Bradley lawyers have long demonstrated leadership in helping clients navigate the nuanced fields of affordable housing and community development, as well as their unique funding climates. We offer strategic legal advice on regulations and investments to nonprofits, lenders, and other key players, whether on the path to fostering a partnership, closing a deal, or moving a project forward.

With experience at the national, regional, and state levels, we have represented participants throughout the southeast in all aspects of Low-Income Housing Tax Credit (LIHTC) transactions. We closed one of the country’s first new markets for tax credit transactions and have represented public housing authorities, developers, and lenders in transactions in the Rental Assistance Demonstration (RAD) program of the U.S. Department of Housing and Urban Development (HUD).

Our attorneys include a former general counsel to HUD, the outside counsel for several of the most prominent public housing authorities in the southeast, and the outside general counsel of the Alabama Affordable Housing Association (the state’s leading affordable housing trade group).

On the lending and investor side, we combine the skills of our broad banking practice to assist depository institutions in issues that are unique to community development, such as compliance with the Community Reinvestment Act and limitations on the exercise of real estate ownership and development powers.

We bring together a number of substantive areas of legal practice that are critical to affordable housing and community development activities, including:

  • Partnership and corporate law
  • Tax law, including at the state and local levels
  • Real estate lending law
  • Securities law
  • Bank regulatory law
  • HUD regulatory law
  • Advice on environmental issues and land use, including zoning; subdivision; and programs for wetlands, flood zones, farm land, and utility easements
  • Construction law

Bradley attorneys provide legal counsel on a range of issues that are critical to for-profit and nonprofit developers alike, in steps toward acquisition, construction, rehabilitation, and financing. Our strategic advice extends to:

  • Formation of partnerships, limited liability companies, trusts, nonprofits, and corporations
  • Real estate acquisitions, documentation, and negotiation (option agreements, purchase agreements, escrow agreements, and leases)
  • Commercial leases – preparation and negotiation, including property management agreements
  • Construction contracts and development agreements – preparation and negotiation
  • Condemnation and compensation related to seizure of property

For nonprofits and community developers, as well as investors and lenders, we offer:

  • Preparation of tax, loan, and other legal opinions
  • Review of investor term-sheets and advising project sponsors to limit financial exposure
  • Negotiation of LLC operating agreements, limited partnership agreements, and ancillary agreements between project sponsors and investors
  • Negotiation of project loan documents, including loan agreements, inter-creditor agreements, contribution agreements, and security agreements
  • Negotiation of bond indentures, reimbursement agreements, official statements, and related documents
  • Preparation of private placement memoranda

With regard to tax implications, our attorneys advise on:

  • Planning to maximize a project’s tax benefits
  • Tax and legal due diligence
  • Compliance with the LIHTC program
  • Qualification of entities for tax exemption under Section 501(c)(3) of the Internal Revenue Code of 1986
  • Partnership representatives for IRS matters

For clients engaged in housing management, we leverage our experience in:

  • Preparation of residential leases and project rules
  • Compliance with residential landlord-tenant and fair housing laws, including accessibility
  • Relocation policies, procedures, and implementation that comply with federal requirements
  • Advice regarding HUD subsidy layering requirements and compliance
  • Development and documentation of private rental assistance and affordable homeownership programs, including conversion of LIHTC projects