Affordable Housing

Housing affordability has become a central political issue in cities across the country. As a result federal and state affordable housing policies and resources are evolving rapidly and an once quiet industry now attracts new participants.


Our Affordable Housing team combines deep technical knowledge of housing subsidy programs with experience in real estate development to deliver creative and practical solutions to real estate and finance problems. We represent owners, developers and investors – profit, nonprofit, public and tribal- in the development and finance of a wide variety of affordable housing and community development projects.

Technical Expertise

  • Low Income Housing Tax Credits
  • Historic Tax Credits
  • New Market Tax Credits
  • Tax-exempt bond financing for affordable housing and community development
  • HUD/FHA multifamily finance programs
  • Community development programs, including CDBG and HOME
  • Mixed finance
  • State and local affordable housing incentives
  • Section 8 contracts and vouchers
  • Community Land Trusts

Project Experience

  • New construction and acquisition-rehab projects
  • Mixed-use projects
  • Senior housing
  • Ownership housing
  • Portfolio sales and acquisitions
  • Year 15 re-syndications
  • Community facilities
  • Supportive service
  • Partnership interest acquisitions and dispositions
  • Fair Housing and accessibility claims
  • Workouts
  • Land acquisition, ground lease, development, creation of condominium, and finance of a mixed-use, mixed-income project in Oregon containing 145 units of housing and 30,000 square feet of commercial space, on two separate sites, including 4% LIHTC investment, tax-exempt bond financing, construction and permanent funding from Portland Housing Bureau, Metro (transit oriented development) and PacifiCorp (Sustainability), Portland Development Commission (economic development), and a CDFI (permanent commercial debt)
  • Land acquisition, development and financing of a 223 unit project in Colorado, using 4% LIHTC investment, tax-exempt bond financing, FHA-insured loan, County funding, HOME funding, and tax increment financing.
  • Land acquisition, development and $65 million of debt and equity financing for 450-unit affordable apartment community in Nevada, containing 300 units of family housing and 150 units of senior housing, including negotiation of 4% LIHTC investment, tax-exempt bond financing, long-term swap of variable rate debt financing, HOME funding, 1602 funding and subsequent re-syndication of LIHTC equity.
  • Ground lease, financing and development of 150-unit mixed-use project in Washington, including negotiation of ground lease, 9% LIHTC, HOME financing, Housing Trust Fund financing, and City of Seattle and FHLB financing.
  • Year 12 refinance of 400-unit affordable housing project, involving new long-term mortgage debt, pay-off of tax-exempt bonds, buyout of LIHTC investor's interest and termination of limited partnership agreement, restructuring of debt internal to general partner and buyout of general partner interests by original syndicator of general partner interests.
  • Representation of a national syndicator in connection with multiple syndications to various institutional investors of investment funds engaged in the acquisition, development and operation of federal tax-credit affordable housing projects throughout the United States.
  • Acquisition and renovation of a multi-family portfolio using tax-exempt bonds and FHA-insured mortgage financing, assumption of project-based Section 8 contracts and assumption of LIHPRHA use agreements.
  • Acquisition and renovation of a portfolio of USDA Rural Development apartment projects, involving assumption of USDA Rural Housing financing and USDA rental assistance, assumption of existing FHA-insured financing and project-based Section 8 assistance, new FHA-insured financing and tax-exempt bonds.
  • Creation, development and financing of a mixed-use renovation project comprising multiple commercial units and one residential unit of 50 affordable apartments; creation of development joint venture between commercial and residential partnerships; and negotiation of project-wide debt and equity financing (9% LIHTC, HOME, CDBG, UDAG, Housing Trust Fund and City).
  • Negotiation and sale of historic façade easement for renovation of 200-unit LIHTC building.
  • Acquisition and renovation of existing apartment building in Oregon involving 9% LIHTC, 1602 financing, HOME financing, Oregon Trust Fund financing, commercial bank loan and assumption of Section 8 contract.
  • Representation of community land trust in acquisition of failed subdivision, including completed homes and vacant lots; negotiation of acquisition financing for project; negotiation of down-payment assistance financing with City of Seattle; and preparation of unit sales documents and affordability covenants for the homes.
  • Representation of private secondary school in qualified 501(c)(3) bond financing for an addition to the school campus and for refinancing of outstanding bonds.
  • Creation of down-payment assistance loan program for Indian tribal housing authority under NAHASDA.
  • Development of 150-unit student housing project for private university, involving off-balance sheet financing and use of qualified 501(c)(3) bonds enhanced with bond insurance.
  • Roll-up of clients' interests in general partner entities for 30 LIHTC projects, containing 5,000 units across the western U.S., to a newly formed holding company, and sale of majority interest in holding company to a publicly traded REIT.
Insights & Presentations
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