Affordable Housing
Jim Saad has represented for-profit and non-profit developers of affordable housing and senior facilities for more than 20 years. He has assisted developers in partnership, company, and corporate matters; project formation; site control; site acquisition; pre-development or seed loan financing; bond financing; equity bridge loan financing; equity investor financing; construction financing; HDAP financing; certificate of deposit loans; permanent financing; title issues; real estate tax issues; and other subsidies.
IRC Section 42 (also known as the Low Income Housing Tax Credit program, LIHTC, or the Housing Tax Credit, HTC, program) provides housing to moderate and low-income elderly individuals and families. The program has allowed developers to construct thousands of units since it's enactment in the Internal Revenue Code of 1986, as amended. Section 42 transactions are complicated by rules promulgated by the IRS and state finance agencies. The complexity and ever evolving changes in the interpretation of these rules require legal counsel. Having legal counsel guide you through the Section 42 process is invaluable.
Jim Saad has effectively led numerous clients though the maze of multi-tiered financing used to develop affordable housing. He has over 20 years of experience in dealing with the United States Department of Agricultural Rural Development, United States Department of Agriculture Rural Housing Services, and the United States Department of Housing and Urban Development. Counsel has covered closings involving FHA insurance, Section 515, Section 538, Section 8, Transfers of Physical Assets (TPAs), mark to market debt restructurings, HUD 2530s, HOPE VI, and other similar programs. Through years of experience in handling these complicated transactions Jim Saad has developed valuable working relationships with government organizations, quasi-governmental organizations, private lenders, and numerous syndication groups.
Each project has unique characteristics and Jim Saad has represented clients in multi-family developments, single family communities, senior apartments, and apartment buildings. Many of these projects included other amenities, such as, community centers, laundry facilities, and parks.