Low Income Housing Tax Credits and Affordable Housing

Williams Mullen is a regional leader on affordable housing transactions, and has represented numerous developers on about 100 low-income housing tax credit apartment transactions in Virginia, North Carolina, South Carolina, Maryland, Mississippi and other states. We represent the developer on the full transaction, including the real estate purchase, rezoning, application for the tax credits, construction and permanent loan financing, compliance with the tax credit regulations, delivery of the required opinions, and negotiating and structuring the partnership or limited liability company documents involved with the investment by national funds to acquire the benefit of the tax credits. We also have been involved in working with HUD on various loan closings, on approvals and closings for loan assignments, on modifications and assignments of Section 8 HAP contracts, and on Section 236 IRP decouplings and other programs. We regularly handle transactions with most of the national syndicators in this field, and represent construction lenders and investors on many of these transactions.


Representative Experience

• Represent a broad spectrum of developers, lenders and investors in all phases of numerous apartment projects, including low-income housing tax credit apartment projects; Virginia Housing Development Authority financed projects and HUD financed projects.
• Represented the developer in connection with the $15,000,000 acquisition and renovation of an apartment project in downtown Richmond, Virginia, involving the assignment and assumption of an existing loan, the continuation of a project based Section 8 contract, a closing of a new loan from the Virginia Housing Development Authority, and the qualification for and sale of investment interests with respect to low-income housing tax credits.
• Represented the seller of a $33,000,000 apartment project in Henrico County, Virginia.
• Represented the development entity in connection with a $36,000,000 acquisition and renovation of an apartment project in Fairfax County, Virginia, involving the conversion of a portion of the project to condominiums, the qualification of the remainder of the project for low-income housing tax credits, and the financing of the project with three loans, including subordinate loans from the Virginia Housing Development Authority and Fairfax County.
• Assisted the City of Durham in setting up the loan documentation for its single family mortgage bond program so as to implement that program on a timely basis.