Affordable Housing & Community Development
Craig A. deRidder
Pillsbury is one of the leading affordable housing and community development law firms in the U.S. Our lawyers are principal outside counsel for the industry’s largest corporate equity investor in low-income housing tax credits. We have extensive experience in the most sophisticated multi-tiered and credit-enhanced investment structures and vehicles. Our lawyers have substantive experience with virtually every federal, state and local housing program, and we consult daily on complex legislation, regulation and policy matters.
Pillsbury’s affordable housing lawyers have represented numerous investors, bankers, for-profit developers and non-profit developers in connection with their acquisition, rehabilitation, construction, development and financing of apartment projects. Our clients have used tax-exempt bonds, taxable bonds, other state and local loans, conventional mezzanine loans, subordinate loans and long-term financings. In cooperation with the firm’s other practice areas, we advise developers on the wide range of regulations and other issues that arise during the course of structuring multifamily transactions, such as joint ventures and other forms of entity structuring, low income housing and historic tax credit law, new markets tax credit initiatives, public disclosure requirements, real estate issues and regulatory issues, as well as state-specific concerns such as land use and planning law, subdivision matters, community redevelopment law and California Constitution Article XXXIV matters.
Our affordable housing lawyers have extensive experience negotiating loan, bond and tax credit documents with bond issuers, bond counsel, the credit enhancer and the tax credit investor. We are actively involved in dealings with the committee members and staff of the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee.
We are also involved in representing non-profit organizations in affordable housing project transactions throughout the U.S., often arranging financings by means of qualified 501(c)(3) bonds, private activity bonds or local community grants. This practice includes advising non-profit organizations on issues of private benefit with respect to joint ventures with non-exempt business entities, representing exempt organizations on Board of Equalization and Internal Revenue Service matters, and obtaining the welfare property tax abatement available to exempt-entity owners of real property in California.