McManimon, Scotland & Baumann, LLC regularly handles complex business and financial matters relating to affordable housing. Our attorneys possess vast experience and expertise on both federal and State regulations relating to the development, structure and financing of multi-family housing projects.
What We Do
- Advise Housing Authorities – We assist housing authorities in structuring financing for housing projects. We have represented numerous housing authorities throughout New Jersey, including the Newark, Long Branch, Woodbridge and Camden housing authorities, among others.
- Counsel Municipalities – We advise municipalities on how to best navigate affordable housing laws, including the Fair Housing Act of 1985. This law is currently being modified, and we are working closely with the legislature on the proposed amendments to the State housing policy.
- Assist Private Developers – We advise developers on how the State housing policy can impact their real estate development projects and with various financing structures, and we help them navigate the compliance options with municipalities.
Housing Finance Experience
- RAD Financing – Rental Assistance Demonstration (RAD) was enacted by the Consolidated and Further Continuing Appropriations Act of 2012 and is administered by the U.S. Department of Housing & Urban Development (HUD). RAD enables housing authorities and developers to monetize long-term federal funding in order to address their unmet capital needs.
- Other Federal & Local Funding Programs – We are very knowledgeable about various federal and local funding programs, including replacement housing factor funds, capital grant funds, and FHLB financing, among others, that allow local housing authorities and developers to leverage available funding sources for purposes of undertaking larger-scale capital improvements to affordable housing facilities.
- Transaction Documents – As special counsel in connection with large-scale multi-family rental housing projects, our firm has experience negotiating all pertinent transaction documents, including RAD documents, ground leases, partnership agreements, regulatory and operating agreements, declarations of restrictive covenants, management agreements, developer’s agreements, and intralocal and shared services agreements.
- Developing Financial Structures – We can help you develop the financial structure for your project, including options such as New Jersey Housing and Mortgage Finance Agency financing, Low Income Housing Tax Credits, Neighborhood Preservation Balanced Housing, Home Express Program Funds, federal grant programs and other funding alternatives.
Creative, Non-Traditional Deal Structuring
- Local Redevelopment – Our attorneys have extensive experience with the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1 et seq.) (Act), thus enabling them to advise housing authorities in a host of deal structures beyond the scope of traditional affordable housing, including, the negotiation and finance of housing authority administrative offices, the finance and construction of municipal agency facilities by housing authorities, and utilizing housing authorities as “redevelopment entities” to effectuate local redevelopment, among other things.
- Bond Financing – We have counseled housing authorities, developers and municipal clients on the innovative use of housing authority bond issuances to provide additional funding sources for affordable housing projects.
For more information about our Housing practice, please contact Bakari G. Lee at 973-622-1800.