|
Practice Areas :
Housing
Patton Boggs assists clients with a variety of legal, policy, and transactional needs related to development, finance, and investment in the housing industry. By keeping apprised of the latest and most significant developments in housing policy and law, the firm is able to help corporations, non-profit organizations, and other entities attain their objectives in commercial housing and affordable housing ventures.
Specifically, Patton Boggs counsels organizations in their dealings with the United States Department of Housing and Urban Development (HUD), the Government National Mortgage Association (Ginnie Mae), and the Federal National Mortgage Association (Fannie Mae), while also advising developers and sponsors of the Low-Income Housing Tax Credit (LIHTC) and related affordable housing investments.
Our attorneys have represented clients with virtually every aspect of real estate, mortgage finance, securitization of mortgages in the secondary mortgage market, and management of multifamily and commercial real estate. Among the many clients we have advised are public housing authorities, Indian housing authorities, cities, FHA lenders, Ginnie Mae issuers, private mortgage insurers, developers, hospitals, other borrowers, and owners and management agents of both single-family housing and multifamily housing, subsidized and unsubsidized.
The firm’s practice includes mortgage finance, real estate development, workouts, restructuring of delinquent debt, and litigation. We also provide assistance and advice for the successful procurement of grants and loans.
In addition, Patton Boggs has represented clients in litigation with HUD in those instances where a reasonable solution with the Department was unattainable. This includes representation of individuals and entities against whom the government has sought suspension and/or debarment, both before Administrative Law Judges and U.S. District Court.
Affordable Housing
Patton Boggs has significant experience in the affordable housing arena, including numerous matters concerning the LIHTC programs, as well as other community development laws and policies affecting housing transactions. The firm has regularly advised for-profit and not-for-profit developers, investment bankers, and issuers of taxable and tax-exempt debt in affordable housing projects totaling more than $1 billion over many years, while also representing local agencies and other housing authorities.
The firm has represented syndicators/sponsors of public real estate offerings – including lenders and sponsors in affordable housing – in dispute resolution, governance, and restructure of partnerships and tax-exempt bond debt, all of which has included pre-litigation strategy, litigation, and ultimate workout negotiations and documentation resulting in retention of assets and successful exit strategy.
Our attorneys have served as national trial and workout counsel to provide interpretation and litigation representation to insurance companies and credit enhancers providing credit facilities to lenders, developers, and sponsors in affordable housing transactions. This work has required interpretation of credit facility partnership agreements and transaction documents, and representation in disputes – including governance accounting – and enforcement of remedies. We have handled both restructure strategy and documentation and development of fact background and strategy, successful summary judgment, and trial results, as well as mediation and settlement when required.
Notably, one of Patton Boggs’ professionals served as the executive director of the Legal Resource Center for Housing and Community Development (LRC), an organization dedicated to the creation of community partnerships between affordable housing providers (churches, shelters, tenant groups, nonprofit developers) and volunteer attorneys in the Washington, D.C. metropolitan area. Under her leadership, the LRC facilitated the creation of tenant cooperatives, redevelopment projects, and affordable housing construction in the District of Columbia, Maryland, and Northern Virginia.
Representative Matters:
- Represented lenders and investors regarding multi-million dollar affordable housing bond/loan work-outs (often involving multiple projects in several states).
- Assisted FHA lenders in HUD-insured financings under different statutory programs, including 221d4 (apartment houses), Section 8, 232 (nursing homes), and 242 (hospitals). We have also represented hospitals seeking insured financing.
- Represented a major public housing authority in connection with a substantial capital fund financing, pursuant to which the Public Housing Agency (PHA) obtained funds to modernize and renovate public housing projects. The loan was secured solely by the PHA’s future Capital Fund grants.
- Represented a number of lenders, developers/project owners, and other affected parties in disciplinary proceedings before HUD.
- Represented and advised a non-profit corporation in connection with its program for “gifting” the down payment for homes purchased with FHA-insured mortgages. Also advised a client with respect to a second mortgage program to provide the required down payment and closing costs for FHA-insured mortgages.
- Represented and advised a variety of clients, including a private mortgage insurer, in connection with HUD’s interpretation and enforcement of the Real Estate Settlement Procedures Act.
- Represented the City of San Jose (CA) in agency negotiations and Congressional action to restore the city’s designation as a difficult development area (DDA) under the LIHTC program.
- Assisted several public housing authorities in the development and submission of applications for HOPE VI grant funds, and served as lead counsel to several HOPE VI project developers, providing assistance in the preparation of Pre-development Agreements, Operating Agreements, tax credit applications, tax-exempt bond financing applications, HUD program compliance, and general corporate documents.
- Represented the Virgin Islands Housing Finance Authority in connection with its program to develop affordable housing.
- Provided pro bono affordable housing assistance to the Four Walls Development Corporation – an organization that provides affordable housing for mentally challenged citizens in the District of Columbia, My Own Place – a nonprofit housing spin-off of the Association of Retarded Citizens of DC, and Mi Casa of Denver.
|
|