Sonia A. Nayak

My focus

Real Estate Financing and Development

Much of my work involves bringing private capital to community and affordable housing development projects in California and nationwide. For example, I help investors (large financial institutions, regional banks, and funds) leverage unique financing structures to fund development projects with the capital needed to bring critical services to underserved neighborhoods and communities. These developments use financing programs such as the federal low-income housing tax credit and new markets tax credit, and include affordable multifamily housing complexes, healthcare facilities, charter schools, cultural and community centers, and research and technology incubator facilities.

I also work with developers, particularly in and around Southern California, helping them to acquire, finance, develop, and manage their real estate assets. These assets include office buildings, industrial/manufacturing sites, and other commercial real estate properties, as well as multifamily housing developments.

My practice covers a comprehensive area of real estate, including finance, corporate, tax, acquisitions, dispositions, and workouts.  With well over fifteen years of experience, my clients view me as a trusted member of their team.  At times, I am called upon to act as outside general counsel for my clients, providing objective and pragmatic advice and access to a deep bench of legal advisors at Nixon Peabody LLP to help them navigate their expanded business needs. 

New Markets Tax Credits

Much of my work involves bringing capital—in the form of new markets tax credit financing—to new businesses looking to operate in low-income neighborhoods throughout the country. My representation includes investors, lenders, community development entities, and qualified borrowers.

Low-Income Housing Tax Credits

I also work with investors, financial institutions, and developers on low-income housing tax credit transactions, the proceeds of which help finance affordable housing developments. Having formerly worked at AIG SunAmerica, I understand investors’ goals and the legal intricacies necessary to achieve those goals.

Looking ahead

Every day I see how tax credit financed developments positively impact communities.  As we continue to invent new ways to address the shortage of affordable and transitional housing, and work to infuse our communities with the capital needed to create jobs and spur economic growth, we will need to expand the intersection of public and private collaboration to effectively address these issues.

Insights

• “Closing NMTC Transactions in Tough Economic Times,” Novogradac 23rd Annual New Markets Tax Credit Conference, San Diego, CA, January 20, 2023
• “Creating Solutions, Taking Action,” Novogradac Diversity, Equity and Inclusion Summit, January 18, 2023
• “Avoiding a Messy Unwind,” Novogradac 2022 New Markets Tax Credit Conference, January 21, 2022
• “Investor Outlook,” Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, October 29, 2020
• “Issues for CDEs: Roundtable Discussions,” Novogradac 2020 New Markets Tax Credit Conference, San Diego, CA, January 30, 2020
• “Wind Downs,” New Markets Tax Credit Spring Conference, Washington, DC, June 6, 2019
• “New Strategies for Funding Capital Projects,” Government Finance Officers Association 113th Annual Conference, Los Angeles, CA, May 20, 2019
• Novogradac NMTC Conference, San Diego, January 24-25, 2019
• “Opportunity Zones—What’s New in Community Development,” Nixon Peabody MCLE Marathon, Los Angeles, January 17, 2019
• “Academic & Professional Skills for US Law Studies,” Guest Lecturer, USC Gould School of Law, Los Angeles, CA, October 12, 2018
• “Leveraging Opportunity Zones to Finance Rental Housing,” 27th Annual Affordable Housing and Community Development Conference, San Diego, CA, October 4, 2018
• “Recent tax law changes that affect investing in Qualified Opportunity Zones,” Family Office Association Conference - Los Angeles, October 2, 2018
• “Leverage Sources,” Novogradac 2018 New Markets Tax Credit Conference, January 25, 2018
• “44 Years Later: The 1984 and 2028 Los Angeles Olympics—A Discussion of the Developmental Landscape in Los Angeles, Then and Now,” Nixon Peabody Annual MCLE Seminar, Los Angeles, January 18, 2018
• “New Markets Tax Credit 202 Workshop,” CohnReznick New Markets Tax Credit Conference, Pre-Conference Workshop, Miami, May 2017
• “Community Development Finance,” UCLA Luskin School of Public Affairs Guest Lecture, Los Angeles, April 2017
• “Affordable Housing: Compliance and Occupancy,” IPED, Learning the Basics: Housing Tax Credits 101, IPED, Boston, MA, March 2017
• “Adjusting to Recent Changes from Dept of Treasury: CDFI Fund,” Novogradac New Markets Tax Credit Conference, San Diego, January 2017
• “Hot Topics in Land Use, Affordable Housing and Tax Credit Finance,” Nixon Peabody Annual MCLE Seminar, Los Angeles, January 2017