Stephen J. Wallace

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.

What do you focus on?

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.


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.

What do you see on the horizon?

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.


  • “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)


Stephen J. Wallace


Washington, DC

Phone: 202-585-8714

Fax: 202-585-8080

Hofstra University School of Law, J.D.

Fordham University, B.A.

District of Columbia

New York

Stephen was selected, through a peer-review survey, for inclusion in The Best Lawyers in America© 2020 in the field of Real Estate Law.

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.

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