Finance

Finance

Innovative Affordable Senior Housing Project Developed with HUD 202 funds and Low Income Tax Credits

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ShermanLaw has long experience representing clients who receive grants and loans from federal, state and local government agencies. We assist our clients in structuring transactions to obtain government funds, which may involve multiple financing partners and complex legal arrangements, and in repositioning their projects in year 15 including:

Federal Agency Financing:

• US Department of Housing and Urban Development (HUD) 202 and 811 programs
• Internal Revenue Service (IRS) low income housing tax credits (IRS Code sections 42 and 704(b), IRS New Market Tax Credits (Section 45D), IRS rules governing charitable organizations and homeowner’s associations (IRS Code Sections 501(c)(3) and 501 (c) (4))

New York State Program Financing:

• New York State Homes and Community Renewal which administers programs by:
  • Housing Trust Fund Corporation (HTFC)
  • State of NY Mortgage Agency (SONYMA)
  • Housing Finance Agency (HFA)
  • Affordable Housing Corporation (AHC)
  • Division of Housing and Community Renewal
• New York State Office of Temporary and Disability Assistance (OTDA)
• Homeless Housing Assistance Corporation
• New York State Office For People With Developmental Disabilities (OPWDD)

New York City Program Financing:

• Housing Preservation and Development (HPD)
• NYC Housing Development Corporation (HDC)
• NYC Economic Development Corporation (EDC)
• New York City Department of Finance