Affordable Housing

The Affordable Housing group at Polsinelli Shughart PC has a nationwide practice with cutting-edge knowledge and industry experience regarding development and finance of projects utilizing federal historic tax credits (both as equity investments and as loans), federal energy tax credits, and federal low-income housing tax credits. Additionally, our team has experience with other federal, state and local tax credits and development incentives, such as state historic brownfields, energy and low-income housing tax credits, tax increment financing, tax abatement and tax-exempt bonds.

Our attorneys also have extensive knowledge and experience respecting HUD financed development, including such programs as HOPE VI, HUD 202 and 811 capital advances, HUD-insured loans and HOME and CDBG financing. Members of our affordable housing group are frequent speakers at national seminars on current topics and issues in this area. Our attorneys have the knowledge, experience and innovative techniques necessary to structure these challenging transactions, which typically involve multiple layers of debt and equity, and may also utilize master lease structures, government grants and other subsidies.

Notable Experience

  • Representation of developers of HUD Section 202 elderly and HUD Section 811 disabled housing, financed by HUD capital advance grants, both grant financing and loan financing in connection with LIHTC developments
  • Representation of developers and investors of multi-family housing, financed with a variety of FHA-insured loans, and in connection with transfers of physical assets
  • Representation of public housing authorities in connection with development of mixed-income projects, utilizing such funding as federal low-income tax credits, HOME funds and HUD capital advance and operating advance funds
  • Representation of developers of HOPE VI homeownership projects
  • Representation of investors in, and developers of, historic buildings, developed to provide affordable housing or mixed-income housing, utilizing a “master lease” structure, with pass through of the federal historic tax credits to a master tenant
  • Representation of investors’ developers, lenders and bond purchasers in connection with a variety of low-income housing projects, including 9 percent credit transactions and transactions involving tax-exempt bonds and 4 percent tax credits
  • Representation of investors in connection with “workouts” of tax credit projects during the compliance period and in connection with development of exit strategies
  • Representation of developers of, and investors in, mixed-income HUD HOPE VI and capital advance multi-family residential projects. Funding sources have included HUD HOPE VI and capital advance funds, HUD 202 and 811 capital advances, federal and state low-income housing tax credits, HOME and CDBG grants and loans, ARRA funding, state contributory tax credit proceeds and state grants.