Representation of non-profit organizations and affordable housing development has long been an important part of our practice.
In housing development matters, we participate in property acquisition and development planning for rental, sale, or limited equity cooperative projects, and continue through ongoing governmental approvals, construction, and sale or rent-up and management. We assist in acquisition from private sellers or from government agencies, or through the expiring-use program or other acquisition and financing programs of the U.S. Department of Housing and Urban Development (HUD).
We help plan and structure financing, typically with a combination of conventional and subsidized mortgages, governmental and private loans and grants and proceeds from tax credit equity syndication. We have extensive experience in scattered-site and cooperative developments based on ground leases, and in subsidized homeownership programs involving “slow” or non-amortizing mortgages.
Our affordable housing and tax credit practice includes consideration of low-income housing tax credits, historic preservation tax credits, property tax abatements, land bank programs, and other incentives for housing development, including housing for persons with special needs. We are experienced with funding programs of the Connecticut Department of Economic and Community Development, Connecticut Housing Finance Authority, U.S. Department of Housing and Urban Development, and municipal governments, and are familiar with other affordable housing resources, lenders and investors in Connecticut and nationwide.