Nicholas P. Tsimortos

My focus

I represent both private and publicly held companies in developing large affordable housing projects across the country that require compliance with complex government regulations. My practice includes both transactional and regulatory aspects by counseling developers on acquisitions of affordable housing projects. These projects often include government-held debt and subsidies from the Department of Housing and Urban Development and USDA Rural Development, which requires navigating clients through complicated regulations required for federal approval. A large part of my practice involves obtaining authorization from USDA Rural Development for the prepayment and transfer of debt held by the agency. I also 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. Utilizing my years of experience in government, I work with various national trade organizations regarding advocacy on new federal and state housing legislation.

As part of my work in Washington DC, I assist clients in complying with the Tenant Opportunity to Purchase Act (TOPA), which provides tenant organizations an opportunity to purchase a project that is being sold. Similar policies are being discussed in other cities and if enacted, developers will need to comply with these procedures to complete the sales of multifamily properties.

I have also begun to advise clients on matters related to Environmental, Social, and Governance, otherwise known as ESG. ESG compliance is becoming increasingly important to corporations and their investors, which will require additional disclosures as the government’s role in this space evolves, especially in the affordable housing sector.

Looking ahead

The government is becoming more and more concerned with the nation’s lack of affordable housing supply, which will create substantial development opportunities while also resulting in increased regulations that can create complications in large affordable housing projects.