Strategic Counsel for Affordable Housing and Community Development Projects
VLP’s Affordable Housing and Community Development group represents for-profit and non-profit sponsors of real estate projects financed with tax-advantaged debt and equity financing and other governmental financing. Our lawyers counsel clients in connection with a broad range of projects with a particular focus on developers of affordable and mixed-income housing and non-profit community health centers.
VLP offers strategies to help clients address the complex and diverse legal issues associated with affordable housing and community development. Our attorneys counsel clients in the following matters:
- Acquisition and disposition of projects (including acquisition and disposition of partnership interests in existing ventures).
- Negotiation of construction agreements.
- Negotiation of debt and equity financing agreements.
- Negotiation of owner participation agreements and disposition and development agreements (and similar developer obligation agreements).
- Negotiation of interest rate swaps and caps.
- Joint-venture arrangements.
- Property tax exemption filings.
- Compliance with ongoing regulatory restrictions.
Our legal team represents for-profit and non-profit developers across the United States in connection with affordable, mixed-income and mixed use housing projects. We regularly advise clients on the various sources available to support these projects, including low-income housing tax credits, tax-exempt bonds, conventional and syndicated construction and permanent loans, USDA Rural Development (RD) loans, and the Tax Credit Assistance Program (TCAP).
Our attorneys help clients navigate federal, state and local regulatory requirements related to the development and operation of affordable housing, including state property tax exemption and federal and state prevailing wage requirements. We also have considerable experience negotiating tax credit equity, credit enhancement, private placement, bond, underwriting, swap and other agreements with major industry participants.
Community Health Centers
VLP attorneys routinely assist non-profit community health centers with the acquisition and development of health clinic projects financed with new markets tax credits, tax-exempt 501(c)(3) bonds, Health Resources and Services Administration (HRSA) grants, conventional debt sources, and a variety of soft money programs. We also advise health center boards on the advantages and pitfalls associated with various financing structures along with ongoing compliance requirements.
Other Community Development Projects
The attorneys at VLP represent a variety of primary and secondary schools, performing arts institutions, mental health facilities, co-generation facilities and other sponsors of projects with community benefits entitling the use of governmental financing sources, including proceeds of tax-exempt Section 145 (501(c)(3)) bonds, new markets tax credits and investment tax credits. Our lawyers carefully outline the relative advantages of competing structures for these project sponsors and represent sponsors using such sources in non-real estate secured and sponsor credit-rated issuances.