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    Affordable Housing

    Manatt's Affordable Housing Practice is comprised of the firm's corporate, real estate and tax attorneys who have broad experience in all aspects of development.  The firm's attorneys have represented clients involved with the financing and development of affordable housing since before the enactment of the low-income housing tax credit and have over 20 years of experience in representing real estate developers, lenders and tax credit equity investors in connection with the construction, rehabilitation, development and financing of affordable housing.  Our clients include for-profit and non-profit developers, investors, investment banks and other organizations in the full range of business activities relating to affordable housing development.

    Representative Projects

    Affordable Housing Projects

    • Representation of the developer of a proposed 430-unit development on Roosevelt Island, New York, 80% of the units of which will be market rate and 20% of the units of which will be for low-income tenants.  The project is expected to be financed through the issuance of approximately $110 million of tax-exempt bonds and the sale of the associated low-income housing and historic tax credits.
    • Representation of a not-for-profit developer of a proposed 100-unit project in Manhattan, New York, 70% of the units of which will be for low-income tenants and 30% of the units of which will be for middle income tenants.  The project is expected to be financed through the issuance of about $20 million of tax-exempt bonds and the sale of the associated low-income housing tax credits.
    • Representation of the developer of a condominium development, one unit of which will contain about 160 apartments for independent low-income seniors and the other unit of which will have about 120 assisted living apartments funded by Medicaid and about 40 market rate apartments.  The total development costs are expected to be approximately $60 million and all of the eligible apartments will generate tax credits.
    • Representation of a community development organization in the development of an approximately 150-unit project in Bayview, Virginia, 70 units of which are expected to be eligible for low-income housing tax credits.  Of the remaining units approximately 40 units are expected to be rented to tenants receiving federal rental subsidies and the remaining units are expected to be sold to low-income families.  The total development costs of the project are expected to exceed $10 million and will be financed through HUD below market financing and tax credit equity.
    • Representation of a not-for-profit developer of a 48-unit project in the Lower East Side of Manhattan, New York, all of the units of which will be for low-income individuals and families and a portion of the units of which will be for homeless, ex-offenders.  The total development costs of the project are expected to exceed $7 million and will be funded through market rate construction financing, below market rate government mortgage financing and tax credit equity.
    • Representation of the developer of a 134-unit housing project in Bronx, New York with 2½ floors for the provision of a wide range of social services including a commercial kitchen, primary health center, fitness facility and daycare facility.  The project had total development costs of $23 million and was financed with New York State mortgage financing and tax credit equity.
    • Representation of a not-for-profit developer of a 72-unit development in Brooklyn, New York, 50 units of which were for low-income persons affected by HIV/AIDS and the remaining units of which were for low-income single adults.  The project had total development costs of $10.6 million and was financed with mortgage financing from New York City and tax credit equity.
    • Representation of a joint venture comprised of two not-for-profit developers in the development of a 60-unit temporary housing project for mentally ill inmates in the Bronx, New York.  The project which has a total development cost of about $8 million will be financed through a commercial bank loan, a grant from the New York State Homeless Housing Assistance Program and an operating contract from the New York City Homeless Services Agency.
    • Representation of a developer in the acquisition and renovation of a 392-unit apartment complex for low-income tenants in Anaheim, California.  The transaction was financed through the issuance of tax-exempt bonds.
    • Representation of a major private developer in obtaining a 421-a real estate tax exemption for 80/20 affordable housing projects.  We were successful in using for the first time a non-conforming use argument to qualify a former manufacturing building for this exemption.
    • Representation of a major private developer in securing negotiable certificates under New York City's Affordable Housing Program by building a low-income housing project that entitled the developer to obtain certificates that would permit market housing in midtown Manhattan to qualify for real estate tax benefits.

    Affordable Housing Financing

    • Representation of syndicators, investors and lenders in development or rehabilitation transactions representing more than $1.5 billion in tax credit equity invested in low-income housing projects qualified for federal tax credits under Section 42 of the Internal Revenue Code.
    • Representation of Lehman Brothers, Related Capital Company and the Enterprise Social Investment Corporation in developing a unique program marrying federal tax credits with a Housing Trust Fund Corporation mortgage financing program to create a program to "recycle" HTFC loans for development of affordable housing throughout New York State.
    • Representation of the Corporation for Supportive Housing in the effort to develop a program to allow additional supportive housing facilities to be built using 4% federal tax credits in conjunction with reimbursement and social services contract funds funded through the Office of Mental Retardation and Developmental Disabilities of the New York State Department of Health.

    Workforce Housing Finance

    • Representation of several fund sponsors of "workforce housing" funds, in New York and throughout California designed to make investments in housing for workforce families and individuals.
    • Representation of workforce housing funds in their investments in housing projects throughout California and New York.

    New Markets Tax Credits

    • Representation of a developer in the conceptualization and implementation of an $80 million, multi-phase, mixed use project to redevelop the core of a medium-sized East Coast city using New Markets Tax Credits and historic rehabilitation tax credits in combination with city PILOT benefits and state grants.  We recently negotiated the closing of the financing for the initial phase of the project and are currently negotiating the financing for the second phase.
    • Representation of a Los Angeles-based, non-profit organization that has received an allocation of New Markets Tax Credits in the organization and different interests in subsidiary allocate entities and the negotiation of investments in such entities by institutional investors.
    • Representation of a group of banks in their debt and equity investments in a community development entity organization to lend money to the National Hispanic University.
    • Representation of a state coalition of community health centers to design a program by which community health centers can access New Markets Tax Credits financing sources based on federal reimbursement streams and available federal guaranties of capital financing facilities for expansion and renovation of qualified health centers.
    • Advice and consultation with several not-for-profit organizations that are applying for or considering applying for New Markets Tax Credits allocations.

    Economic Development

    • Beginning immediately after the enactment of the federal low-income housing tax credit in 1986, Manatt lawyers have represented dozens of equity syndication funds, both publicly offered and privately placed with institutional investors, in the equity financing of more than $1 billion in tax credit equity.
    • Manatt has represented tax credit equity syndication firms in the negotiation of investor note financings with commercial banks and financial intermediaries.
    • Manatt has acted as counsel to tax credit syndication firms in the negotiation of revolving credit facilities to finance the investment in tax credit projects pending syndication.
    • Manatt represented a national investment bank in structuring a joint venture with one not-for-profit and one for-profit company to finance low-income housing in New York, including exclusive participation in an innovative state financing program.
    • Manatt represents a joint venture between a large, national not-for-profit housing developer and a tax credit equity syndication firm in connection with the equity financing of affordable housing properties throughout the nation.
    • Manatt represents a national investment banking firm in connection with the sale of a portfolio of investments in limited partnerships developing tax credit properties;
    • Manatt represented the Corporation for Supportive Housing in obtaining in excess of $40 million in city and state financing for supportive housing pursuant to the New York/New York II initiative and continues to represent CSH in connection with the development of new models for projects under the New York/New York II initiative.
    • Manatt represents the Local Initiatives Support Corporation (LISC) in the formulation and structuring of an affordable assisted living program.  Once the program is developed Manatt anticipates that it will represent four community development corporations that will finance and construct assisted living.

    Representation of Tax Credit Equity Investors

    • Representation of a tax credit equity investor in connection with the investment in a limited partnership constructing a 41-unit senior housing project in South Central Los Angeles that was financed through a market rate construction loan, local government financing and tax credit equity with total development costs of over $4 million.
    • Representation of a tax credit equity investor in connection with the investment in a limited partnership constructing and rehabilitating a 23-unit housing complex for low-income persons affected by HIV/AIDS in South Central Los Angeles.  The project had total development costs of over $6 million that were financed through a combination of a market rate construction loan, local government financing and tax credit equity.
    • Representation of a tax credit equity investor in connection with the investment apartment building in Sylmar, California for women and families who are victims of domestic violence.  The project had total development costs of over $3 million and was financed with a combination of a market rate construction loan, local government financing and tax credit equity.
    • Representation of a tax credit equity investor in connection with the proposed investment in a limited partnership constructing a 60-unit multifamily apartment complex in Spanish Fork, Utah for rental to low and moderate income families.  The project is anticipated to be financed through the issuance of over $3.5 million of tax exempt housing bonds and the sale of the associated tax credits.
    • Representation of a tax credit equity investor in connection with the proposed investment in a limited partnership constructing a 124-unit multifamily apartment complex in Farmington, Utah for rental to seniors of low-income.  The project is anticipated to be financed through the issuance of over $6.5 million of tax exempt housing bonds and the sale of the associated tax credits.
    • Representation of a tax credit equity investor in connection with the investment in a limited partnership rehabilitating a 36-unit apartment complex in Los Angeles, California for rental to low-income seniors.  The project has total development costs of over $1 million and will be financed by a commercial rate mortgage loan and tax credit equity.
    • Representation of a tax credit equity investor in connection with the negotiation for the acquisition of the rights of another tax creditor to finance the construction of two multifamily affordable housing developments located in Los Angeles.  The projects have aggregate development costs in excess of $10.5 million and are expected to be financed through the issuance of private activity tax exempt bonds and the sale of the associated tax credits.
    • Representation of a tax credit equity investor in connection with the acquisition of a troubled tax credit project in the state of Louisiana and the redevelopment of the project and construction of a second phase thereto.