Hessel Aluise & O’Leary, P.C.
Preservation and Restructuring

Affordable Housing:

Preservation and Restructuring

During the last several decades, the nationwide stock of affordable rental housing constructed and assisted with federal and state funds has experienced the threat of reduction through the expiration of affordability restrictions and physical decline.  Economic challenges in recent years -- making debt and equity capital difficult to access -- have only exacerbated the problem.  At the same time, the nationwide demand for decent, safe, and sanitary affordable rental housing remains strong.  HAO attorneys work with clients to structure transactions to take advantage of new sources of financing, restructure existing debt, address tenant notice and relocation issues, secure long term operating subsidy streams, and increase project income through rent increases.  As a result, struggling projects can be modernized and preserved to ensure their long term affordability.  HAO attorneys assist clients in all the following areas:

  • Prepayment and refinancing of existing FHA insured and USDA loans, including HUD’s Mark-to-Market, Section 202, Section 236, Section 515, LIHPRHA and ELIHPA, and Flexible Subsidy programs
  • Section 8 contract renewals, extensions, opt-outs, and moving Section 8
  • Component 1 and Component 2 of HUD's Rental Assistance Demonstration Program including RAP, Rent Supplement and Mod Rehab Conversions
  • State housing finance agency Section 8 contracts and loan prepayments
  • Section 8 rent increases and utility adjustments
  • Non-profit transfers, including QNP transfers of Mark-to-Market loans
  • RAP and Rent Supplement programs
  • State housing preservation law
  • Wellstone and rent increase notices to tenants
  • Uniform Relocation Act and Section 104(d) issues
Affordable Housing
Multifamily and Elderly Housing Development
Preservation and Restructuring
Public Housing and Mixed Finance Development
Housing Policy and Legislation
Troubled Assets
Green Building and Energy Retrofits

Hessel Aluise & O’Leary, P.C., 1730 Rhode Island Avenue NW, Suite 900, Washington, DC 20036
Telephone: 202-466-5300 Facsimile: 202-466-5508