Anthony Ruvolo draws upon more than 20 years of experience with HUD to navigate owners and developers through the regulatory maze of affordable multifamily rental housing. His experience and creativity are integral to the Affordable Housing group’s ability to generate solutions and maximize value for our clients.
I primarily advise owners and buyers of multifamily rental properties regarding their options, obligations and opportunities under government programs for rental assistance, mortgage subsidies, tax credits, grants and loans. I aim to distill the complex rules, arcane program distinctions, and unwritten practices and policies into practical guidance and clear proposals that take advantage of the most recent developments.
I focus in obtaining approvals and waivers for complicated preservation transactions that involve a variety of HUD programs and novel issues. I recently helped a developer to obtain HUD approvals for a five-phase redevelopment, which included deferring a flexible subsidy loan, releasing the flexible subsidy mortgage by phase, splitting the HAP contract by phase and decoupling the interest subsidy.
I analyze projects to determine restrictions and opportunities concerning Section 8 rent increases and renewals, affordability, distributions, prepayments and vouchers. I’m assisting an owner’s efforts to overturn a liability judgment on a $4.8 million claim where neither the owner’s trial counsel nor the court realized that the claim is based upon an inapplicable HUD regulation.
I’ve helped numerous buyers and sellers, including REITs, to obtain regulatory approvals to transfer portfolios, projects and ownership interests. I also assist owners with eligibility and compliance issues such as previous participation review, audits and REAC inspections.
Budget cuts likely will force HUD to develop preservation tools using existing resources. This presents an opportunity to apply our detailed knowledge to propose and support policies promoting preservation.