The Butler Snow Public Finance, Tax Incentives and Credit Markets Group has extensive experience in the area of housing finance.
Butler Snow regularly participates in transactions utilizing tax-exempt bonds for student housing, affordable housing, senior housing and continuing care retirement communities throughout the country. We also represent parties that use tax-exempt bonds, low-income housing tax credits (LIHTCs) and various other federal and state credit, subsidy or other tax-advantaged programs to develop, renovate or preserve workforce and affordable housing.
Butler Snow also serves as bond counsel and underwriter’s counsel in connection with single family mortgage revenue bond programs.
The firm’s housing finance practice encompasses a broad range of matters including:
MULTIFAMILY HOUSING
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 represents 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.
STUDENT HOUSING
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.
SENIOR HOUSING
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. We also have experience with mergers and acquisitions, workouts, affiliations and distressed sales.
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 for many years. 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 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.
