Community Development and Affordable Housing
Bingham Greenebaum Doll LLP’s experienced attorneys work with non-profits, for-profits, and housing authorities in all aspects of community development and affordable housing, including negotiating complex ownership structures and capital stacks utilizing low income housing tax credits (“LIHTC”), historic tax credits (“HTC”), new market tax credits (“NMTC”) and various other sources of funds such as HOME and CDBG. BGD’s attorneys have long relationships with other industry members, including tax credit syndicators and investors, tax credit allocating agencies, public housing authorities, lenders and government agencies at all levels. BGD’s team can help identify an appropriate investor, as well as draft and negotiate the commitment letter, the partnership/operating agreement, the option to purchase, development agreements, and all related documentation. Our attorneys can also make recommendations regarding the timing of the equity payments to help lower interest costs associated with the transaction.
We understand not all of our clients are experienced developers, therefore we can also assist with all phases of the development of a project, including site acquisition, title and zoning matters, development agreements, constructions contracts, property management agreements and leases.
In addition, BGD attorneys understand that the sale of tax credits rarely supplies all of the financing needed to complete a project, and our team has experience in dealing with a wide variety of financing vehicles necessary to complete a project, including the issuance of bonds, Rural Development (RD), Department of Housing and Urban Development (HUD), HOME and CDBG financing, and other financing provided by various and state local agencies.
Our attorneys can also provide assistance in developing exit and restructuring strategies for projects that are nearing the end of the 15-year compliance period and assist with the exercise of the option to purchase, right of first refusal, or purchase of the partnership/membership interest.