income communities.