High Swartz affordable housing projects have ranged from smaller, low-income housing tax credit (LIHTC) developments involving new construction of 40 or fewer apartment units, to large rehabilitation/preservation transactions involving layered refinancing, the de-coupling of interest reduction payments from the original loan, and the application of such payments to new, HUD-insured, first-lien financing.
A number of affordable housing finance projects have involved historic tax credits as well as Low Income Housing Tax Credits (LIHTC). The physical layouts of the affordable housing projects have included scattered site developments, garden-type apartments, and mid-rise apartment buildings. Several of the projects have involved mixed-use facilities requiring the submission of the project building or buildings to a condominium regime or regimes, with commercial space on the first floor and residential units on the upper or adjacent floors. A number of our projects have involved ground leases from local housing authorities. Several sites involving new affordable housing developments have been submitted to “land condominium” regimes.
The sources of financing for development transactions in which our real estate attorneys have participated range from LIHTC syndications to HUD-insured loans from conventional lenders, PennHOMES loans from the Pennsylvania Housing Finance Agency, and housing assistance loans from the Pennsylvania Department of Community and Economic Development. At the more local level, we have represented our developer clients with respect to HOME loans and CBDG loans from local finance agencies, including:
- Philadelphia Redevelopment Authority
- Chester County Department of Community Development
- Scranton Office of Economic and Community Development
Financing for particular projects can involve four or more sources, all layered into one transaction. Give the real estate attorneys here a call to assist in your affordable housing finance project today.