The Butler Snow Public Finance, Tax Incentives and Credit Markets Group has extensive experience in the area of housing finance, specifically with financing structures involving tax-exempt bonds, low-income housing tax credits (LIHTCs) and various other federal and state credit, subsidy or other tax-advantaged programs. The group also has extensive experience in multifamily housing finance throughout the nation.
Our attorneys have represented developers and borrowers that have utilized LIHTCs and have assisted other transaction participants to identify and secure rental subsidies, other subsidies and grant programs, as well as other sources of subordinated financing to increase the affordability component and financial viability of rental housing projects. Butler Snow also serves as bond counsel and underwriter’s counsel in connection with the Mississippi Home Corporation’s and the Georgia Housing and Finance Authority’s single family mortgage revenue bond programs, respectively.
The practice group includes experienced tax attorneys focusing on the intricacy of the tax rules and regulations applicable to tax-exempt bonds, LIHTCs and 501(c)(3) issues. We also serve as arbitrage rebate analyst for a wide range of tax-exempt housing bond issues.
The firm’s housing finance practice encompasses a broad range of matters including:
SINGLE FAMILY MORTGAGE REVENUE BONDS
Butler Snow has served as bond counsel and underwriter’s counsel in connection with Mississippi Home Corporation’s (MHC) Single Family Mortgage Revenue Bond Program since 1998 and served as bond counsel for the previous nine years. During this time, MHC has issued over $1 billion of bonds. Butler Snow has been a valuable asset in evaluating and capitalizing on various legislative changes that have occurred while serving as bond counsel, including the creation of Gulf Opportunity Zone Bonds and the U.S. Treasury’s New Issue Bond program. Butler Snow attorneys have served as special disclosure counsel and underwriter’s counsel in connection with Georgia Housing and Finance Authority’s (GHFA) Single Family Mortgage Revenue Bond Program since 1992 and prior to that served as bond counsel and underwriter’s counsel for GHFA’s single family and multifamily bond issues. Butler Snow attorneys also have served as bond counsel and underwriter’s counsel on other single family bond issuers throughout the United States over a number of years.
INNOVATIVE TARGETED ASSISTANCE PROGRAMS
Butler Snow works closely with MHC and GHFA on an ongoing basis to expand and improve their respective single family bond programs including the expansion of special targeted down payment assistance programs for targeted borrowers such as public safety employees, educators, healthcare workers, and families with members with mobility impairments and other targeted programs such as neighborhood stabilization and modified program requirements for federally declared disaster areas.
The attorneys at Butler Snow have served as bond counsel and also represented underwriters, borrowers (both for-profit and 501(c)(3) nonprofit corporations), developers, trustees and bond purchasers throughout the country in connection with multifamily housing revenue bond issues, including bonds utilizing credit enhancement from Fannie Mae, Freddie Mac, FHA, USDA, and commercial banks. We have also represented a variety of transaction participants in connection with multifamily housing revenue bonds secured by project-based Section 8 contracts, capital grants from HUD, “cash collateralized” bonds, as well as rated and non-rated revenue bonds secured solely by project revenues.
LIHTC – LOW-INCOME HOUSING TAX CREDITS
Butler Snow has an expansive affordable housing practice representing non-profit and for-profit developers, lenders, investors, syndicators and state housing agencies. We provide LIHTC assistance to a number of developers, investors, lenders, and state housing agencies charged with the establishment, administration and compliance of the LIHTC program.
The attorneys at Butler Snow have served as bond counsel, underwriter’s counsel and borrower’s counsel for tax-exempt and taxable student housing financings across the country. We have experience in a variety of structuring techniques, including general obligation bonds, “off balance sheet” project financings and lease/lease back financing vehicles.
The attorneys at Butler Snow have served as bond counsel, underwriter’s counsel and borrower’s counsel for financings to support independent living, assisted living/memory care and continuing care retirement communities throughout the country. Our attorneys have recognized expertise in dealing with stand-alone facilities and continuing care retirement communities and have particular experience with structuring multiple series of short-term and long-term bonds associated with greenfield or new construction financings for entrance fee continuing care retirement communities.