Real Estate

Affordable Housing & Community Development

Experienced team helping clients construct and preserve affordable housing across the United States.

Meet the team
WHY LOCKE LORD

The lawyers of Locke Lord's Affordable Housing and Community Development Section are committed to improving lives and neighborhoods. Our lawyers' experience includes the use of various financing vehicles, such as low-income housing tax credits, tax-exempt bonds, traditional commercial loans, HUD programs, and other federal, state and local financing tools for the development of multifamily and single family housing. We regularly serve as project counsel to developers of affordable housing, handling acquisitions, permitting, entity formation, debt and equity financing (both taxable and tax-exempt), affordability restrictions, inclusionary zoning requirements, design and construction contracts, zoning and land use challenges, title issues, marketing plans, management agreements and the coordination of multiple private and public capital sources. In addition, we have represented clients in projects using new markets tax credits, federal and state historic tax credits, and other financing and incentive programs to generate commercial development and community revitalization. We perform as a team, providing our clients with experience in real estate, tax, finance, construction, environmental and related matters as needed. Our lawyers combine their legal experience with vast industry knowledge and professional contacts to serve our clients efficiently and effectively.

Together, we have closed hundreds of development and financing transactions for properties across the United States, capably combining funding sources to achieve our clients' development goals. At the opposite end of the spectrum, when real estate developments struggle due to market or other conditions, we assist the parties with finding solutions to preserve the assets by implementing ownership changes, refinancing, local tax savings initiatives or other forms of restructuring.

In addition to our transactional work, we actively represent clients in administrative matters before local, state and federal agencies, including seeking zoning, land use and building code permits, competitive processes for funding and monitoring for program compliance. We assist with rule-making and legislative matters that may impact our clients in affordable housing and community development. Working with our tax colleagues, we assist tax-exempt organizations with their needs, including applications to the IRS for tax exemption, assistance in complying with IRS rules and regulations and state tax exemption matters.

Our national and regional clients include for-profit and nonprofit developers, lenders, investors, governmental agencies, trade associations, and bond issuers, underwriters and trustees. Representing a variety of parties in the affordable housing and community development industries gives us a breadth of contacts and perspective that benefits our clients in each and every matter.

Representative Programs

  • Federal and State Low-Income Housing Tax Credits
  • Tax-exempt bonds
  • HUD HOME, CDBG, and HOPE VI
  • HUD Section 8 assistance
  • HUD 221 and 223 financing
  • USDA loan programs and rental subsidy
  • TCAP and Section 1602 Exchange
  • State and local housing trust funds
  • Federal Home Loan Bank Affordable Housing Program
  • State housing and development agency financing programs
  • Federal and State Historic Tax Credits
  • New Markets Tax Credits
  • State Brownfields Tax Credits
  • Energy Tax Credits

Representative Experience

The breadth of Locke Lord's experience can be seen in just a few of our representative transactions:

  • Representing developers in partnership with local housing authorities using low-income housing tax credits, tax-exempt bonds, RAD, HOME funds, state property tax exemption, and state sales tax exemption.
  • Representing a community based non-profit corporation to construct new affordable housing utilizing LIHTCs, tax-exempt bonds, grant funds, and CDBG Disaster Recovery funds.
  • Assisting a rural developer with the resyndication and refinancing of various properties having USDA loans.
  • Representing national and regional LIHTC syndicators on the disposition of properties and partnership interests at the end of Year 15.
  • Advising an LIHTC developer on opportunities for disposal of its portfolio at the end of Year 15 of the LIHTC compliance period.
  • Representing the purchaser of a portfolio of LIHTC properties for structuring, financing, and compliance issues.
  • Advising the lender on the purchase of revenue bonds for affordable housing units in an urban high rise complex.
  • Representing the lenders for the renovation of an historic building into retail and residential space using new markets and federal and state historic tax credits.
  • Representing a public charter school financing a new location with new markets tax credits and tax-exempt bonds.
  • Representing a town making loan and grant investments in an historic preservation residential rehabilitation project.
  • Representing a national lender and a regional lender in connection with a construction and bridge loan and a leverage loan for a mixed-use project consisting of affordable artists' apartments, market rate apartments, work studios, and related businesses, retail and restaurant space, using federal and state historic tax credits and new markets tax credits.
  • Representing a regional nonprofit lender in providing mezzanine financing for a national developer for its acquisition and rehabilitation of scattered project-based Section 8 apartment complexes and first mortgage financing for the developer’s acquisition of two project-based Section 8 apartment buildings.
  • Representing a regional nonprofit lender in providing mezzanine financing for a nonprofit’s acquisition of a mixed-income, mixed use artists’ live/work space property secured by a pledge of the sponsor’s rights and powers under the nonprofit’s corporate bylaws.
  • Representing a regional nonprofit lender in its capacity as state low-income housing and/or state historic tax credits intermediary and subordinate lender for more than 20 multifamily housing projects.
  • Representing a non-profit community development financial institution for the structuring, formation and financing of an award-winning program dedicated to helping families facing foreclosure remain in their homes.
  • Representing a regional nonprofit lender in providing non-revolving lines of credit and energy savings guarantees to owner of multifamily affordable housing projects to finance energy conservation improvements.
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Meet the team