Affordable Housing Law
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The firm has been recognized for the past three decades as premier counsel providing advices to clients in Michigan, Wisconsin, Illinois and Indiana regarding various forms of financing for multifamily housing provided through the Michigan State Housing Development Authority (MSHDA), Wisconsin Housing and Economic Development Authority (WHEDA), Illinois Housing Development Authority (IHDA), HUD, Farmers Home, Federal Home Loan Bank and conventional financing sources. The funding has included tax exempt, taxable and pass-through bonds, HOME funds, CDBG funds, AHP loans and funds provided through conventional sources. It has worked extensively with subsidized loans under the Sections 8, 221(d)(4), 223(f), 236, 515, 538, 202, and 811 programs including the syndication and resyndication of such developments. It has acted as counsel to borrowers of more than $2 billion in loan proceeds for affordable and conventional multifamily, congregate and assisted housing developments. It has also acted as counsel to the Great Lakes Capital Fund for Housing in its investment in affordable housing throughout the States of Michigan, Indiana, Wisconsin and Illinois as well as for profit and nonprofit developers. It has been involved in the purchase or sale of more than $300 million in low income housing tax credits. The firm has been active in the structuring of the purchase and sale of federal and state historic tax credits in connection with the rehabilitation of both multifamily housing developments as well as commercial structures. The firm has also been active in the preservation of affordable housing through 1031 exchanges.
Its services have included formation and structuring of limited partnerships and limited liability companies, preparation of syndication offering memoranda and related documents, drafting of various side agreements including development fee agreements, management agreements, guarantees, preparation of tax credit applications and rendering of advices and opinions with regard to sophisticated real estate and partnership tax issues, QAP matters, and 2530 issues. It has advised clients throughout the Midwest with regard to structuring of municipal ordinances dealing with payments in lieu of taxes (PILOTs) as permitted by state statute.
The firm has advised and represented clients in organizing and securing Section 501(c)(3) status from the Internal Revenue Service as providers of affordable housing, assisted clients in forming community development corporations and qualifying for CHDO status.
Attorneys have worked on the structuring of Section 8 and 236 preservation loans through MSHDA and HUD including refinancing with the use of HUD IRP programs. They have also been involved in reviewing and restructuring Section 8 funding with conventional funding including securitized loans.
The firm is actively involved in matters of environmental law, including Brownfield development, cleanup and liability determination matters.
It is also involved in the representation of multifamily management agents dealing with the structuring of management agreements for owners and agents and providing advice pertaining to compliance with leasing issues arising under the low income housing tax credit provisions of Section 42 the Federal Tax Code, the Federal Fair Housing Amendments Act and Americans with Disabilities Act and the Elliot Larsen Act in the State of Michigan.
The firm has an active practice before the Michigan Tax Tribunal, State Tax Commission and appellate courts involving local ad valorem taxation of multifamily housing including properties operated under the Sections 8, 236 and 515 programs. In that capacity, it has litigated and negotiated valuation, exemption, classification and capped value issues.
Our real estate services include the following:
AHP Loans; Low Income Housing Tax Credit Matters; Condominiums and Cooperatives; Syndications; Commercial Lending; Management Contracts; Construction Contracts; Nonprofit 501(c)(3) Qualification; Construction Loans; Pass-Through Bond Financing; Distressed Loan Workouts; Permanent Loans; Environmental Compliance; Payments in Lieu of Taxes (PILOTS); Federal, State and Local Tax Matters; Purchase and Sale of Improved and Unimproved Property; Federal and State Historic Tax Credit; Real Estate Development; Foreclosure; Real Estate Tax Appeals; HOME Program Financing; Tax Exempt Financing; Leasing; Title Review; Limited Partnership and Limited Liability Company Syndications; Zoning and Land Use.