Nataliya Arias

My focus

My practice focuses on guiding property owners through all aspects of the financing, acquisition, development, preservation, and/or disposition of affordable housing projects. I do so by drafting and/or reviewing a wide variety of documents, including, but not limited to, agency regulatory agreements, subordination agreements, property tax exemption documents, credit enhancement documents, guaranties, mortgages, notes, and title documents. My experience also includes reviewing condominium and cooperative documents, drafting and negotiating purchase and sale agreements and commercial leases, and coordinating title clearance.

I previously served as an assistant counsel for the New York State Housing Finance Agency, where I gained a robust understanding of multifamily finance transactions from the agency/lender perspective.

Looking ahead

The Low-Income Housing Tax Credit (LIHTC) has by far been the most successful affordable housing policy undertaken by the U.S. federal government in the last few decades, and for precisely this reason, I expect demand for LIHTC and LIHTC-driven real estate transactions to continue to grow in the coming years. What started out as a little-known tax incentive in 1986 has since blossomed into an industry filled with creative professionals who continue to come up with innovative financing methods to supplement and better take advantage of the benefits of LIHTC (I am proud to call myself one of such professionals). Creative solutions will be particularly important in the present environment as both the market and affordable real estate industries continue to face incessantly rising operating expenses. It will also be important for developers to stay attuned to the preferences of their agency lenders, some of whom, in recent years, as an example, have demonstrated a preference for financing supportive housing over alternative types of projects.