Robinson+Cole advises for-profit developers, nonprofit organizations, housing authorities, and redevelopment agencies on acquisition, development, management, and financing of affordable housing projects. Our experience includes applying for allocations and incentives, drafting and negotiating acquisition and partnership agreements, facilitating and negotiating financing terms, integrating subsidies, and preparing relevant documentation. We collaborate with attorneys who are members of other Robinson+Cole practice groups, including corporate, tax-exempt organizations, construction, environmental, real estate, land use, and tax, to assist clients in developing creative strategies to help them achieve their objectives.
Robinson+Cole is one of the premier firms representing lenders and other participants in complex affordable housing financing transactions. Lawyers in the Affordable Housing Group have closed over $1 billion in financings annually over the past several years on behalf of commercial banks, investment banks, mortgage banks, letter of credit issuers, private funds, and Fannie Mae and Freddie Mac seller/servicers. We are well versed in cutting-edge structures for conventional loans, construction loans, tax-exempt bond financings, credit enhancements, and low-income housing tax credit financings utilizing federal, state, and local subsidy and incentive programs. Our strong working relationships with governmental housing authorities and housing finance agencies across the country have proven to be instrumental in facilitating these complicated transactions. Group members are also committed to helping clients meet their affordable housing objectives and fulfill their obligations under the Community Reinvestment Act.
Robinson+Cole has provided bond counsel services for securities offerings by states, municipalities, public authorities, and agencies for more than 60 years. As one of the first recognized bond counsel firms in the country, we have been listed in The Bond Buyer's Municipal Marketplace (the "Red Book") since the early 1940s. Robinson+Cole ranks among the leaders, nationally and regionally, as bond counsel and underwriter's counsel. The Public Finance Group has served as bond counsel to housing authorities throughout the country on many financings, including capital funds revenue bonds and credit-enhanced transactions utilizing multiple sources of funding.
Representation of national bank as bond purchaser concerning Sheridan Station Apartments, $27 million redevelopment of a former public housing project site in Washington, D.C., into a mixed-income housing development. The development was financed with tax exempt bonds issued by the District of Columbia Housing Finance Agency, Federal Low Income Tax Credits, American Recovery and Redevelopment Act stimulus funds, and HOPE VI funds provided through the District of Columbia Housing Authority, a subsidy loan from the District of Columbia office of the Deputy Mayor for Planning and Economic Development and a U.S. Department of Energy grant.
Representation of a national bank as construction lender and Freddie Mac Seller/Servicer concerning the financing of the Elliott Chelsea Apartments in New York City. This $65 million mixed income project is being developed on excess property formerly owned by the New York City Housing Authority and is being financed with tax exempt bonds issued by the New York City Housing Development Corporation and subsidy loans provided by the New York City Housing Development Corporation, the City of New York Department of Housing Preservation and Development and the New York City Housing Authority. The project will benefit from a tax exemption pursuant to Section 421a of the New York Real Property Tax Law.
Representation of a national bank concerning a $5.4 million Freddie Mac immediate funding cash loan provided by the client under the Freddie Mac Mod-Rehab Targeted Affordable Housing product line to finance acquisition and rehabilitation of a 100-unit rental property known as Foothill Gardens Apartments in Carson City, Nevada. All units at the property are covered by a long-term Section 8 Housing Assistance Payments Contract. In addition to the loan, the transaction will be financed with $4.2 million of a 9 percent low-income housing tax credit equity. The $5.4 million loan will be a bifurcated structure consisting of a real estate loan, underwritten at low-income housing tax credit rents and amortized over 35 years, and a Housing Assistance Payments overage loan underwritten with the additional Housing Assistance Payments over the low-income housing tax credit rents and amortized over 20 years.
Representation of a national bank concerning a $6.1 million construction loan and a $650,000 forward-commitment permanent loan provided by the client for acquisition and construction of a 48-unit senior housing rental property in Marion, Massachusetts. In addition to the construction loan, the transaction will be financed with $5.9 million of 9 percent low-income housing tax credit equity provided by the client and $2.2 million of subordinate financing provided by state and local government agencies. Robinson & Cole performed due diligence, preparation, and negotiation of construction and permanent loan documents; preparation and negotiation of subordination agreements with subordinate lenders; review and negotiation of the limited partnership agreement between the developer and the tax credit investor; and review and negotiation of the ground lease and amendments.
Representation of a regional affordable housing developer in connection with the rehabilitation of a former mill in East Hampton, Massachusetts, to be financed by a regional lender together with federal, state, and historic tax credits and subsidy funds from the City of East Hampton CPA Grant, the Massachusetts Housing Partnership, and the Affordable Housing Trust Fund. The building will contain 50 units of affordable housing.
Represented a national bank in its role as a lender for the Cambridge Housing Authority's (CHA) first four Rental Assistance Demonstration (RAD) conversion deals. The bank closed the tax-exempt bond financing for 511 units of public housing conversions under HUD's RAD program. The RAD program was created to give public housing authorities a tool to preserve and improve public housing properties by restructuring HUD subsidies into long-term contracts that facilitate the private financing of improvements. These first four transactions are part of a long-term project to convert all 2,129 of CHA's public housing units to RAD. The bank is the top affordable housing finance provider in the country, lending $3.2 billion in 2014.
Represent the Capital Region Development Authority (CRDA) funding for two downtown apartment developments in the underwriting of low interest loans and equity investments, for 201 Ann Street and 287-91 Asylum Street in Hartford, Connecticut. 201 Ann Street is the conversion of an existing office building trust that will be 22 one bedroom market rate units at a total construction cost of $4.38 million and 287-91 Asylum Street is the conversion of an existing office building into a studio, one and two bedroom apartments at a cost of $1.7 million.
Represent one of Connecticut's prominent trusts whose focus is to end homelessness both in Connecticut and nationally. Our affordable housing attorneys have partnered with our tax attorneys to represent the trust entering into a partnership with a national developer to rehabilitate the trust's two buildings in Harford which contain 115 affordable housing units leased to formerly homeless residents.
Representation of a regional affordable housing developer in connection with the construction of 72 units of senior housing in three buildings in Brookfield, Connecticut, to be funded by a national construction lender, including federal low-income tax credits and funds from the Connecticut Competitive Housing Association for Multifamily Properties.