Overview
Stearns Weaver Miller’s Affordable Housing practice represents developers who use low income housing tax credits, tax exempt bond financing, and other public and private funds for the construction of affordable housing for low and moderate income households. We also represent some of the nation's largest lenders making construction loans or providing credit enhancement to developers of affordable housing.
Because affordable housing developers compete for tax credits, a successful outcome requires painstaking attention to detail as well as familiarity with all of the governmental programs and agencies that are potential funding sources. Our affordable housing lawyers counsel clients on every aspect of the transaction, including the structure of the project partnership (including the admission of the equity investor as a limited partner), the application for tax credits, the securing of supplemental financing from public and private sources, the review and negotiation of loan documents for every aspect of the transaction, and title, survey and site planning issues. In addition to handling all real estate, corporate and tax matters involved in an individual transaction, we assist clients with post-closing matters such as construction issues, compliance monitoring, and continuing disclosure duties.
We regularly work with lawyers in the Tax Department on issues such as proper structuring of developer fee payments, partnership tax allocations, and related matters. Our Land Use, Zoning, and Environmental Department provides invaluable assistance to our developer clients as they seek to determine the viability of developing proposed multifamily affordable apartment projects. We work with our clients’ in-house staff and professional engineers in seeking governmental approvals needed for proposed developments.
- Construction Mortgage Loans
- Credit Enhancement
- Federal Low Income Housing Tax Credits
- Federal & State Housing Agencies
- Florida Housing Finance Corporation Programs
- Housing Discrimination
- HUD Construction & Permanent Loans
- HUD Mixed Finance Transactions
- Freddie Mac & Fannie Mae Mortgage Loan Programs
- Local Government Subsidies
- Local Housing Authorities
- Permanent Mortgage Loan Financing
- Real Estate
- Review & Negotiation of Loan Documents
- Supplemental Financing
- Tax Exempt Bond Financing
- Year 15 Exit Issues Including Buyout of Limited Partner
Publications:
Live Local, Attainable Housing for Florida’s Workforce
Stearns Weaver Miller News Update|January 2023|Brian J. McDonough, Marco T. Paredes, Jr.
Firm Announcements:
Give Kids A Chance Awards 25 Scholarships To Low-Income Students
May 2022
In the Media:
On the Move
Law.com / Daily Business Review|December 2020
In the Media:
Hollywood approves land lease with affordable housing developer
South Florida Business Journal|July 2020
Affordable Housing News Update, Publications:
IRS Provides Tax Relief for Low-Income Housing Credit and Bonds for Qualified Rental Projects
Stearns Weaver Miller News Update|July 2020|Brian J. McDonough, Brooke R. Perlyn
Land Development News Update, Publications:
Update: IRS Provides Guidance for Big Capital Gains Break
Stearns Weaver Miller News Update|October 2018|Reggie L. Bouthillier, Jacob T. Cremer, Maria A. Gralia, Brian J. McDonough, Joseph J. Onorati, Nicholas S. Risi, Curtis H. Sitterson
Land Development News Update, Publications:
Qualified Opportunity Zones
Stearns Weaver Miller News Update|August 2018|Maria A. Gralia, Christopher P. Smith, Nicole A. Neugebauer
Firm Announcements:
Give Kids A Chance Awards 28 Scholarships To Low-Income Students
July 2018