SPGG Recaps 2014 Public & Affordable Housing Transactions
MACON, Jan 13 – During 2014, Spivey, Pope, Green & Greer, LLC facilitated the acquisition, purchase, closing, and construction of $136 million of investment into affordable and low income communities which benefits very needy populations of residents in the state of Georgia. These investments were made in connection with a variety of clients ranging from Georgia housing authorities, Georgia non-profit corporations, for profit syndicators and investors, for profit developers, and financial institutions through federal and state low income housing tax credits, historic tax credits, tax exempt bond financing, USDA 538 and 515 loan programs, and the HUD Rental Assistance Demonstration program (RAD).
In facilitating these transactions, $71.16 million was invested into 20 existing affordable housing communities comprising 620 units in 18 Georgia counties. In addition thereto, the law firm assisted a public housing authority with the conversion of approximately 450 units of public housing to Section 8 rental assisted housing pursuant to the HUD RAD program, including the first transaction in the Southeast to utilize an FHA 223(f) loan with the RAD program. These investments were used to achieve HUD and USDA’s goals of providing safe, decent, affordable housing to all citizens of the state of Georgia while bolstering the local economy.
The attorneys at Spivey, Pope, Green & Greer, LLC have closed more than $320 million in low income housing tax credit transactions, historic tax credit transactions, tax exempt bond financing, HUD 221(d)(4), 811 and 202 loan programs, federal HOME loans, USDA 538 and 515 loans, and RAD conversions for multi-family and elderly communities. In assisting with these transactions, the Firm has represented housing authorities, non-profit developers, for profit developers, financial institutions, and real estate financial services companies.
Learn more about Public & Affordable Housing counsel at SPGG.