Meghan Altidor represents nonprofit and for-profit developers in acquiring, constructing, rehabilitating and operating affordable housing developments around the country.
What do you focus on?
Bond/Tax Credit Transactions
I focus on complex financings of affordable housing developments that include tax-exempt bonds, low-income housing tax credits and often other federal, state and local government subsidies. For example, I represented a nonprofit faith-based organization on several HUD financings of new construction affordable senior housing, including the first project in New York State to combine HUD 202 funds, tax-exempt bonds and low-income housing tax credits.
I work extensively with FHA multifamily mortgage insurance programs, particularly the 223(f) and 221(d)(4) programs, which are used to purchase, refinance or construct new affordable multifamily rental housing. As an example, I worked with a team of Nixon Peabody attorneys to refinance Co-op City, a large cooperative housing community with more than 57,000 residents in the Bronx. The new loan for this development was one of the largest FHA loans ever made.
What do you see on the horizon?
I am looking ahead for changes to affordable housing policy as a result of fall elections, in particular the New York City mayoral race. I am also watching the latest legislative proposals for changes to Fannie Mae and Freddie Mac multifamily housing financing programs.
“Court’s Decision in Property Tax Assessment Case Welcomed by LIHTC Property Owners in New York,” Novogradac Journal of Tax Credit Housing, April 2008