|Affordable Housing and Community Development|
Financing affordable housing and community development projects is rarely simple or straightforward, often involving numerous funding sources and multi-tiered ownership, investment and financing structures. Whether your project is being financed with Low Income Housing or other Tax Credits, private financing or Federal, State or Local grants, loans or operating subsidies, you should expect your legal counsel to bring the knowledge and experience of hundreds of affordable housing and community development transactions to your team. Kuhl & Grant’s attorneys have more than forty years of combined experience in affordable housing and community development, successfully closing hundreds of projects throughout Indiana and other states. For nearly a decade, the firm’s partners have been identified as the development team attorneys on the majority of Low Income Housing Tax Credit (LIHTC) applications submitted and funded in Indiana, and have personally closed the substantial majority of LIHTC-awarded projects in the state.
As important as our depth and breadth of industry knowledge and experience are in helping you to successfully structure and close your transaction, we also recognize the significant value that relationships carry within the industry. By approaching each transaction as an opportunity to provide a positive impact on the success of the project, our attorneys have established collaborative working relationships with tax credit allocating agencies, public housing authorities, nonprofit community organizations, Federal, State and Local agencies, private and public lenders and tax credit investors and syndicators. So whether this is your first transaction or your fiftieth, Kuhl & Grant can bring measurable value to your development team.
Our clients include for-profit, nonprofit and governmental developers, owners and managers, as well as municipalities, contractors, consultants, lenders and investors. We represent Indiana-based clients as well as regional and national clients with activities in Indiana and other states. Through our broad client base, we have substantial experience with an equally broad range of affordable housing and community development projects, including multi-family and single-family residential for families, seniors and special-needs populations, scattered-site/infill, condominiums, permanent supportive housing, lease-purchase, mixed-use, mixed-finance, office, educational, civic/public and retail developments. In connection with securing and closing the financing for these projects, we have substantial experience with numerous Federal and State tax incentives, governmental loan and grant programs, and operating subsidies, many of which may be combined on a single project, including the financing tools described below.
Low Income Housing Tax Credits
Kuhl & Grant attorneys have served as sole or primary counsel to developers and owners on the substantial majority of LIHTC-funded projects in Indiana over the past ten years, successfully closing more than 300 LIHTC transactions in Indiana as well as projects located throughout the United States. As a result, our attorneys have thorough knowledge and experience in all aspects of the LIHTC program, including:
LIHTC conditional and final application review, preparation and consultation
LIHTC structuring and tax matters
Owner, general partner and developer entity structure and formation
LIHTC syndication and resyndication
Admission, debt and other opinions
Construction, architect and other project agreements
LIHTC compliance matters
Work-outs and restructurings
Exit strategies at or before Year 15
1602 (Tax Credit Exchange Program) matters
TCAP (Tax Credit Assistance Program) matters
4% LIHTC matters in connection with tax-exempt bond financing
Historic Rehabilitation Tax Credits
Our attorneys have represented developers of commercial and residential projects throughout the United States which qualify for and utilize Historic Rehabilitation Tax Credits (HRTCs), including those which also utilize LIHTC or New Markets Tax Credit (NMTC) financing. We regularly provide advice, counsel and services in connection with all aspects of HRTC qualification and financing, including:
Part I, II and III applications
Communication with State Historic Preservation Office and National Park Service
HRTC transaction structure, including credit pass-through “sandwich” leases
HRTC syndication and debt financing
Admission and debt opinions
National Register nominations
New Markets Tax Credits
Our attorneys have represented developers and borrowers as well as community development entities (CDEs) in connection with a variety of NMTC transactions, including office/retail space, nonprofit community centers, television/radio stations and charter schools. Many of these transactions have combined NMTCs with HRTCs, tax-exempt bonds and other development incentives. Our NMTC services include:
NMTC transaction structure, including leveraged models
Housing and Urban Development (HUD) Loans and Development and Operating Subsidies
We regularly assist clients in all aspects of applying for, securing and closing HUD loans, whether for new construction, acquisition or refinancing. Our experience includes HUD 202, 221(d)(3), 221(d)(4), 223(f) and 236 loan products. In addition, our firm has represented developers and owners in connection with virtually every type of HUD development and operating subsidy, including:
HOME Investment Partnerships Program (HOME) Grants and Loans
Community Development Block Grants (CDBG)
Neighborhood Stabilization Program (NSP) Funds
HOPE VI Financing
Public Housing (ACC) Operating Subsidies
Public Housing Capital Funds and Replacement Housing Factor Funds
Section 8 Rental Assistance
Shelter Plus Care Rental Assistance
Indiana Housing and Community Development Authority
Our attorneys have represented developers and owners in securing and closing all types of development financing provided by the Indiana Housing and Community Development Authority (IHCDA), including:
Affordable Housing and Community Development Fund (f/k/a Trust Fund)
Strategic Investment Program Funding
United States Department of Agriculture/Rural Development
We regularly represent developers and owners in connection with transfers of Rural Development (RD) financed properties, assumptions of existing RD loans and Rental Assistance contracts, securing and closing new RD loans (including 515, 538 and Rural Preservation loans) and grants, and restructuring RD projects with LIHTC allocations. Because of the complexities involved in combining RD and LIHTC financing, we work collaboratively with USDA/RD officials (at both the State and Federal levels), lenders and investors to ensure that such projects can be successfully restructured to ensure their long-term viability.
Federal Home Loan Bank
Kuhl & Grant attorneys have represented developers and owners in securing and closing hundreds of Affordable Housing Program (AHP) grants and Community Investment Program (CIP) construction and term loans. We also provide advice and counsel to our clients regarding AHP application, compliance and recapture matters.
Tax-Exempt Bond Financing
Our attorneys have served as owner’s/borrower’s tax credit counsel on projects throughout the United States which are financed with tax-exempt bonds and LIHTCs, with project types including new construction, acquisition/rehabilitation, family and senior. In addition, our attorneys have represented nonprofit, tax-exempt organizations in connection with affordable housing developments financed with 501(c)(3) bonds.