Stephen J. Wallace

My focus

Development and Preservation

Much of my work involves helping clients refinance, rehab and preserve affordable housing properties to increase value and long-term viability. There are a variety of mechanisms that can be used to do this, from mark-up-to-market of Section 8 contracts to Section 236 IRP decouplings (and now re-decouplings) to HUD’s signature initiative, the Rental Assistance Demonstration program. I was part of the successful effort to have HUD approve post-rehab rents effective at loan closing for certain types of financing. Owners and purchasers of older HUD-assisted properties seek my advice on addressing complex transactional and regulatory matters.

Legislative

I’m in close contact with HUD officials as we work together to decipher the fine print of affordable housing legislation to preserve affordable housing properties. Often these issues take me to Capitol Hill or state housing agencies to seek clarification or resolution of critical preservation issues.

Industry Leadership

Speaking and networking at industry events and educating developers, managers and investors is also a priority for me. I enjoy connecting with others who are passionate about the affordable housing industry and meeting new entrants to the market.

Looking ahead

The political polarization on Capitol Hill is making everything more difficult, including funding for affordable housing. We’re working closely with our clients, trade associations, HUD and Capitol Hill to ensure that affordable housing preservation remains a priority.

Insights

• “Capitol Hill and HUD Update” IRHP NYC Affordable Housing Preservation Symposium 2023, New York, NY, March 1, 2023
• “Legislative Update,” NLHA 50th Annual Membership Meeting, June 22, 2022
• “Affordable Housing Market Update,” Institute for Responsible Housing Preservation, Virtual Seminar, September 22, 2021 (moderator)
• “The View from HUD” and “Capitol Hill Update,” Institute for Responsible Housing Preservation, Virtual Seminar, September 21, 2021 (moderator)
• “IRHP 2020 Federal Election Update,” Institute for Responsible Housing Preservation, Webinar, November 19, 2020
• “Washington DC Update,” Institute for Responsible Housing Preservation: Affordable Housing Preservation, Webinar, June 26, 2020
• “Washington DC Update,” Institute for Responsible Housing Preservation: Affordable Housing Preservation Symposium, New York, NY, January 22, 2020 (moderator)
• “The View From HUD,” Institute for Responsible Housing Preservation: Affordable Housing Preservation Symposium, New York, NY, January 22, 2020 (moderator)