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AFFORDABLE HOUSING LOW INCOME HOUSING TAX CREDITS

High Point, Seattle Washington
Seattle Housing Authority HOPE VI
High Point HOPE VI, Seattle Housing Authority

The Firm represents clients in the development of affordable housing financed with Low-Income Housing Tax Credit equity combined with HUD HOPE VI financing, variable and fixed-rate tax-exempt bond proceeds, Federal Home Loan Bank, Community Development Block Grant, HOME funds and other federal, state, local and conventional sources of financing.

The Firm provides the following services:

  • Advise regarding tax credit applications
  • Advise regarding transaction structure and federal tax matters
  • Formation of entities
  • Review and negotiate equity and debt commitment letters and agreements
  • Draft and negotiate HUD documents in HOPE VI transactions
  • Obtain HUD approval to HOPE VI financing documents
  • Issue tax and legal opinions
  • Close the deal
  • Implement exit strategies for Year 15

Representative transactions include:

  • High Point Phase I (photo above) developed by the Seattle Housing Authority consists of 344 units of residential rental housing for low-income individuals and families financed with HUD HOPE VI and Move-to-Work funds, variable and fixed-rate tax-exempt bonds, State Housing Trust fund monies, tax credit equity and housing authority funds. The goals of the redevelopment are to develop a mixed-income community enhanced by public amenities, provide quality housing, safe streets, and an environmentally sustainable infrastructure.
  • Development of agricultural farmworker housing in Eastern Washington

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