Affordable Housing Attorneys Savannah GA

Overview

HunterMaclean’s affordable housing practice group represents developers in a variety of affordable and conventional housing transactions.

Our attorneys have experience in affordable and public housing acquisitions, rehabilitation, and development. We have closed transactions using a variety of financing vehicles including:

Federal and state low-income housing tax credits
HOPE VI funds and other mixed finance sources
Multifamily housing revenue bonds
HOME funds
FHA/HUD loan programs (e.g. 221(d)(4), 221(d)(3), and 202 programs)
Equity syndications
Conventional financing (including acquisition, bridge, construction, and permanent financing)

We have assisted developers in all aspects of the development and development financing process, including but not limited to the following:

Structuring and forming corporate entities and joint ventures
Real estate acquisition
Negotiation of debt and equity financing documents
Assistance in applying for tax credits

Experience

Representation of developers in new construction and rehabilitation of multifamily and senior housing developments
Representation of private developers in joint ventures with public housing authorities
Representation of developers in mixed-use projects (commercial/residential)
West Highlands Development, Atlanta, Georgia (2002-2007). This HOPE VI project with the Atlanta Housing Authority consisted of five phases of multifamily development. It is part of the mixed-use, mixed finance redevelopment of the former Perry Homes public housing project. Construction of all five phases of multifamily development was finished in 2007.
MLK Senior Residences, Atlanta, Georgia (2005-2006). This project consisted of a two phase redevelopment of a former affordable housing project. The first phase involved the construction of a low-rise multifamily housing project for senior residents and closed in the fall, 2005. It was financed through 9% tax credits and a loan endorsed under HUD’s 221(d)(4) program. The second phase consisted of the rehabilitation of a high-rise multifamily housing project. It closed in the fall, 2006, and was financed through the use of 9% tax credits and institution financing.
Mechanicsville Redevelopment Project (2006-2010). This HOPE VI project with the Atlanta Housing Authority consisted of five phases of multifamily development, the last of which closed in January 2011. Sources of funds included 9% tax credits, institutional financing, and HOPE VI funds provided through the Atlanta Housing Authority.
Rose of Sharon, Savannah, Georgia (2006). Represented developer and owner in the acquisition and rehabilitation of a 206 unit multifamily apartment complex reserved for elderly residents. The sources of financing included a loan funded through the issuance of tax exempt bonds and endorsed under HUD’s Section 221(d)(4) program and the syndication of federal and state tax credits allocated to the project.
Campbell Stone Apartments, Atlanta, Georgia (2006). Represented developer and owner in the acquisition and rehabilitation of a 342 unit multifamily apartment complex reserved for elderly residents. The sources of financing included a loan endorsed under HUD’s Section 221(d)(4) program, secondary financing provided by the Housing Authority of City of Atlanta, and the syndication of federal and state tax credits allocated to the project.
Ashford Parkside, DeKalb County, Georgia (2006). Represented developer and owner in the negotiation of a Master Developer Agreement with the Housing Authority of DeKalb County, Georgia. Represented developer and owner in the negotiation of institutional financing and secondary financing provided by the Housing Authority in connection with the first phase of the development, a 149 unit multifamily apartment complex for elderly residents.
Sustainable Fellwood, Savannah, Georgia (2008-2010). Represented the developer in the redevelopment of the former Fellwood public housing project in Savannah, Georgia. This project consisted of three separate phases of multifamily development. The first phase consists of 110 units, the second phase consists of 110 units, and the third phase consists of 100 units for senior residents. Sources of financing included 9% tax credit, primary institutional debt financing through an institution lender, and subordinate debt financing through the Savannah Housing Authority.
Ashford Landing, DeKalb County, Georgia (2008). Represented developer and owner in the second phase of a redevelopment project with the Housing Authority of DeKalb County, Georgia. The project consisted of a 117 unit multifamily apartment complex. Financing sources included 9% tax credits, institution financing, and secondary financing provided by the Housing Authority.
Savannah Gardens, Savannah, Georgia (2010-present). Represents developer in the ongoing redevelopment of over 40 acres in Savannah, Georgia, into multiple phases of affordable, multifamily housing. Phase I consisted of 115 units and closed in 2010. It was financed by 9% tax credits, Exchange funds, a CDBG loan, NSP funds, and private, institutional financing. Phase II is a HUD 202 project consisting of 40 units that closed in 2011. Phase III also closed in 2011, consists of 94 units, and was financed by 9% tax credits, a CDBG loan, and private, institutional financing.
Imperial Hotel, Atlanta, Georgia (2011-present). Represents the developer in a redevelopment of the Imperial Hotel in Atlanta, Georgia. The Imperial was a distressed property under a receivership order. The first phase of the project consisted of negotiating an acquisition of the existing first priority loan with Fannie Mae and standstill agreements with the subordinate lenders, the City of Atlanta, and GHFA. The Fannie Note was eventually acquired, the receivership action dismissed, and the property transferred from the existing Borrower to the tax credit partnership by means of a negotiated deed in lieu of foreclosure transaction. Closing on new financing and a recapitalization and redevelopment of the project using 9% tax credits will occur in 2012.
Marketside at Brookleigh, DeKalb County, Georgia (2011). Represented developer and owner in the third phase of its redevelopment project with the Housing Authority of County of DeKalb, Georgia, which consisted of a 121 unit multifamily apartment complex. Financing sources included 9% tax credits, and HUD 221(d)(4) financing.
Housing Authority of the City of East Point, Georgia (2011). Represented the Housing Authority of the City of East Point in the negotiation of a joint venture and closing of a tax credit financed project with a private developer.
Housing Authority of the City of Brunswick, Georgia (2011). Firm named general counsel.
Pauldoe Redevelopment Project (2012 to present). This is a redevelopment project with the Athens Housing Authority and involves the redevelopment of the former Jack R. Wells housing project into a three phase multifamily project, containing public units, Section 42 tax credit units and project based rental assistance units. Phase I closed in 2013 and consisted of a 100-unit project having both public housing units and Section 42 tax credit units, and was financed through a private loan with SunTrust Bank, the syndication of 9% tax credits through SunTrust Equity, and a subordinate housing authority loan. Phase II closed in 2014 and consisted of a 132-unit project having both public housing units and Section 42 tax credit units, and was financed through a private loan with SunTrust Bank, the syndication of 9% tax credits through SunTrust Equity, and a subordinate housing authority loan. Phase III will be a 138-unit project and will close in 2015.
BTW Chapman Redevelopment Project (2013 to present). This is a redevelopment project with the Housing Authority of Columbus, Georgia and involves the redevelopment of the former Booker T. Washington housing project into a multi-phase development providing both affordable and public housing units. Phase I closed in 2014 and consisted of a 100-unit project having public housing units and Section 42 tax credit units and was financed through a private loan, the syndication of 9% tax credits through RBC, and a housing authority loan. Phase II will be a 106-unit project and will close in 2015.

Publications & Presentations

Publications

The Impact of Housing Tax Credits

HunterMaclean partner Adam G. Kirk explains how Housing Tax Credits work in this article for Business in Savannah.

Mercy Housing Southeast Sits at Revitalization Forefront

By Edward O. Henneman, Jr., published on September 7, 2011, in Business in Savannah.

A non-profit real estate development company that excels at creating affordable housing communities, Mercy Housing Southeast is committed to developing affordable, program-enriched housing for low-income families, seniors and people with special needs who lack the economic resources to access quality, safe housing opportunities.

Beginning with its adaptive reuse and historic preservation of the Florance Street School and Charity Hospital in 2002, which was converted into an 88-unit affordable housing development, Mercy Housing has played a prominent role in the development of affordable, multifamily housing in Savannah. Mercy’s initial development projects in Savannah concentrated on the Cuyler-Brownsville neighborhood.

Nonprofits Face Tough Decisions on Funding

In the wake of the economic downturn, the nonprofit sector has experienced tremendous stress from lack of financial support, mainly due to a reduction in charitable donations and available grants, forcing many nonprofit organizations not only to cut back on their community outreach, but also to take draconian operational measures in order to cut costs.

As difficult as the situation may be, it is important for nonprofit organizations facing inevitable layoffs, mergers, furloughs, salary reductions and shut-downs to carefully consider the operational and legal ramifications of each option before moving forward. Consulting the organization’s board of directors and professional financial and legal counsel is highly advised before a nonprofit makes any major decisions.

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News

Georgia CEO: HunterMaclean Marks 135 Years in the Practice of Law

December 16, 2014

The year 2014 marks the 135th anniversary of HunterMaclean. Lucy Adams from Georgia CEO interviewed Managing Partner Frank Macgill regarding HunterMaclean’s history, areas of expertise, milestone anniversary, and future.

Fulton County Daily Report Honors HunterMaclean Partner Daniel Crook as “On the Rise” Attorney

August 26, 2014

Daniel Crook, a HunterMaclean partner, was recently named a 2014 ‘On the Rise’ attorney by the Fulton County Daily Report. The honor is given to an elite group of Georgia lawyers under 40 who contribute to both the legal community and the communities in which they live.

Savannah Morning News Highlights Ted Henneman's State Bar of Georgia Pro Bono Award

July 15, 2013

HunterMaclean partner Ted Henneman will receive a special State Bar of Georgia Pro Bono Project Award in October for his outstanding contribution to Savannah’s affordable housing trust fund effort.

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