Weist Law assists developers and lenders in the development, financing, acquisition, sale and restructuring housing projects. Our firm has the transactional, regulatory and policy experience in Real Estate, Construction, and Land Use and Zoning Law.
Qualifying projects include purchase of existing market-rate rental propertied and their conversion to workforce housing. Public agencies have the discretion of identifying specific projects that are eligible for the program. Our team is well versed in complex financing vehicles, including tax-exempt bonds, housing tax credits, new market tax credits, federal, state and local government grant programs, and related incentives.
Bond proceeds can be used to finance project acquisition and renovation costs, fund various reserves for the project (including the operating reserve fund), and pay the total cost of issuance for the bonds.
With creative legal structures and the option to work with a joint powers authority, housing bonds can be issued as limited obligations and payable only from the revenues and receipts of the underlying project, which means they would not constitute as debt or an obligation of the public agency. The bonds are normally secured by a first mortgage on the property, project revenues, and other standard customary collateral.
Weist Law is able to utilize innovative financing vehicles to alleviate the public agency from the responsibilities of managing and maintaining rental property, while creating a significant public benefit of workforce housing. By utilizing our services for workforce housing financing programs, local public agencies can partner with developers and affordable housing operators to provide more local workforce housing.
The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact a designated Weist Law representative. This material may be considered advertising under certain rules of professional conduct.