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    1. Home
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    3. Stephen J. WallacePeople
    1. Home
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    3. Stephen J. WallacePeople

    Stephen J. Wallace

    Partner


    • Washington, DC
    • Office202.585.8714
    • swallace@nixonpeabody.com
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    Introduction

    Stephen Wallace is one of the nation’s foremost authorities on the preservation of government-assisted housing. He has been very closely involved in the legislative and regulatory development of the various federal affordable housing preservation programs over the past 30 years. Steve is also an adjunct professor at Georgetown Law School where he teaches a seminar course on affordable housing.

    Practice Areas

    Affordable HousingReal EstateSustainable DevelopmentOpportunity ZonesAffordable Housing Regulatory

    Industries

    Real Estate

    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)

    In the news

    • Affordable Housing Finance

      New life for Section 8 mark-to-market properties

      Washington, DC Affordable Housing & Real Estate partner Steve Wallace and counsel Anthony Ruvolo co-wrote this article discussing a provision of the Consolidated Appropriations Act of 2023 that provides relief for Section 8 mark-to-market property owners.

      Jan 11, 2023
    • Commercial Observer

      Silver Street, LIHC spearheading NY affordable housing rehab after $55M buy

      New York City Affordable Housing & Real Estate partner Joe Lynch is mentioned in this article for representing Silver Street Development in its joint venture partnership with LIHC Investment Group to rehabilitate the Marble Hall Apartments low-income housing development. The deal team also included Washington, D.C. partner Steve Wallace, Boston counsel Alex Rosso, and New York City associate Alex Hohauser, all of the Affordable Housing & Real Estate group.
      May 10, 2021
    • Affordable Housing Finance

      First RAD Component 2 Deals Using PBRA Contracts Close

      Affordable Housing practice group leader Stephen Wallace and Affordable Housing strategic policy advisor Deborah VanAmerongen are featured throughout this article highlighting Nixon Peabody’s successful closing of the first four Rental Assistance Demonstration (RAD) Component 2 preservation projects using 20-year Sec. 8 Project-Based Rental Assistance (PBRA) contracts in the nation.
      Jan 19, 2016
    • Real Estate Bisnow

      Can Multifamily Developers Fix the Affordable Housing Crisis?

      This feature story discusses Washington, DC’s efforts to improve the state of the city’s affordable housing. The topic was the main focus at Bisnow’s Multifamily Annual Conference. Washington, DC, office managing partner Jeff Lesk and Affordable Housing practice group leader Steve Wallace are featured within the story.
      Dec 4, 2015
    • Affordable Housing Finance

      Big Issues to Watch in 2014

      Washington, DC, partner and leader of the firm’s Affordable Housing practice Steve Wallace discusses potential game-changing stories to monitor in 2014.
      Dec 30, 2013
    • Affordable Housing Finance

      Top 10 Stories of 2013

      Washington, DC, Affordable Housing practice group leader Steve Wallace contributes to this feature article focused on the biggest stories in the affordable housing industry in 2013.
      Dec 23, 2013

    Admitted to practice

    District of Columbia
    New York

    Education

    Fordham University, B.A.
    Hofstra University School of Law, J.D.

    Professional activities

    • Stephen is a member of the District of Columbia and New York State Bar Associations, as well as the American Bar Association’s Forum on Affordable Housing and Community Development Law.

    Recognition

    • Selected, through a peer-review survey, for inclusion in The Best Lawyers in America® 2023 in the field of Real Estate Law; listed since 2020

    Insights And Happenings

    View All
    • Article

      Affordable Housing industry poised for busy year

      March 23, 2023
    • Event

      Affordable Housing Update

      March 14, 2023
    • Event

      IRHP NYC Affordable Housing Preservation Symposium 2023

      March 1, 2023
    View All

    Professionals in the Practice Area

    View All
    • Deborah VanAmerongen

      Strategic Policy Advisor / Deputy Practice Group Leader, Affordable Housing & Real Estate
      • New York
      • Office:212.940.3054
      • dvanamerongen@nixonpeabody.com
      Deborah VanAmerongen
    • Joseph J. Lynch

      Partner
      • New York
      • Office:212.940.3717
      • jjlynch@nixonpeabody.com
      Joseph J. Lynch
    • Susanna Mitchell

      Partner
      • Washington DC
      • Office:202.585.8150
      • smitchell@nixonpeabody.com
      Susanna Mitchell
    • Meghan C. Altidor

      Partner
      • New York
      • Office:212.940.3021
      • maltidor@nixonpeabody.com
      Meghan C. Altidor
    • Aaron J. Yowell

      Partner
      Chief Innovation Officer
      • New York
      • Office:212.940.3161
      • ayowell@nixonpeabody.com
      Aaron J. Yowell
    View All

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