Attorneys in our Real Estate Section have extensive experience in the multifamily housing arena representing both borrowers and lenders in all types of apartment financings. Our expertise includes conventional market rate developments, Fannie Mae and Freddie Mac transactions, government assisted market rate developments utilizing FHA mortgage insurance, government assisted low and moderate income developments through FHA and the Virginia Housing Development Authority, low income and mixed income developments financed with tax exempt bonds, and low income housing tax credits. We are also seasoned in the sale and acquisition of apartment developments.
Many of Hirschler Fleischer's clients desire to syndicate their ventures and our attorneys are prepared to assist clients with the tax and securities laws issues arising from such a syndication.
An example of a previous representation is a $9,000,000 mixed income financing in Lynchburg, Virginia. The 176-unit project combined FHA mortgage insurance, tax exempt bonds issued by the Lynchburg Redevelopment and Housing Authority and low income housing tax credits. Forty percent of the units are required to be leased to individuals/families with incomes that do not exceed 60% of the area's median family income, and the remainder of the units will be leased at market rate. The developer contemplates constructing a second phase of the complex which requires, as with most larger complexes, shared maintenance agreements (for common amenities such as swimming pools, tennis courts and community buildings), reciprocal easements for access and utilities, and a mechanism to release land for future development.
We are equally comfortable and effective representing REITs that focus on multi-family communities, the entrepreneurial developer of a single project, from acquisition of land, through zoning development, construction, lease-up, and permanent financing, and tenant-in-common syndicators acquiring and syndicating a multi-family project or a pool of multi-family projects.