In communities across the U.S., our clients finance, develop, rehabilitate, and manage affordable housing. By leveraging our team's core capabilities and experience in real estate, finance, tax, and lending, we have helped our clients close billions of dollars in financing and tens of thousands of units of affordable and low-income housing redevelopment and preservation projects. We share our clients’ passion for meeting the pressing need for high-quality affordable housing in the U.S.
Our team is one of the few that combines housing, public finance, banking, tax, real estate, administrative law, and litigation support in a comprehensive, national affordable housing and community development practice. Our work is national in scope. We regularly help clients evaluate development plans and options, negotiate development and funding terms, access and administer program and funding sources, and close transactions. We also have a track record of success with projects that result in litigation or administrative actions.
A key differentiator of our service is that we proactively help clients find potential opportunities and resolve problems that may hinder their goals. This may include evaluating or resolving underwriting assumptions, navigating issues related to project feasibility, program design, operational capacity and compatibility, as well as other concerns that may involve both legal and business implications.
For decades, team members in our Washington office have assisted clients with matters before the U.S. Department of Housing and Urban Development (HUD), the Internal Revenue Service (IRS), the Government National Mortgage Association (GNMA), Fannie Mae, the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Reserve Board (FRB), and the Department of Justice (DOJ).
We work with virtually all participants in the housing process, such as:
We regularly work with all HUD housing, community development, public housing, FHA, and GNMA programs, the multifamily programs of Fannie Mae and Freddie Mac, the Low Income Housing Tax Credit (LIHTC), the American Recovery and Reinvestment Act of 2009 (ARRA), the requirements of the Community Reinvestment Act (CRA), as well as state and local housing finance agency and public housing authority development programs. For more than three decades, we have counseled clients about the LIHTC, Section 8 rental subsidy, HUD multifamily direct and insured loans, taxable and tax-exempt bonds, HUD's LIHPRHA and ELIHPRHA programs, HUD's Section 202 development, prepayment and redevelopment, HOME funding, LEAN financing, Mark-to-Market and Mark-up-to-Market programs, 2530 previous participation and APPS requirements, REAC and MOR inspections, and HUD's Rental Assistance Demonstration (RAD) Program.
Our attorneys actively support the affordable housing industry, through serving on the boards of industry organizations, speaking, and other thought leadership.
We resolve 2530 challenges for owners and managers as a result of REAC-triggered flags and other matters. Our HUD dispute resolution team helps clients work through inspector general audits, Fair Housing disputes, REAC, and other enforcement difficulties, including from the U.S. Department of Justice. Early and direct action is required to protect consistent and strong portfolio developments and operations from the economic, management, or administrative hurdles associated with a single project.
We have helped clients close billions of dollars in multifamily and commercial loans. Our team represents lenders in conventional apartment and commercial property mortgage financing transactions; and the multifamily, nursing, health care, and seniors' housing programs of conduits, Fannie Mae, Freddie Mac, and HUD, including LEAN. Our services include the documentation and closing of loans secured by projects throughout the U.S., and advising lender clients of rights and remedies flowing from the origination, sale, pooling, securitization, and servicing of multifamily and commercial mortgage loans.
We were pioneers in working with shared appreciation and risk share programs and helped to develop a variety of warehouse lending programs for banks that provide short-term financing for mortgage lenders. These programs address the gap between the disbursement of loan proceeds at closing, the purchase of the loans by Fannie Mae or Freddie Mac, and the sale of mortgage-backed securities to investors. This work requires a thorough understanding of the subtleties of the lending programs at issue in each transaction, and navigating the particular variations in certain jurisdictions, such as Mortgage Consolidations (New York, Maryland, and Florida), Texas Title Requirements, and Illinois Land Trusts.
Our lender representations involving Fannie Mae, Freddie Mac, and HUD programs include support at all levels of the loan closing process, from drafting the loan commitment to delivering loan servicing binders. We coordinate all steps with the client, borrower's counsel, lender's warehouse bank, and the legal staff of Fannie Mae, Freddie Mac, or HUD. We also help resolve case-specific issues with the secondary mortgage market and HUD staff.
Our highly trained and efficient team works to ensure a smooth, event-free, and uninteresting loan closing. In our view, our clients should celebrate the end of this frequently arduous process. Our approach serves the business interests of the lender by freeing underwriting and origination staff to handle new business and by leaving the borrower with a positive impression of the lender. To this end, we endeavor to resolve all issues in advance of the closing; remain accessible to all parties throughout the process; prepare all closing documents; develop settlement sheets; attend closings (as dictated by the program or the context); package and deliver the complete loan delivery packages to HUD, Fannie Mae, Freddie Mac, or Ginnie Mae standards in a timely manner; forward fully indexed servicing binders to the lender, and provide courtesy copies of loan dockets to the borrower and its counsel.
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