Stephen J. Wallace

Stephen Wallace is one of the nation’s foremost authorities on the preservation of government-assisted housing. He has been very closely involved in the legislative and regulatory development of the various federal affordable housing preservation programs over the past 25 years.

What do you focus on?

Development and Preservation

Much of my work involves helping clients refinance, rehab and preserve the affordable housing stock to increase its value and long-term viability. There are a variety of mechanisms that can be used to do this, from mark-up-to-market of Section 8 contracts to Section 236 IRP decouplings (and now re-decouplings) to HUD’s signature initiative, the Rental Assistance Demonstration program. I was part of the successful effort to have HUD approve post-rehab rents effective at loan closing for certain types of financing. Owners and purchasers of older HUD-assisted properties turn to me for advice on addressing complex transactional and regulatory matters.


I’m in close contact with HUD officials as we work together to decipher the fine print of affordable housing legislation and get preservation deals done. Sometimes these issues take me to Capitol Hill or state housing agencies as well to seek clarification or resolution of critical preservation issues.

Industry Leadership

Speaking and networking at industry events and educating developers, managers and investors is also a priority for me. I enjoy connecting with others who are passionate about the affordable housing industry and meeting new entrants to the market.

What do you see on the horizon?

The polarization on Capitol Hill is making everything more difficult, including funding for affordable housing. We’re working closely with our clients, HUD and Capitol Hill to ensure that affordable housing preservation remains a priority.

First RAD Component 2 Deals Using PBRA Contracts Close

Affordable Housing Finance | January 19, 2016

Affordable Housing practice group leader Stephen Wallace and Affordable Housing strategic policy advisor Deborah VanAmerongen are featured throughout this article highlighting Nixon Peabody’s successful closing of the first four Rental Assistance Demonstration (RAD) Component 2 preservation projects using 20-year Sec. 8 Project-Based Rental Assistance (PBRA) contracts in the nation.

Can Multifamily Developers Fix the Affordable Housing Crisis?

Real Estate Bisnow | December 04, 2015

This feature story discusses Washington, DC’s efforts to improve the state of the city’s affordable housing. The topic was the main focus at Bisnow’s Multifamily Annual Conference. Washington, DC, office managing partner Jeff Lesk and Affordable Housing practice group leader Steve Wallace are featured within the story.


Stephen J. Wallace


Washington, DC

Phone: 202-585-8714

Fax: 202-585-8080

Hofstra University School of Law, J.D.

Fordham University, B.A.

District of Columbia

New York

Stephen is a member of the District of Columbia and New York State Bar Associations, as well as the American Bar Association’s Forum on Affordable Housing and Community Development Law.

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