Practice/Industry Group Overview
Edwards Wildman lawyers in the Real Estate Department, as well as the Tax Department, represent nonprofit and commercial developers and private and institutional lenders and equity investors in connection with the acquisition, development, permitting, financing, construction and leasing of affordable housing and mixed-income projects. We have a wealth of experience with respect to complex transactions in urban environments; tax and deal structuring; novel and effective financing and equity ownership structures; drafting and negotiating partnership, joint venture and syndication documents; federal, state and local housing finance programs, including federal low-income housing tax credits, federal new markets tax credits, federal and state historic rehabilitation tax credits programs, Brownfields tax credits, energy credits, Department of Housing and Community Development programs, Massachusetts Housing Finance Agency programs, Massachusetts Development Finance Agency programs, including its Massachusetts Tax-Exempt Credits For Housing Program (the "MATCH Program") jointly sponsored with the Massachusetts Housing Partnership Fund Board, the Federal Home Loan Bank's Affordable Housing Program ("AHP"), the U.S. Department of Housing and Urban Development's Section 8 mark-up-to-market and project-based voucher programs, Section 236 IRP and decoupling programs, Section 202, McKinney and TPA programs, and the City of Boston's Department of Neighborhood Development financing and property disposition programs; zoning challenges; complex title issues; design and construction contracts; and land use, development and permitting matters.
- Since 2010, we have represented Boston Community Loan Fund, Inc. (“BCLF”), a U.S. Treasury Department certified community development financial institution, in its capacities as the Massachusetts state historic and/or state low income housing tax credits intermediary and a subordinate mortgage lender in connection with the acquisition and rehabilitation of fifteen (15) multifamily housing projects scattered throughout Massachusetts and containing in the aggregate 1,158 residential rental dwelling units, 951 of which are either elderly or affordable. In addition to state historic and/or state low income housing tax credits, these projects have involved various mixtures of federal historic rehabilitation and/or low income housing tax credits, institutional acquisition and construction loans, tax-exempt bond financing, and Section 8 subsidies.
- Represented BCLF in connection with its $6,500,000 mezzanine mortgage loan to a Boston-based national developer for its acquisition and rehabilitation of four Section 8 project-based multifamily housing projects in Wolcott, Waterbury, and Southington CT. In addition to the BCLF mezzanine financing, this transaction involved $9,900,000 in institutional first mortgage funds, over $5,000,000 in equity, and BCLF sale of a 50% participation in the mezzanine loan to a Boston-based investor.
- Represented BCLF in connection with its $3,140,000 subordinate construction loan for renovations to a 3-building multifamily housing project in the Boston, MA Dorchester neighborhood containing one commercial unit and 133 residential rental dwelling units subject to long-term affordability restrictions imposed under the $14,200,000 first mortgage loan provided by the Massachusetts Housing Partnership Fund Board and the City of Boston’s Department of Neighborhood Development’s $400,000 subordinate mortgage loan. As additional security for the BCLF loan, the project’s sponsor pledged 100% of its limited partner interest to BCLF.
- Represented BCLF in connection with its $5,760,000 first mortgage loan to a Boston-based national developer for its acquisition of two Section 8 project-based multifamily housing projects one in Pittsburgh and one in Philadelphia, PA containing 298 residential rental dwelling units.
- Represented a major bank in connection with a construction loan for 38 units in 18 buildings of affordable housing for Marshfield Commons in North Smithfield, RI, including low income housing tax credits, AHP funds and other sources.
- Represented a major bank in connection with a construction loan for 83 low-income units in a scattered site development for Phoenix Apartments in Providence, RI, including low income housing tax credits and other sources.
- Represented a regional bank in connection with a loan for the construction of 58 new residential apartment units known as Kingstown Crossings in North Kingstown, RI, which used AHP funds from the Federal Home Loan Bank of Boston. All units were subject to project based Section 8 contracts.
- Represented a regional lender in connection with a construction and AHP term loan (for residential space) and a new market tax credit loan (for commercial space) for the renovation of Westfield Commons located at 218 Dexter Street, Providence, RI. The deal included new markets tax credits and historic tax credits along with AHP funding from the Federal Home Loan Bank of Boston.
- Represented a major bank in a construction and bridge loan for the renovation of the Stillwater Mill in Burrillville, RI, into 47 units of affordable housing, using state and federal historic tax credits and federal stimulus funds.
- Represented a national lender and a regional lender in connection with a construction and bridge loan and a leverage loan for a mixed-use project in Providence, RI, known as Mercantile Block consisting of affordable artists' apartments, market rate apartments, work studios and related businesses, retail and restaurant space, using state and federal historic tax credits and new market tax credits.
- Represented a major bank in a construction and bridge loan for renovation of an old mill in Tiverton, RI, into the Bourne Mills apartment complex of 166 affordable and market rate units. The deal included federal and state historic tax credits, low income housing tax credits and federal stimulus funds.
- Represented a national lender in connection with the construction of Wabash Crossing Phase III, an affordable housing project in Decatur, IL, consisting of 35 public housing units, 29 Section 8 units and 26 affordable housing units using low-income housing tax credits, Hope VI funds, and other sources.
- Represented a joint venture of a real estate investment fund and a community development corporation in a mixed-income project that will contain 95 affordable housing units and 217 market rate units, involving federal and state low income housing tax credits, national and regional lender construction loans, and subordinate debt from myriad public agency sources.
- Represented a Massachusetts municipality in extending a Community Preservation Act loan to a developer for a mixed-income project to contain market rate and affordable apartments, financed with a national lender construction loan, federal and state low income housing tax credits, federal and state historic tax credits, and public agency subordinate debt from multiple sources.