Affordable Housing and Tax Credit

Affordable Housing and Tax Credit

“Represented clients in over 42 states and U.S. territories”

Broad and Cassel’s Affordable Housing and Tax Credit Practice Group has represented clients in over 42 states and U.S. territories, closing more than one thousand tax-credit syndications and tax-exempt bond financings, resulting in hundreds of thousands of families having high-quality, affordable housing.

Our attorneys are experienced in various other federal, state and local programs, often leveraging HUD financing and subsidy programs (including Mixed Finance, Hope VI, RAD, 811, Section 8, 221(d)4), 223(f), 232, 236, LIPHRA, and 202), Veterans Administration lease agreements and VASH vouchers, CDBG Loans, HOME Loans, SAIL Loans, or SHIP Loans. The group represents primarily for-profit and not-for-profit developers in affordable housing transactions and investors in buying or selling large portfolios.

“Recognized as a 2017 Leading Real Estate Law Firm by Multi-Housing News”

Most recently, Broad and Cassel was recognized as a 2016 and 2017 Leading Real Estate Law Firm by Multi-Housing News. Listed among just 41 firms, Broad and Cassel was specifically noted for its representation of a national real estate and management company in the $315 million acquisition and HUD financing for the company’s Florida apartment portfolio.

The group is intimately familiar with numerous local, state and federal housing agencies. This exceptional knowledge and experience helps clients that are active in the development and management of affordable housing projects in any region of the United States. Attorneys in the Affordable Housing and Tax Credit Practice Group have worked on significant affordable housing projects involving dozens of federal and state agencies including:

  • HUD / FHA
  • Freddie Mac
  • Florida’s State Apartment Incentive Loan Program (SAIL)
  • Florida’s Extremely Low Income (ELI) Gap Program
  • Florida’s State Housing Initiatives Partnership Program (SHIP)
  • Florida’s Demonstration Loan Program
  • Florida’s Home Investment Partnership Program (HOME)
  • Florida’s’ Multifamily Housing Revenue Bond Program
  • Florida’s Affordable Housing Guarantee Program

Our services include:

  • Review and assistance in connection with initial submission of low income housing tax credit applications, tax-exempt bond applications, State Apartment Incentive Loan (SAIL) applications and other financing applications
  • Acquisition of partnerships owning tax credits in various development stages
  • Formation of partnerships for the purpose of acquiring tax credits and developing low income housing
  • Negotiating and closing the syndication of tax credits
  • Involvement with specific federal tax matters
  • Identification of problem tax areas and rendering tax opinions
  • Negotiating and closing construction loans and permanent loans for partnerships developing low income housing tax credit properties and other affordable housing projects
  • Negotiation of construction and permanent loan commitments
  • Negotiations of tax credit syndication commitments
  • Negotiation and drafting of developer’s agreements concerning impact fee waivers
  • Tax-exempt bond inducements and underwriting assistance
  • Structuring, negotiating and closing tax-exempt bond projects

The group’s most recent experience includes:

  • Representation of a Central Florida-based developer in connection with all of its affordable housing transactions, closing upwards of 30 dispositions of year 15 and beyond deals over the last several years.
  • Representation of a non-profit organization that provides safe and affordable housing for individuals with special needs. This development is one of the first of its kind and involved the following: 9% low income housing tax credits allocated by Florida Housing Finance Corporation; a substantial equity investment from a tax credit equity partner; a construction loan; and permanent financing and a grant from Florida Housing Finance Corporation.

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