Affordable Housing Development
Clayborn & Associates, LLC possess the skills and experiences required to assist you in achieving your developmental goals. We are a real estate development law firm which has extensive experience in the affordable housing area. We represent developers, lenders, municipal entitles, and non-profit corporations.
Clayborn & Associates, LLC is available to consult with clients regarding their affordable housing projects. Our services include the following:
Lender Representations: Clayborn & Associates provides assistance to lenders with FHA-insured construction and permanent loans. We have experience with projects with loans financed under Sections 202, 221(d)(3), 221(d)(4), and 223(f). We also have experience with HOPE VI loans and Section 232 de-coupling loans.
Tax Credit Financing: We are available to assist our clients with all aspects of the tax credit project, including analyzing the limited partner equity contribution, the review of the amended and restated limited partnership agreement or the review of any revenue bond documents. Our attorneys have extensive experience working with the housing finance agencies which allocate tax credits and can assist you with working through many issues which may arise in the development of your project.
Land Use Experience: Clayborn & Associates, LLC has experience in working with municipal development agencies to acquire development incentives such as tax abatement, tax exemption, and zoning adjustments. We also have experience in land acquisition and assemblage. Clayborn & Associates provides general counsel services to the City’s economic development corporation for the City of Kansas City, Missouri.
HUD Financing: Clayborn & Associates, LLC has experience in the acquisition of HUD construction / permanent financing including Section 221(d)(3), 221(d)(4), HOPE VI, 236 HUD – Risk Sharing loan programs, Section 223(f), and 223(a)(7) refinancing loan programs. Clayborn & Associates, LLC assists its clients to utilize HUD financing loan programs and to navigate through the maze of regulations associated with the programs.
RAD Experience: Clayborn & Associates, LLC has participated in the total portfolio conversion of the public housing units utilizing the Rental Assistance Demonstration (“RAD”) program. RAD permits the public housing authority (PHA) to convert HUD public housing funding to HUD Section 8 funding with private ownership of public housing. This is yet another example of public/private partnerships being utilized to provide additional capital for housing redevelopment. Clayborn & Associates, LLC has worked with the PHA to prepare the long-term project-based housing assistance payments contract (“HAP Contract”) and to provide services necessary to obtain the partial release of declaration of covenants imposed upon the public housing units. Using RAD, the PHA is able to access equity low-income housing tax credit (“LIHTC”) program. The additional capital provided by the LIHTC program permits the PHA to address the project’s deferred maintenance issues. We provide the legal services and advise the PHA to utilize the LIHTC program and avoid any repercussions from doing so.
Choice Neighborhood Experience: Clayborn & Associates, LLC served as the counsel to the PHA in connection with the replacement of one hundred thirty-four (134) units of its public housing development. This project was financed in part with funds provided through a $30,000,000 Choice Neighborhoods Implementation Grant. Additional funding was provided by low-income housing tax credits (“LIHTC”), HOME funds, and multi-family revenue bonds. The PHA selected a private developer to serve as its master developer, and through a collaborative effort, they transformed these public housing units into a new community composed of five (5) mixed-income developments. The conversion of the project from public housing into a diverse community has enriched the neighborhood, its residents, and the City at large.