Practice/Industry Group Overview
Kutak Rock has been actively involved in affordable housing transactions and projects for over 30 years. Our team understands all aspects of affordable housing development and finance and creates trusted advisor relationships with our clients. Our clients include developers, nonprofits, investors, lenders, loan servicers, state and local housing authorities and agencies, managers and contractors. We are proud to be a strong supporter of the significant public and private partnerships that are developed to encourage investors to make investments in low-income communities. Promoting economic improvements through the development of successful businesses in these impoverished communities is an important cause that we champion every day in collaboration with our clients.
Some examples of the affordable housing programs where we have developed expertise include:
- Tax-exempt and Taxable Multifamily Housing Bonds;
- Low-Income Housing Tax Credits (LIHTCs), New Markets Tax Credits (NMTCs) and Historic Rehabilitation Tax Credits (HTCs);
- HUD/FHA Multifamily Programs;
- HUD Transfers of Physical Assets (TPAs);
- Special Needs HUD Multifamily Programs, including Senior Housing;
- HUD regulatory compliance;
- Community Development Block Grant Program;
- HOME Investment Partnerships Program;
- Neighborhood Stabilization Program 1, 2 & 3;
- Housing Opportunities for Persons with AIDS;
- Indian Housing Block Grant;
- Federal Home Loan Bank Affordable Housing Program;
- Section 8 contracts and compliance; and
- Prepayment and preservation.
Kutak Rock has been a leader in assisting public housing authorities and nonprofit affordable housing providers with their mission to provide safe and affordable housing. We routinely work with more than 25 states and a number of local housing finance agencies or housing bond issuers. Industry statistics compiled by Thomson Reuters show that during the period 1993 through 2011 we served as bond counsel or underwriter’s counsel in more housing bond transactions than any law firm in the nation, and we historically have placed among the top five firms in the nation on the basis of annual dollar volume of housing-related transactions.
Our firm has been involved in groundbreaking financings such as the first HUD capital grant financing (for a housing authority for one of the nation’s five largest cities—a financing that garnered The Bond Buyer’s inaugural “Deal of the Year” distinction in 2002), HOPE VI financings (for such issuers as a city and county housing authority in California and the housing authority for one of the five largest cities in America) and the FHA risk-sharing program. In addition, Kutak Rock served as bond counsel to the housing finance agency for one of the nation’s 25 largest cities for a HUD capital grant financing on behalf of its Housing Authority. We also have served as underwriter’s counsel in HUD capital grant financings for city housing authorities in the Midwest, Rocky Mountain Region and the Pacific Northwest.
Our unique expertise in all aspects of affordable housing, our passion for this type of work and the close collaboration of our firm's affordable housing practice group with its real estate, banking, tax credit, public finance, government relations, litigation and bankruptcy practice groups enables our attorneys to provide unparalleled legal services for our clients throughout the nation.