Susanna Mitchell

My focus

Structuring and Closing Transactions

I typically represent purchasers and developers in acquiring, rehabilitating, constructing and/or refinancing affordable housing, but also represent sellers and lenders in these transactions. All of the transactions I close involve multiple funding sources and subsidies, and all of the projects I assist are subject to some form of local, state and/or federal oversight.

Joint Ventures

Most of the deals I close involve a partnership between a for-profit and a nonprofit or two for-profit participants in the transaction. I negotiate and draft joint venture and operating agreements between entities looking to share responsibility and allocate risk. Whether I am representing a nonprofit or for-profit, I enjoy engaging in early structuring conversations with my clients to offer a perspective on industry norms and best practices.

LIHTC

The projects I work on typically involve a combination of debt and equity financing. Most of the projects receive tax-exempt bond proceeds and low-income housing tax credits (LIHTCs), and many receive some sort of soft debt from a local, state or federal program. I have also closed transactions combining LIHTCs with new markets tax credits and historic rehabilitation tax credits.

FHA

I often represent borrowers and lenders in closing loans insured by the Federal Housing Administration (FHA). My prior experience as an attorney for the U.S. Department of Housing and Urban Development (HUD) informs and inspires this work. While at HUD, I helped close the largest multifamily loan in the history of the FHA. The closing required unprecedented collaboration between the city, state and federal governments, and resulted in 35 more years of affordable housing for nearly 15,000 residents of the Bronx, as well as much needed capital improvements.

My transactional practice is focused on New York, New Jersey and the Washington, DC area.

Obtaining Regulatory Approvals

I also work with developers and owners to identify and obtain necessary regulatory approvals to ensure a smooth closing for projects located across the U.S. These range from local approvals such as tax abatements to federal approvals from HUD. I have recent experience obtaining approvals from HUD for the assignment of Section 8 contracts, the decoupling of Section 236 Interest Reduction Payments, the conversion to project-based rental assistance under the Rental Assistance Demonstration (RAD) program and the transfer of an FHA-insured loan. I take pride in maintaining strong relationships with HUD officials and keeping up to date on the latest policy guidance to make sure my approval requests are processed efficiently.

Looking ahead

Certain major cities are making an unprecedented commitment to the development of affordable housing. In both Washington, DC, and New York City, new programs and additional funding will provide an opportunity for developers and owners to access and combine resources in ways that have not been done before.

Insights

• “Portfolio Assessment and Strategies: Evaluating the Market for Property Dispositions at Year 15,” IPED’s 2022 Tax Credit Property Dispositions Conference, Philadelphia, PA, July 28, 2022
• “Tips and Tricks to Representing Non-Profits,” 2022 Forum on Affordable Housing Annual Meeting, May 26, 2022 (Speaker)
• “Affordable Housing: Finance and Development,” Bisnow Multifamily Annual Conference East, Washington, DC, November 28, 2017 (Moderator)
• “Portfolio Assessment and Strategies— Part II— Developer Perspective Panel,” IPED Conference: Tax Credit Property Dispositions Conference, Cambridge, MA, March 30, 2017 (Moderator/Speaker) 
• “FHA Multifamily Update: Issues and Opportunities,” HAND Symposium, Washington, DC, September 8, 2016 (Moderator)
• “Novel Approaches to Using New Markets Tax Credits,” National Housing and Rehabilitation Association New Markets and Historic Tax Credits Symposium, Edgartown, MA, July 20, 2016 (Speaker)
• “Preservation Transactions,” IPED Conference: Transforming Communities with Affordable Housing: Ohio and Beyond, Cleveland, OH, June 30, 2016 (Moderator/Speaker)
• “What Borrowers Need to Know About FHA’s Revised MAP Guide,” Nixon Peabody webinar, June 15, 2016
• “Navigating Cross Cutting HUD Approvals,” presentation at the American Bar Association Forum on Affordable Housing and Community Development Law, Washington, DC, May 22, 2015 (Speaker)
• “Federal Housing Administration Multi-Family Housing Transactions,” Lawline CLE webinar, June 13, 2014