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Affordable Housing
The firm provides representation in connection with a wide variety of affordable housing activities including:
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The construction, rehabilitation, acquisition, sale and refinancing of affordable housing developments, using mortgage insurance, direct loan and grant programs of the United States Department of Housing and Urban Development (HUD), loans from the Rural Housing Service of the United States Department of Agriculture (formerly the Farmers Home Administration), state housing finance agencies, and the programs of national government sponsored enterprises (GSEs) such as the Federal National Mortgage Association (Fannie Mae and Freddie Mac).
- The management, ownership, acquisition and disposition of individual multifamily projects and project portfolios, including the structuring of sales and refinancings of federally assisted and subsidized projects involving varying combinations of federally insured financing, tax exempt bonds, Low Income Housing Tax Credits, HOME and CDBG funds, with Section 8 project-based and tenant based subsidy.
- Evaluating and implementing options for troubled housing developments, including the negotiation of mortgage work‑outs, refinancing, partial payments of HUD mortgage insurance claims, restructuring of ownership entities, foreclosure planning and avoidance, and related bankruptcy matters.
- The refinancing, sale, and repositioning or restructuring of multifamily properties with Section 8 project-based assistance through HUD's Mark-to-Market Program, Mark-Up-to-Market Program, through programs targeted to nonprofits, and through recent initiatives permitting Section 8 contracts to be moved from troubled projects to performing assets.
- HUD’s Section 236 decoupling program, enabling appropriated interest reduction payment (IRP) subsidy to be used to support new debt to recapitalize and rehabilitate affordable projects.
- HUD's Section 202 prepayment and repositioning initiatives.
- The Low Income Housing Tax Credit program (Section 42 of the Internal Revenue Code) in transactions involving other federal subsidy or use restrictions including assistance in securing appropriate allocations of credits from state allocation agencies, and assistance in structuring tax credit transactions to take maximum advantage of this important federal incentive.
- The revitalization of public housing sites in mixed finance transactions utilizing HOPE VI or public housing capital funds in conjunction with Low Income Housing Tax Credits, tax-exempt bonds, and other forms of public and private financing.
- The use of Project Based Vouchers as a source of new project-based rental subsidy.
- The acquisition of properties and mortgages from HUD.
As Congress and the current administration re‑examine the nation's housing programs with the possible termination or substantial re‑engineering of many of the country's largest and most established programs, the attorneys at Hessel and Aluise, P.C. are keeping abreast of the rapid changes and directions, in order to help serve their clients and shape the future of these programs.
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