Nathaniel S. Cushman

My focus

HUD Regulatory Advice

Much of my work is with projects involving the U.S. Department of Housing & Urban Development on a wide range of regulatory and transactional issues. I work with clients who acquire and preserve HUD-regulated projects via transactions at all levels of complexity. I have extensive experience obtaining HUD approval for the assignment and long-term renewal of project based Section 8 contracts in connection with acquisition/rehabilitation preservation transactions. I assist clients on projects involving project based voucher contracts; prepayment, refinance and transfer of HUD loans; Section 236 decouplings and redecouplings; prepayment of 202 loans; transfer of Section 8 HAP Contracts and other HUD documents under Section 8(bb) and other legal authority; HAP contract combinations and splits; unit conversion approval; subsidy conversions under the Second Component of HUD’s Rental Assistance Demonstration (RAD) program; and other HUD-related programs and restrictions.

Mixed-Finance Public Housing and RAD Conversions

I work regularly with developers and public housing authorities in connection with mixed-finance public housing transactions. My experience in these transactions includes special structures permitted under Moving to Work authority; multiphase neighborhood-scale transactions financed through Choice Neighborhoods grants and other financing sources; and conversions of Public Housing subsidy to project based voucher and PBRA contracts under the First Component of the RAD program, both within and outside of a transactional context.

Looking ahead

Congress has continued to expand the Rental Assistance Demonstration program. The number of public housing units that can participate in Component One has been increased significantly since the program’s inception, and under Component Two, more focus will shift to the Mod Rehab and PRAC properties. RAD continues to be an excellent opportunity to preserve and rehabilitate existing affordable housing.

Insights

• “Legally Speaking: A New Rent Increase Opportunity will Provide Relief to Mark-to-Market Portfolio,” Tax Credit Advisor, March 2023 (Co-author)
• “HUD Multifamily Update” IRHP NYC Affordable Housing Preservation Symposium 2023, New York, NY, March 1, 2023
• “Affordable Housing: An Intimate History,” 1 The Legal Guide to Affordable Housing Development 3, originally authored by Charles Edson with updates from Nathaniel Cushman, February 2022
• “Section 8 Renewals,” Institute for Responsible Housing Preservation Virtual Seminar, September 21, 2021
• “RAD from the Attorney’s Perspective – Critical Legal Issues to Address in the Process,” Housing and Development Law Institute’s General Counsel Forum, February 16, 2018 (Co-moderator)
• “The Ins and Outs of Section 8 Renewals,” National Leased Housing Association’s Fall Seminar, October 19, 2017 (Panelist)
• “The Complexities of Renewing Your Section 8 Contract,” Institute for Responsible Housing Preservation, September 27, 2017 (Panelist)
• “New Developments with RAD – Current Strategies and News,” Housing and Development Law Institute’s Spring, May 12, 2017 (Panelist)
• “The Complexities of Renewing Your Section 8 Contract,” Institute for Responsible Housing Preservation, September 22, 2016 (Panelist)
• “Federal Housing Administration Multi-Family Housing Transactions,” Lawline CLE webinar, June 13, 2014 (Author/presenter)
• “Public Housing Post-Disaster: To Rehabilitate or Replace?,” Chapter in Building Community Resilience Post-Disaster, July 10, 2013. (Co-author)
• “HUD Publishes Final Guidance on its Rental Assistance Demonstration,” Real Estate Finance Journal, December 22, 2012
• “The Impact of Illegal Tax Guidance: Notice 2008-83,” Comment, 62 The Tax Lawyer, no. 3, 867 (Spring 2009)