Bradley Arant Boult Cummings LLP has been a longtime leader for legal issues involving affordable housing and community development. We have represented participants in all aspects of low-income housing tax credit transactions throughout the Southeast, closed one of the first new markets tax credit transactions in the United States, and have been deeply involved in HOPE VI transactions on behalf of public housing authorities, developers and lenders. In particular, we combine the skills of our broad banking practice to assist depository institutions in aspects of community development, such as compliance with the Community Reinvestment Act, limitations on the exercise of real estate ownership and development powers, and other investment issues unique to depository institutions. Our attorneys include a former General Counsel to the United States Department of Housing and Urban Development, the outside General Counsel of the
Alabama Council for Affordable and Rural Housing (Alabama's leading affordable housing trade group), and outside counsel for several of the most prominent public housing authorities in the Southeast.
Bradley Arant Boult Cummings LLP has been a longtime leader for legal issues involving affordable housing and community development. We have represented participants in all aspects of low-income housing tax credit transactions throughout the Southeast, closed one of the first new markets tax credit transactions in the United States, and have been deeply involved in HOPE VI transactions on behalf of public housing authorities, developers and lenders. In particular, we combine the skills of our broad banking practice to assist depository institutions in aspects of community development, such as compliance with the Community Reinvestment Act, limitations on the exercise of real estate ownership and development powers, and other investment issues unique to depository institutions. Our attorneys include a former General Counsel to the United States Department of Housing and Urban Development, the outside General Counsel of the Alabama Council for Affordable and Rural Housing (Alabama's leading affordable housing trade group), and outside counsel for several of the most prominent public housing authorities in the Southeast.
Our practice includes and brings together a number of substantive areas of legal practice that impact affordable housing community developments. These include:
- Partnership and corporate law
- Tax, including state and local tax, law
- Real estate lending law
- Securities law
- Bank regulatory law
- HUD regulatory law
- Land use, including zoning, subdivision and issues relating to particular programs, such as wetlands, flood zones, farm land and utility easements
- Construction law
Among the specific services that we provide to clients are:
- Formation of partnerships, limited liability companies, trusts, non-profits and corporations
- Qualification of entities for tax-exemption under Section 501(c)(3) of the Internal Revenue Code of 1986
- Documentation and negotiation of real estate acquisitions, including option agreements, purchase agreements, escrow agreements and leases
- Environmental, land use, and wetlands advice
- Condemnation advice
- Review of proposed investor project termsheets and advising project sponsors on key legal issues and options to limit sponsor financial exposure
- Negotiation of LLC operating agreements, limited partnership agreements and ancillary agreements between project sponsors and investors
- Negotiation of project loan documents, including loan agreements, intercreditor agreements, contribution agreements and security agreements
- Negotiation of bond indentures, reimbursement agreements, official statements and related documents
- Preparation of private placement memoranda
- Tax planning to maximize project tax benefits
- Project tax and legal due diligence
- Preparation of tax, loan and other legal opinions required by investors and lenders
- Advice regarding low-income housing tax credit compliance
- Preparation and negotiation of commercial leases and negotiation of property management agreements
- Preparation of residential leases and project rules
- Advice and representation regarding compliance with residential landlord-tenant and fair housing laws
- Preparation and negotiation of construction contracts and development agreements
- Advice concerning relocation policy, procedures, and implementation to comply with federal relocation requirements
- Advice regarding HUD subsidy layering requirements and compliance
- Development and documentation of private rental assistance and affordable homeownership programs, including conversion of LIHTC projects
- Assistance to public housing authorities with respect to HOPE VI matters