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Affordable housing topic of recent law firm seminar. (Transcripts).

The HOPE VI program, tax credit program and additional refinancing opportunities through Section 202 were among the key topics discussed at the Second Annual Affordable Housing Issues and Opportunities Seminar hosted by the Affordable Housing and Syndication Groups of the national law firm Nixon Peabody, LLP.

More than 100 affordable housing professionals from the New York area gathered to learn about recent developments affecting the industry from some of the nation's leading experts on affordable housing and syndication issues.

"This seminar provides a great opportunity for affordable housing professionals to learn about the latest legislative and agency activities and policies affecting the industry," said Monica Sussman, a partner in Nixon Peabody's affordable housing group and a former HUD deputy general counsel. "The lawyers in Nixon Peabody's Affordable Housing Group include many of the leading practitioners in the field, with years of experience both in private practice and in government service."

Among the items discussed at the seminar included:

* HOPE VI - In 1993, Congress enacted the Urban Revitalization Demonstration Program, commonly referred to as "HOPE VI". HOPE VI funds can be used to revitalize or redevelop public housing within a development, which is owned by an entity other than the housing authority. Typically, these developments include non-public housing tax credit units and include market rate units in addition to the public housing units. The public housing units are also eligible to receive an operating subsidy for 40 years. HOPE VI funds have recently been awarded to Newark and Bridgeton, N.J.

* Low-Income Housing Tax Credit Program - Enacted as part of the Tax Reform Act of 1986 it is essentially a housing program in the tax code that is administered by the Treasury Department and state housing agencies. The objective is to provide investor equity capital to reduce debt service and thereby lower rents. The credit provides dollar-for-dollar reduction in tax liability for owners.

* New Opportunities in Section 202 -- Section 202 of the Housing Act of 1959 provides direct government loans and more recently grants to construct housing for the exclusive use of elderly persons. The government appropriated $779 million dollars for fiscal 2001 for the 202 program. The Affordable Housing for Seniors and Families Act, enacted Dec. 27, 2000 opens the possibility for syndication of section 202 projects by changing the definitions of eligible owner entities. The Section 202 NOFA, issued Feb. 26, 2000, provides that 202 funds may be used in combination with other funding sources to develop additional units for a mixed-finance or mixed-use project. The new law provides additional statutory authorization for prepayments and refinancing of 202 projects.

Members of Nixon Peabody's Affordable Housing and Syndication Group who conducted. the seminar include: Charles Edson, Monica Sussman, Steven Wallace, Herb Stevens, Julia Solo, Richard Goldstein, Michael Vaccari, Paul Bouton and Michael Reardon.
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Title Annotation:Second Annual Affordable Housing Issues and Opportunities Seminar
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Dec 19, 2001
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