Housing

Turner Law, P.C. has significant experience as counsel in housing finance.

Turner Law, P.C. has the experience to represent clients in a variety of projects. Our experience includes representation in multifamily and single family mortgage secured financings for homes, new construction or residential rehabilitation, HUD and FHA financed construction projects and projects financed through Fannie Mae and Freddie Mac funding programs.

Our experience as counsel in affordable housing financings includes acting as bond and general counsel in single-family mortgage revenue bond issuances. We also have acted as counsel in a number of capacities for multi-family revenue bond issuances, including issues supported with low-income housing tax credits. Turner Law, P.C. has the experience to act as your counsel for single family, multi-family and low-income housing tax credit supported financings.

Single Family Mortgage Revenue Bonds

Turner Law, P.C., can represent issuers and underwriters in single-family mortgage revenue bond issuances. We have experience in all parts of single-family mortgage revenue bonds, including structuring subordinate loans to help finance the initial purchase of a home as well as structuring and financing loans for the rehabilitation of single-family homes. As counsel we have experience:

Drafting indentures and supplemental indentures to secure the bonds
Reviewing and preparing disclosures on government backed mortgages
Drafting and preparing mortgage purchase and servicing agreements
Advising and counseling on redemptions and compliance with the “42 month rule”
Drafting and analyzing guaranteed investment contracts for bond proceeds

Our Representative Experience Includes:

Co-Bond Counsel in connection with the issuance by the Pennsylvania Housing Finance Agency of its $214,265,000 Single Family Mortgage Revenue Bonds, Series 2016-120 (Non-AMT).

Co-Bond Counsel in connection with the issuance by the Pennsylvania Housing Finance Agency of its $141,165,000 Single Family Mortgage Revenue Bonds, Series 2015-118A and $90,000,000 Single Family Mortgage Revenue Bonds, Series 2015-118B.

Multi-Family Mortgage Revenue Bonds

Turner Law, P.C. can represent clients in multi family mortgage revenue bond issuances and can bring our knowledge of the industry to help complete a transaction. Our clients and contacts in the industry include:

Developers and contractors: Including private and non-profit entities, as well as government housing authorities
Investors: Including Low Income Housing Tax Credit investors, asset managers, investment banks, private partnerships and real estate investment trusts.
Lenders and loan servicers: State and national banks, investment bankers, government finance agencies and underwriters
State and local housing authorities: Including HUD, Fannie Mae and Freddie Mac

Whether you are looking for assistance with a multi-family housing bond issuance, regulatory compliance, creative financing options and eligibility for state and federal tax incentive programs, our firm is qualified to represent you.

Representative Experience Involving our Attorneys Includes:

Co-Note Counsel in connection with the issuance by the Pennsylvania Housing Finance Agency of its Special Limited Obligation Multifamily Housing Development Note (John Fox Towers), Series 2016A and Series 2016B.

Co-Note Counsel in connection with the issuance by the Pennsylvania Housing Finance Agency of its Special Limited Obligation Multifamily Housing Development Note (Carson Towers Apartments), Series 2016.

Bond Counsel in connection with the Philadelphia Authority for Industrial Development’s issuance of its Senior Multifamily Housing Revenue Bond (NewCourtland Apartments at Allegheny 2 Project) Series of 2015.

Underwriter’s Counsel in connection with the sale of $10,000,000 of the Pennsylvania Housing Finance Agency’s Special Limited Obligation Multifamily Housing Development Bonds (Mantua – Phase II) Series 2010-Q and its $11,750,000 Pennsylvania Housing Finance Agency’s Special Limited Obligation Multifamily Housing Development Bonds (Paschall – Phase II) Series 2010-R.

Multi-family housing programs that we can assist you with include:

Multi-family housing
Low-income or mixed-income housing
Student housing
Military housing
Historic and rehabilitation housing projects

We have the experience to advise you of the specific requirements from the related government program or housing authority, and we can guide you in navigating the various rules from project inception to completion.

Low Income Housing Tax Credits

A few of our services as counsel for financing affordable housing projects include:

Obtaining original site control and applications to the relevant housing agency or authority
Structuring transactions and the financing vehicles, including refinancings and preservation opportunities
Counsel for mortgage revenue bond financings
Preparation of financing documents and HUD regulatory compliance
Counsel for single family revenue bond financings

Our representative experience includes acting as counsel in a joint venture between a for profit developer and a nonprofit manager in the acquisition, development and operation of a brand new affordable housing facility in a city in the Marcellus Shale region of Pennsylvania. This project involved the re-use of an environmentally-compromised site and the first use of the State’s PHARE funds (generated from the Marcellus Shale impact fees) for an affordable housing project.

Our experience also includes the representation of non-profit developers includes acting as counsel to the borrower and sponsors of a low income housing tax credit project developed in North Philadelphia, with respect to the equity investment. The project included 37 units of affordable housing in a blighted neighborhood, as well as commercial space and will serve as the anchor for a revitalized neighborhood commercial corridor.

If you are interested in applying for low income housing tax credits, or are preparing to close a financing we can provide you with experienced counsel. Our experience is not limited to providing counsel for the issuance of the tax credits, but we have the experience to act as bond counsel in the issuance of revenue bonds to provide additional revenue for the financing program.

Turner Law, P.C.: Housing Finance Legal Counsel

The factors involved in initiating, financing and completing Philadelphia affordable housing financings have grown in complexity over the years. When you consider changes in real estate markets, government tax incentives, land use regulations and economic conditions, it becomes apparent that a skilled attorney is essential to any project’s success.

Turner Law, P.C. brings over 30 years of experience as counsel to housing, and can advise you on how to navigate the legal and financial requirements for housing bond issuances. Please contact Turner Law, P.C. for a consultation at your convenience so that we can begin to work on funding your housing project.