Stewart Duggan and William Richardson of Brinson Askew Berry’s legal team recently provided legal counsel and services in a complex multi-million-dollar financing of an affordable housing development in Gainesville, Ga.
Our firm’s Public and Affordable Housing section is a highly technical and specialized area of the law practiced by very few other firms in Georgia.
In Gainesville, we helped facilitate the development of Walton Summit Apartments near the city’s downtown area. Once construction is complete, the $40 million three-phase development will feature 252 apartments, including 39 public housing units with low-income housing tax credits; 148 low-income housing tax credit units; and 65 unrestricted units.
In putting together financing for the project, Brinson Askew Berry worked with our longtime client Gainesville Housing Authority and Walton Communities. We provided legal advice and services regarding the complex financing mix as well as representation regarding deal structure and required HUD mixed-finance documents – including a regulatory and operating agreement, declaration of restrictive covenants, and a ground lease.
Financing for the various phases of development also included HUD's Operating Fund Financing Program, a Community Development Block Grant administered by the Housing Authority, and Low Income Housing Tax Credit financing from outside investors. The ground lease and regulatory and operating agreement require the project owner entity to set aside, maintain, and operate 39 public housing units for approximately 40 years.
If you have any questions about affordable housing development and finance, please contact Stewart Duggan, William Richardson or any of the attorneys in Brinson Askew Berry's Real Estate Practice Group.