Attorneys Stewart Duggan and William Richardson, partners with Brinson Askew Berry's Public and Affordable Housing Group, provided extensive legal counsel to the Northwest Georgia Housing Authority in the planned development of the future Sandra D. Hudson Villas in Rome, Ga.
Upon completion, the $17.2 million scattered-site development will consist of 66 low-income housing tax credit (LIHTC) units.
Duggan and Richardson worked with the Northwest Georgia Housing Authority, a longtime client, in the following areas:
• Initial selection of a co-development partner.
• Submission of the 9% LIHTC application to the Georgia Department of Community Affairs.
• Organizational structure of the Housing Authority’s partnership with a co-developer.
• Negotiation of debt and equity financing documentation.
Richardson and Duggan also provided legal guidance in connection with the RAD (Rental Assistance Demonstration) process, including the transfer of assistance from existing public housing units and a delayed conversion agreement.
Brinson Askew Berry partner Wright Smith completed the title work to satisfy all requirements of the U.S. Department of Housing and Urban Development (HUD), the Georgia Department of Community Affairs (DCA), the investor and lender leading to the RAD development’s final closing.
The Northwest Georgia Housing Authority will remain in control of the Sandra D. Hudson Villas development through a long-term ground lease. Upon stabilization of the development, Northwest Georgia Housing Authority will become the sole general partner. In addition, Northwest Georgia Housing Authority will serve as property manager of the development.
A key area of focus in the Brinson Askew Berry firm's Public and Affordable Housing Group is the representation of public housing authorities in connection with RAD – which seeks to preserve public housing by providing public housing authorities with access to more stable funding for needed property improvements.
If you have any questions about affordable housing or LIHTC developments, please contact Stewart Duggan or William Richardson in the firm's Public and Affordable Housing Group.