Affordable Housing & Community Development Practice Group
Woods Oviatt's multidisciplinary Affordable Housing & Community Development Practice Group has extensive experience in the ever changing and intricate legal challenges that characterize complex affordable housing transactions. We work closely with for-profit and nonprofit affordable housing developers utilizing government-assisted financing and equity syndications, contractors, property management companies, and owners and operators of affordable multifamily projects. We help educate and assist our clients on the relevant programs, navigate the relationship with federal, state and local agencies and structure, negotiate and close transactions.
Woods Oviatt offers guidance to clients in the affordable housing and community development industry in the areas of:
- Low-Income Housing Tax Credits (LIHTC) (federal and NYS)
- Historic tax credits (federal and NYS)
- NYS brownfield tax credits
- PILOTs, property tax exemptions and abatements
- Industrial development agency revenue bond financing
- Tax-exempt private activity bonds for multi-family housing
- Construction and permanent mortgage loan financing from institutional lenders and governmental sources
- Credit enhancement such as letters of credit, and interest rate protection such as caps, collars and swaps
- Mixed-income housing
- Mixed use housing developments, including condominium structures
- Senior and supportive housing
- HUD regulatory, rental assistance and financing programs, including RAD conversions
The development of real estate can be a complex process, and the Affordable Housing & Community Development Practice Group is supported by the firm’s Land Use and Zoning Practice Group. Together, they possess the skills and experience to successfully lead affordable housing and community development projects from initial planning and site selection, through design, approvals and construction. We understand the nuances of development in each of our communities. We recognize that each project, each community, and each client is different, requiring its own approach.
We have represented developers, property owners, tenants, businesses, institutions, nonprofits, municipalities and other community partners. We draw on our broad experience and professional relationships to navigate unique local regulatory obstacles, and build local support. We also regularly serve as special counsel to many local municipalities, advising them on special topics such as SEQRA, assisting in the preparation and adoption of zoning ordinances, handling litigation on behalf of the municipality, and a variety of other matters.
Low Income Housing Tax Credit Representative Matters
- Represented a joint venture of two developers in the acquisition, development and financing of a 42-unit new construction affordable housing development in Ithaca, New York financed in part by 9% federal LIHTC, HCR Housing Trust Fund subsidy, Tompkins County Community Housing Development Fund grant funds, and NYSERDA grant funds.
- Represented a developer in the acquisition, rehabilitation and financing of a 100-unit affordable housing development in Selma, North Carolina financed in part by tax-exempt bonds, 4% federal LIHTC, and a 20-year Mark-Up-To-Market Project-Based Section 8 HAP Contract.
- Represented a developer in the acquisition, rehabilitation and financing of an 88-unit affordable housing development in Chattahoochee, Florida financed in part by tax-exempt bonds, 4% federal LIHTC, and a 20-year Mark-Up-To-Market Project-Based Section 8 HAP Contract.