Affordable Housing & Economic Development
The Goulston & Storrs Affordable Housing and Economic Development group is uniquely positioned to craft creative and efficient solutions for each client’s needs. We have broad and deep experience representing a range of clients, including for-profit and non-profit developers and owners, lenders, investors, syndicators and public housing authorities. Our diverse practice, national relationships, varied client base and depth of experience gives us unparalleled perspective and keen insight into the legal and business issues associated with this complex area of law.
We counsel our clients in all aspects of their affordable housing and economic development projects across the nation, including: deal structuring that maximizes tax benefits and complies with all applicable regulatory systems; assessing potential sources of government financing and applying for and negotiating the terms of these federal, state and local funds; applying for tax credit allocations, identifying investors, negotiating partnership terms and meeting ongoing compliance requirements; permitting projects through both traditional and inclusionary zoning mechanisms and taking the lead on any related litigation; negotiating all construction and environmental related matters and agreements; structuring condominiums to meet project needs; developing funds; establishing new loan programs; and negotiating and drafting construction, bridge and permanent loans. On the cutting edge of what businesses need now, we also have focused expertise in the areas of sustainable development, green projects, energy related matters and legislative tracking.
Our team navigates challenging, multi-layered, complex transactions that involve:
- Community Development Block Grant
- Fair Housing Compliance
- Green and Sustainable Development
- HOME Program
- HOPE VI
- Multifamily Mortgage Risk-Sharing Program
- Mark-to- Market Program
- Massachusetts Chapter 40B Development
- Mixed-Use Development
- Mixed-Income Development
- State Funding Sources
- State and Municipal Law Issues
- Section 8 Contract Expiration, Renewal and Transfer
- Section 202 Supportive Housing for the Elderly
- HUD Mortgage Insurance Programs: Section 220 , Section 221(d)(4), Section 223(f) and Section 232
- Section 236 Decoupling
- Stimulus Funds for Affordable Housing
- Tax Credit Financing:
- Low Income Housing
- New Markets
- Federal & State Credits
- Tax Exempt Bond Financing
- Troubled Asset Disposition
- USDA Programs, including Section 515 Financing
- 501(c)(3) Applications for Tax Exemption
Representative Projects and Transactions
- Represented one of the country's top syndicators in its lower tier investments in projects in multiple states. Also represented the syndicator in developing its predevelopment loan program and closed all of their predevelopment loans, whether or not we closed the ultimate syndication. Working on these transactions, we developed relationships and became very knowledgeable about the requirements of developers, lenders and state agencies across the country over the course of several years.
- Represented a private “green” developer in the redevelopment of a vacant mill into a mixed-use condominium that included school, office, retail and senior rental housing components. The 86-unit mixed-income, senior housing component of this project was financed through a combination of Low Income Housing Tax Credits, federal and state Historic Credits, a United States Department of Energy Grant and traditional loans.
- Represented a non-profit developer in a mixed-finance transaction for the rehabilitation and expansion of a historic property into a mixed-use project that included affordable housing, market rate housing and retail space. The multi-faceted transformation of this property used many local and state loan programs as well as Low Income Housing Tax Credits and Historic Tax Credits.
- Represented a national lender providing construction and permanent financing and Affordable Housing Partnership funds to a senior housing development that involved multiple other sources of financing, including HUD Section 202 funds, Low Income Housing Tax Credits and state and local subsidies.
- Represent financial institutions and insurance companies in their investments in Tax Credit projects across the country, including direct investments and multi-investor funds.
- Represented a tenant association as the co-general partner in the total revitalization of a public housing development into a 1,283 unit mixed-income, mixed-finance community, with perpetual affordability for 400 low income families. Subsequently handled the innovative $160M securitized loan refinancing of the project, one of the largest securitized loans of an affordable housing complex in the country.
- Represented a public housing authority in a HOPE VI project, involving a $60M, multi-phased development of 485 units of elderly and family housing. This project was financed through a combination of federal funds, tax-exempt bonds, Low Income Housing Tax Credits and CDBG funds.
- Represented a national bank in the development of its financing program for Low Income Housing Tax Credit syndicators and drafted model loan documents for the program and continue to represent the bank in negotiating and closing loans to syndicators.
- Represented an innovative private developer in the financing, corporate-structuring and permitting of a mixed-use project, involving 84 mixed-income condominiums, restaurant space, retail space, commercial parking space and a community garden. In addition to joint venture equity, the project was financed through a combination of private and public loans and grants.
- Represented a non-profit developer in its refinancing and renovation of a 254 unit, 100% affordable, senior housing complex through the use of Low Income Housing Tax Credits and tax-exempt bonds. This project involved a complicated Section 236 decoupling process with HUD, and we helped our client secure historic waivers from HUD.