Key Contacts

Stephen J. Wallace, Partner
Affordable Housing Practice Group Leader
swallace@nixonpeabody.com
202-585-8714

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Affordable Housing

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AFFORDABLE HOUSING

The business of affordable housing raises intricate legal challenges that can be difficult to unravel. The federal budget deficit has complicated matters as funding cuts to housing programs administered by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture’s Rural Development program have created a smaller pool of money from which to finance and preserve affordable housing properties. Moreover, the effects of the capital markets turmoil continue to linger over low-income housing tax credit and tax-exempt bond housing financings. In this environment, it’s critical to work with attorneys who not only understand affordable housing, but also have the creativity to get deals closed.

Nixon Peabody’s Affordable Housing practice offers unparalleled experience for any challenges that arise, whether in connection with federally assisted housing or accessing capital markets for housing development. Our attorneys—many of whom formerly worked at HUD in several legal and policy positions—have been involved with every major federal affordable housing initiative in the last 40 years, so we’re able to help our clients work through the complex regulatory environment and benefit from public financing opportunities. Our years of experience and the relationships we’ve made in government and throughout the industry also give our clients an advantage as we bring deals and parties together.

Our Affordable Housing team also excels at providing innovative solutions that work. Nixon Peabody served as legal counsel to Martin Building Co. on the innovative financing of two housing projects in San Francisco that were recognized in 2011 by The San Francisco Business Times as “best financial” deals in its annual “Deals of the Year” issue.

Industry-wide representation

Developers
Local housing authorities
State housing finance agencies
Management agents
Lenders and equity syndicators
National housing trade organizations
Other public bodies

Affordable housing services

Section 8 contract expiration, renewal, and opt-out
Mortgage restructuring and Mark-to-Market
Prepayment and preservation/Section 236 decoupling
Affordable senior housing/Section 202 prepayments
Public housing revitalization
HUD regulatory compliance
Rural Housing and Community Facilities programs
Rural Business Service programs
Defaults, foreclosures, and property disposition
Audits, investigations and enforcement
HUD-insured multi-family finance
Housing litigation and enforcement
Affordable housing bond issuance
Fair Housing
HOME and CDBG Program
Low-income housing tax credits (LIHTC)
Congressional and agency government relations
Traditional real estate issues
Capital markets and real estate transactions, including municipal finance
Affordable Housing finance and programs outside the United States

State law issues

Federally assisted housing is also regulated and assisted at the state and local levels. In the jurisdictions where our attorneys practice, our Affordable Housing practice has worked with developers and financiers in using these local programs and coordinating them with the federal programs. For example, in New York State, we have helped for-profits and nonprofits take advantage of the various private housing finance laws—including Articles 2, 5, and 11—while undertaking mortgage restructurings, decouplings, and insured and uninsured financings. We have also advised owners in restructuring and decoupling transactions and on the various New York State rent regulations that impact their proposals.

IPED Conferences and Seminars

Please also visit the Institute for Professional and Executive Development (IPED) for conference and seminar offerings.

Institute for Responsible Housing Preservation

Please visit the website for the Institute for Responsible Housing Preservation for more information on affordable housing.

Thought Leadership/Alerts

Webinar Recording: Affordable Housing Nonprofit Governance 101
Originally recorded May 7, 2013 | May 10, 2013

The administration's FY2014 budget, sequestration, and what it means to you
Affordable Housing Alert | April 24, 2013

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Proposed accounting rules bring clarity to affordable housing tax credit investments
Tax Credit & Syndication Alert | April 2, 2013

CFPB proposes amendments to the ability-to-repay and qualified mortgage rules
Regulated Financial Institutions Alert | March 15, 2013

Owners of Rent Supplement and Rental Assistance Payments (RAP) properties reminded to submit RAD expression of interest to HUD by April 1
Affordable Housing Alert | March 6, 2013

Thought Leadership on Affordable Housing and Community Development
March 1, 2013

Qualified mortgages vs. qualified residential mortgages
Regulated Financial Institutions Alert | February 26, 2013

HUD announces final anti-discrimination rules, wide impacts seen
Affordable Housing Alert | February 15, 2013

HUD's long-awaited notice on Senior Preservation Rental Assistance Contracts (SPRAC) program published, seeks comments by March 11
Affordable Housing Alert | January 8, 2013

HUD LIHTC Pilot Program's impact on HUD clearance procedures
Affordable Housing Alert | November 30, 2012

To aid hurricane homeless, HUD bends some Housing for Older Persons rules
Affordable Housing Alert | November 14, 2012

IRS disaster relief adds additional affordable housing for Hurricane Sandy victims and assists LIHTC project owners
Tax Credit & Syndication Alert | November 7, 2012

Extension of tax exemption for New York redevelopment companies
Affordable Housing Alert | October 2, 2012

HUD publishes final guidance on its Rental Assistance Demonstration
Affordable Housing Alert | July 26, 2012

HUD issues Notice H 2012-8 with updated requirements for prepayment and refinancing of Section 202 Direct Loan
Affordable Housing Alert | May 16, 2012

Texas Court: state's LIHTC allocation system violates Fair Housing Act
Affordable Housing Alert | April 5, 2012

Affordable Housing Updates
Affordable Housing Alert | March 27, 2012

Q&A with Deborah VanAmerongen: Direct Purchase Bonds
One on One: Industry Insight | March 14, 2012

HUD announces its Rental Assistance Demonstration and moves forward with a new model for preservation and rehabilitation of certain federally assisted affordable units
Affordable Housing Alert | March 9, 2012

Thought Leadership on Affordable Housing and Community Development
February 23, 2012

HUD Project-Based Section 8 Funding: Back to the Future
Affordable Housing Alert | February 21, 2012

Final rule expands access to housing in HUD programs regardless of sexual orientation or gender identity
Affordable Housing Alert | February 15, 2012

2013 budget: good news for housing for now…
Affordable Housing Alert | February 14, 2012

NOFA for Section 538 program for fiscal year
Affordable Housing Alert | February 13, 2012

HUD announces new Multifamily Low Income Housing Tax Credit Pilot Program
Affordable Housing Alert | February 10, 2012

California Supreme Court Rules Against Redevelopment Agencies
Affordable Housing Alert | January 3, 2012

IRS publishes final NMTC targeted populations regulations
Tax Credit Alert | December 5, 2011

U.S. Supreme Court, HUD take aim at fair housing rules
Affordable Housing Alert | November 23, 2011

HUD, IRS, and RD move forward with harmonization
Affordable Housing Alert | November 21, 2011

Congress passes "Minibus" funding bill; preservation provisions included
Affordable Housing Alert | November 18, 2011

HUD Announces that Non-Profits May Retain Sales Proceeds
Affordable Housing Alert | November 14, 2011

HUD issues Reserve for Replacement guidance for Mark-to-Market properties
Affordable Housing Alert | October 26, 2011

Direct purchase of bonds approved for New York Housing Finance Agencies
Affordable Housing Alert | October 25, 2011

Recent New York State law allows municipal tax abatement for certain affordable housing projects
Affordable Housing Alert | October 17, 2011

DOE issues new energy efficiency standards for new federal buildings
Affordable Housing Law Alert | August 25, 2011

California Supreme Court orders stay on dissolution of redevelopment agencies
Affordable Housing Law Alert | August 12, 2011

Thought Leadership on Affordable Housing & Community Development
July 1, 2011

HUD offers extensions of Rent Supplement and Rental Assistance Payment contracts expiring in 2011
Affordable Housing Law Alert | June 30, 2011

HUD issues uniform treatment of tax credit compliance fees in budget based rent increase requests
Affordable Housing Law Alert | June 1, 2011

HUD publishes new multifamily closing documents
Affordable Housing Law Alert | May 4, 2011

Developments in Affordable Housing Law
Affordable Housing Law Alert | March 7, 2011

HUD issues new Flexible Subsidy Loan deferral requirements
Affordable Housing Law Alert | February 25, 2011

Proposed rule would expand access to housing in HUD programs regardless of sexual orientation or gender identity
Affordable Housing Law Alert | February 3, 2011

President signs Public Law 111-372, amending Section 202 program
Affordable Housing Law Alert | January 12, 2011

2010 Tax Act has credit, grant, and depreciation extensions and changes
Tax Credit Alert | December 20, 2010

HUD issues proposed rule on Housing Trust Fund
Affordable Housing Law Alert | November 16, 2010

New Americans With Disabilities Act regulations extend some obligations, fail to clarify others
Affordable Housing Law Alert | November 16, 2010

HUD issues legislative proposals to transform Sections 202 & 811 programs; HUD clarifies decision-making process for post M2M transactions
Affordable Housing Law Alert | October 14, 2010

Texas Court's decision raises wider scrutiny of tax credit allocation policies
Tax Credit Alert | October 14, 2010

HUD issues new Partial Payment of Claims standards; HUD’s Office of Assisted Housing Preservation attempting to re-claim fees
Affordable Housing Law Alert | September 30, 2010

Update on constitutionality of Florida Senate Bill 360
Affordable Housing Law Alert | September 15, 2010

New affordable housing provisions in Dodd-Frank legislation
Affordable Housing Law Alert | July 28, 2010

HUD issues new subsidy layering guidelines for project-based vouchers
Affordable Housing Law Alert | July 23, 2010

New IRS rulings clarify the application of the passive activity rules and use of recourse leverage loans in new markets tax credit transactions
Tax Credit Alert | June 17, 2010

Decision to repeal the affordable housing law on November ballot
Affordable Housing Law Alert | June 10, 2010

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Press

Nixon Peabody Elects 13 Attorneys to Partnership
January 14, 2013

Nixon Peabody Advises Wells Fargo in $621 Million Deal to Refinance Mortgage Loan for New York City Cooperative
November 29, 2012

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Nixon Peabody Attorney to Helm National Housing Conference
June 27, 2012

Affordable Housing and Historical Restoration Project Rejuvenates Massachusetts Community
April 23, 2012

Nixon Peabody Advises in Award Winning Affordable Housing and Mixed-use Development
January 18, 2012

Coalition for the Homeless Presents Nixon Peabody's Deborah VanAmerongen with "Key of Excellence Award"
December 9, 2011

Nixon Peabody Partner Honored for Commitment to Affordable Housing Industry
December 8, 2011

Boston Development Receives $20.5M in First-Ever Choice Neighborhood Grants
September 13, 2011

New Housing Project Set to Break Ground in Boston; Nixon Peabody Advises Rogerson Communities on 70+ Unit Development
August 1, 2011

Projects Developed by Nixon Peabody Client Selected Among “Real Estate Deals of the Year;” San Francisco Business Times Recognizes Two Martin Building Co. Projects Among Best in Financing
March 29, 2011

Nixon Peabody Expands Affordable Housing Practice on West Coast; New Partner Tuan Pham Joins Firm’s San Francisco Office
March 14, 2011

Nixon Peabody Advises in Largest Affordable Housing Preservation Closing in Massachusetts History
December 22, 2010

Nixon Peabody Announces New Leadership for Government Relations Practice; Former Congressman Thomas Reynolds Named to Leadership Role
October 12, 2010

Leading Affordable Housing Attorney Joins Nixon Peabody; Firm Welcomes Partner Gary Downs in San Francisco
September 13, 2010

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Media Clips

What Will Tax Reform Mean for the Future of the Low-Income Housing Tax Credit (LIHTC)?
Affordable Housing Finance | March 1, 2013
Affordable housing strategic policy advisor Deborah VanAmerongen discusses how tax reform will impact the low-income housing tax credit.
Amid Gentrification, Affordable Units in Chinatown
Boston Globe | January 23, 2013
As the redevelopment of the Hong Lok House, a Boston affordable housing project, progresses, Boston Affordable Housing partner Jeff Sacks discusses the complexities of the financing.
Bay Area People
San Francisco Business Times | January 16, 2013
In this column noting executive moves and promotions, San Francisco Affordable Housing attorney Irene Kuei is included for her election to the firm’s partnership.

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People on the Move
Washington Business Journal | January 14, 2013
In this column noting Washington, DC–area executive moves and promotions, Washington, DC, Affordable Housing attorney Tatiana Gutierrez Abendschein is included for her election to the firm’s partnership.
How Local Companies Stand to be Affected by New Tax Provisions
Washington Post | January 14, 2013
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein discusses how the passage of the American Taxpayer Relief Act of 2012 will affect our Affordable Housing and Tax Credit Finance practices.
Gov. Patrick Proposes Reform to Public Housing Authorities
WBZ-TV (Boston) | January 10, 2013
This broadcast TV segment notes Massachusetts Governor Deval Patrick's plans to announce legislation that would radically consolidate oversight and management of the state’s public housing stock into regional entities. Boston Affordable Housing partner Jeff Sacks, a commissioner on the Newton Housing Authority, speaks at the governor’s press conference and is quoted in the accompanying story.
Housing Policy in 2013
Affordable Housing Finance | January 8, 2013
Washington, DC, Affordable Housing partner Monica Sussman is interviewed in this video segment discussing predictions for the U.S. Department of Housing and Urban Development (HUD) in 2013.
HUD Publishes Final Guidance on its Rental Assistance Demonstration
Real Estate Finance Journal | December 22, 2012
Washington, DC, Affordable Housing partner Michael Reardon and Washington, DC, Affordable Housing associate Nate Cushman authored this article discussing the Department of Housing and Urban Development's guidance implementing the Rental Assistance Demonstration Program. Click here to read the article.
The Impact of Sandy on the LIHTC Industry
Affordable Housing Finance | November 14, 2012
Washington, DC, Tax Credit Finance & Syndication counsel Susan Reaman authored this column focused on the impacts of Hurricane Sandy on the housing industry.
Counsel's Corner
The Council for Affordable and Rural Housing | November 1, 2012
Washington, DC, Affordable Housing partner Michael Reardon authors this column discussing new opportunities for affordable housing preservation, with a particular focus on the Rental Assistance Demonstration Program (“RAD”).
2012 Election Guide
Affordable Housing Finance | October 1, 2012
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein is among the affordable housing industry sources quoted discussing issues for the industry in the coming calendar year.
A Novel Approach
Tax Credit Advisor | September 1, 2012
This article highlights the U.S. Department of Housing and Urban Development’s efforts to implement its new Rental Assistance Demonstration (RAD) program. Affordable Housing practice group leader Steve Wallace and Affordable Housing partners Monica Sussman and Michael Reardon provide commentary.
Wild Ride Ahead?
Tax Credit Advisor | September 1, 2012
Washington, DC, Tax Credit Finance & Syndication partner Rick Goldstein, counsel to the Affordable Housing Tax Credit Coalition, discusses the outlook for affordable housing and community development between Labor Day and the remainder of the Congressional year.
New Project-Based Subsidy to Preserve Affordable Rental Housing
Affordable Housing Finance | August 8, 2012
This contributed article written by Washington, DC, partner and Affordable Housing practice group leader Steve Wallace focuses on HUD’s final implementation notice of the rental assistance demo (RAD) program.
Personal Notes on Lawyers
New York Law Journal | July 12, 2012
New York City Affordable Housing partner John Kelly is highlighted for being named chairman of the board of governors of the National Housing Conference.
Expiration of 9 Percent Fixed Rate Looms
Affordable Housing Finance | June 27, 2012
Washington, DC, Tax Credit Finance & Syndication counsel Susan Reaman provides commentary focused on the remaining time available on the fixed 9 percent rate for low-income housing tax credits (LIHTCs).
Preservation Strategies: Housing at risk
Affordable Housing Finance | June 1, 2012
Washington, DC, partner and leader of the firm’s Affordable Housing practice Steve Wallace provides commentary about three key changes that could have an impact on the preservation of existing affordable housing.
A Review of Section 8
Journal of Tax Credits | May 12, 2012
This article authored by Washington, DC, Affordable Housing partner Monica Sussman provides a review of the Section 8 Housing Choice voucher program administered by the U.S. Department of Housing and Urban Development (HUD).
Q&A with Deborah VanAmerongen: Direct Purchase Bonds
Novogradac Journal of Tax Credits | March 1, 2012
Affordable Housing Strategic Policy Advisor Deborah VanAmerongen is featured in this Q&A addressing changes to the industry following New York and New Jersey granting permission to issue direct purchase bonds to finance affordable housing projects.
Redevelopment Ruling Will Hurt, But Not Kill, Related Law Practices
The Recorder | January 6, 2012
This article focuses on the implications of the recent California Supreme Court decision on redevelopment agencies. San Francisco Affordable Housing partner Tuan Pham discusses how the practice could change should a deal to preserve the agencies not be reached.
Personal Notes on Lawyers
New York Law Journal | December 9, 2011
This coverage notes that New York City Affordable Housing partner John Kelly has received the Clara Fox Award for Outstanding Achievement from the New York Housing Conference and the National Housing Conference.
A Place to Retire in Chinatown
Boston Globe | August 4, 2011
This feature article highlights the groundbreaking on the Hong Lok House redevelopment in Boston’s Chinatown neighborhood and notes that it kickstarts long-stalled plans to address a shortage of affordable housing for elderly. Boston Affordable Housing partner Jeff Sacks, who led a cross-practice team of attorneys on this project, is quoted in the piece.
Lawsuit Seeks to Save California Redevelopment Agencies
Affordable Housing Finance | July 21, 2011
This feature article discusses a lawsuit filed by the League of California Cities, the California Redevelopment Association (CRA), and the cities of San Jose and Union City to stop the elimination of the state’s approximately 400 redevelopment agencies (RDAs). San Francisco Affordable Housing partner Gary Downs provides third-party commentary in the piece.
Tax Credits Attracting New Investor Interest
Rochester Business Journal | June 3, 2011
The feature story discusses investor interest in affordable housing tax credits in the Rochester community. Senior strategic policy advisor Deborah VanAmerongen, former commissioner of New Yorks Division of Housing and Community Renewal, provides commentary.
Nixon Picks Up Real Estate Partner from Goodwin Procter
The Recorder | March 14, 2011
This article highlights the arrival of San Francisco Affordable Housing partner Tuan Pham.
HUD Proposes Rule on Sexual Orientation
Affordable Housing Finance | February 9, 2011
This contributed article, coauthored by Washington, DC, Affordable Housing partner Randy Kelly, discusses the Department of Housing and Urban Development’s (HUD) proposed rule to increase opportunities in federal housing programs, regardless of the sexual orientation or gender identity of the renter or buyer.
HUD Proposes Rule on Sexual Orientation
Affordable Housing Finance | February 9, 2011
This contributed article, coauthored by Washington, DC, Affordable Housing partner Harry Kelly, discusses the Department of Housing and Urban Development’s (HUD) proposed rule to increase opportunities in federal housing programs, regardless of the sexual orientation or gender identity of the renter or buyer.
Ex-Pillsbury Public Finance Head Laterals to Nixon Peabody
The Recorder | September 15, 2010
This article features the arrival of San Francisco affordable housing partner Gary Downs.
HUD Submits Bill to Congress on Transforming Rental Assistance
Affordable Housing Finance | May 24, 2010
This contributed article, authored by Washington, DC, Affordable Housing partner Michael Reardon, discuses the Preservation, Enhancement, and Transformation of Rental Assistance Act of 2010 (PETRA), which the Department of Housing and Urban Development (HUD) recently submitted to Congress.
HUD Submits Bill to Congress on Transforming Rental Assistance
Affordable Housing Finance | May 24, 2010
This contributed article, authored by Washington, DC, Affordable Housing associate Tatiana Gutierrez Abendschein, discuses the Preservation, Enhancement, and Transformation of Rental Assistance Act of 2010 (PETRA), which the Department of Housing and Urban Development (HUD) recently submitted to Congress.